How long can $1 million retirement savings last in SC? See cost of living breakdown
- What methodology was used to determine the findings?
- How long will $1 million in retirement savings last in SC?
- Where will $1 million in retirement savings last the longest?
- Where will $1 million in retirement savings deplete the fastest?
- Top 10 states where $1 million in retirement savings goes a long way
- Top 10 states where $1 million in retirement savings won't last long
Americans who wish to live comfortably during retirement will want to save around $1 million in the bank.
This amount is the traditional standard for a comfortable retirement, but a GoBankingRates report found that it varies depending on the state in which you live. For instance, those who reside in a more expensive state, such as Hawaii or New York, will want to work and save longer, as $1 million may not last for 15 years.
So, where is the silver lining for Americans who can only save around $1 million?
"There is a bit more cushion in many Midwestern and Southern states, though, if you live there or are planning a move," said the report.
Here's how long $1 million in retirement savings can last in South Carolina.
What methodology was used to determine the findings?
To determine how long $1 million will last in retirement savings per state, the GoBankingRates report sourced data from the U.S. Census American Community Survey and the Missouri Economic Research Information Center for grocery, housing, utilities, transportation, and miscellaneous cost-of-living indices. The report also utilized the total population, population aged 65 and over, total households, and household median income to inform its findings.
How long will $1 million in retirement savings last in SC?
$1 million in retirement savings will last 18.7 years in S.C., per the report. Here is a breakdown of expenses:
- Annual groceries cost: $4,921
- Annual housing cost: $10,386
- Annual utilities cost: $4,430
- Annual transportation cost: $4,382
- Annual health care cost: $7,378
- Total annual expenditures:$53,507
Individual retirement accounts offer the ability to save for retirement while enjoying tax benefits.
Where will $1 million in retirement savings last the longest?
If you want your retirement savings to last the longest, consider relocating to West Virginia, where $1 million will last 23.3 years. Here is a breakdown of expenses:
- Annual groceries cost: $4,906
- Annual housing cost:$7,175
- Annual utilities cost: $4,183
- Annual transportation cost: $4,308
- Annual healthcare cost: $7,751
- Total annual expenditures: $40,816
Where will $1 million in retirement savings deplete the fastest?
Americans who only have around $1 million in retirement savings will want to avoid Hawaii at all costs (pun intended), where your savings will only last you 7.3 years. Here is a breakdown of expenses:
- Annual groceries cost: $6,463
- Annual housing cost: $37,135
- Annual utilities cost: $8,573
- Annual transportation cost: $6,168
- Annual healthcare cost:$9,607
- Total annual expenditures: $137,773
Top 10 states where $1 million in retirement savings goes a long way
- West Virginia: 24.5 years
- Mississippi: 23.3 years
- Arkansas: 22.6 years
- Oklahoma: 22.5 years
- Alabama: 22.1 years
- Louisiana: 22.1 years
- Kansas: 21.6 years
- Iowa: 21.6 years
- Kentucky: 21.4 years
- Michigan: 21 years
Top 10 states where $1 million in retirement savings won't last long
- Hawaii: 7.3 years
- California: 9.2 years
- Massachusetts: 10 years
- Washington: 12 years
- New Jersey: 12.5 years
- New York: 13.1 years
- Oregon: 13.2 years
- Colorado: 13.4 years
- Utah: 13.6 years
- New Hampshire: 13.6 years
General view of Waikiki Beach and the Honolulu skyline before the NCAA football game between the Southern California Trojans and the Hawaii Rainbow Warriors. Mandatory
Nina Tran covers trending topics for The Greenville News. Reach her via email at [email protected]
This article originally appeared on Greenville News: How long can $1 million retirement savings last in SC? See cost of living breakdown
