Here’s how much money you need to comfortably retire in SC now, study shows

Patrick McCreless
·7 min read

From housing to groceries, it seems the costs of living in South Carolina and other states keeps rising.

And with all those costs, have you wondered lately how much money you’d need now to comfortably retire in the Palmetto State?

GoBankingRates.com, a personal finance website, recently performed an analysis on the cost of retirement in every state. Using data from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center, the website determined the amount for housing, food, health care, transportation and utilities needed to retire. Those amounts were multiplied by 25 or 30 years, excluding average annual social security payments of $21,566.76, according to the Social Security Administration.

SC retirement costs

So, based on the analysis parameters, how much money would a South Carolina resident need to retire?

Well, annual retirement expenditures add up to $54,522, the study shows.

For a full 30 years of retirement, a person living in the state would need a minimum of $989,658 — for 25 years, the total cost is a minimum of $823,890, the study adds.

Retirement in other states

Retirement costs in South Carolina may seem like a lot to many, but they’re just a fraction of what you’d need to spend in many other states.

Hawaii comes in as the most expensive state to retire at more than $2 million for a full 25 years. New York, California and Massachusetts are among 12 states where you’d need at least $1 million to spend 25 years in retirement.

West Virginia, on the other hand, is the cheapest state to retire in, with residents needing just under $700,000 for 25 years.

Here’s the cost breakdown to retire in every state.

Alabama

  • Annual retirement cost: $50,995

  • Minimum needed for 25 years: $735,718

  • Minimum needed for 30 years: $883,745

Alaska

  • Annual retirement cost: $73,082

  • Minimum needed for 25 years: $1,287,880

  • Minimum needed for 30 years: $1,547,003

Arizona

  • Annual retirement cost: $63,600

  • Minimum needed for 25 years: $1,050,826

  • Minimum needed for 30 years: $1,262,253

Arkansas

  • Annual retirement cost: $51,169

  • Minimum needed for 25 years: $740,054

  • Minimum needed for 30 years: $888,954

California

  • Annual retirement cost: $78,864

  • Minimum needed for 25 years: $1,432,425

  • Minimum needed for 30 years: $1,720,630

Colorado

  • Annual retirement cost: $61,807

  • Minimum needed for 25 years: $1,006,017

  • Minimum needed for 30 years: $1,208,429

Connecticut

  • Annual retirement cost: $65,855

  • Minimum needed for 25 years: $1,107,199

  • Minimum needed for 30 years: $1,329,968

Delaware

  • Annual retirement cost: $58,281

  • Minimum needed for 25 years: $917,845

  • Minimum needed for 30 years: $1,102,516

Florida

  • Annual retirement cost: $58,396

  • Minimum needed for 25 years: $920,736

  • Minimum needed for 30 years: $1,105,989

Georgia

  • Annual retirement cost: $52,557

  • Minimum needed for 25 years: $774,745

  • Minimum needed for 30 years: $930,625

Hawaii

  • Annual retirement cost: $103,610

  • Minimum needed for 25 years: $2,051,077

  • Minimum needed for 30 years: $2,463,757

Idaho

  • Annual retirement cost: $57,240

  • Minimum needed for 25 years: $891,827

  • Minimum needed for 30 years: $1,071,263

Illinois

  • Annual retirement cost: $53,077

  • Minimum needed for 25 years: $787,754

  • Minimum needed for 30 years: $946,251

Indiana

  • Annual retirement cost: $52,672

  • Minimum needed for 25 years: $777,636

  • Minimum needed for 30 years: $934,097

Iowa

  • Annual retirement cost: $51,978

  • Minimum needed for 25 years: $760,291

  • Minimum needed for 30 years: $913,262

Kansas

  • Annual retirement cost: $50,533

  • Minimum needed for 25 years: $724,154

  • Minimum needed for 30 years: $869,855

Kentucky

  • Annual retirement cost: $53,886

  • Minimum needed for 25 years: $807,990

  • Minimum needed for 30 years: $970,559

Louisiana

  • Annual retirement cost: $52,441

  • Minimum needed for 25 years: $771,854

  • Minimum needed for 30 years: $927,152

Maine

  • Annual retirement cost: $64,005

  • Minimum needed for 25 years: $1,060,944

  • Minimum needed for 30 years: $1,274,407

Maryland

  • Annual retirement cost: $66,375

  • Minimum needed for 25 years: $1,120,208

  • Minimum needed for 30 years: $1,345,595

Massachusetts

  • Annual retirement cost: $85,571

  • Minimum needed for 25 years: $1,600,097

  • Minimum needed for 30 years: $1,922,038

Michigan

  • Annual retirement cost: $52,614

  • Minimum needed for 25 years: $776,191

  • Minimum needed for 30 years: $932,361

Minnesota

  • Annual retirement cost: $54,580

  • Minimum needed for 25 years: $825,336

  • Minimum needed for 30 years: $991,394

Mississippi

  • Annual retirement cost: $50,128

  • Minimum needed for 25 years: $714,036

  • Minimum needed for 30 years: $857,701

Missouri

  • Annual retirement cost: $51,053

  • Minimum needed for 25 years: $737,163

  • Minimum needed for 30 years: $885,482

Montana

  • Annual retirement cost: $59,610

  • Minimum needed for 25 years: $951,090

  • Minimum needed for 30 years: $1,142,450

Nebraska

  • Annual retirement cost: $52,614

  • Minimum needed for 25 years: $776,191

  • Minimum needed for 30 years: $932,361

Nevada

  • Annual retirement cost: $58,454

  • Minimum needed for 25 years: $922,181

  • Minimum needed for 30 years: $1,107,725

New Hampshire

  • Annual retirement cost: $66,838

  • Minimum needed for 25 years: $1,131,771

  • Minimum needed for 30 years: $1,359,485

New Jersey

  • Annual retirement cost: $63,773

  • Minimum needed for 25 years: $1,055,162

  • Minimum needed for 30 years: $1,267,462

New Mexico

  • Annual retirement cost: $54,291

  • Minimum needed for 25 years: $818,109

  • Minimum needed for 30 years: $982,713

New York

  • Annual retirement cost: $73,140

  • Minimum needed for 25 years: $1,289,325

  • Minimum needed for 30 years: $1,548,739

North Carolina

  • Annual retirement cost: $55,621

  • Minimum needed for 25 years: $851,354

  • Minimum needed for 30 years: $1,022,647

North Dakota

  • Annual retirement cost: $54,522

  • Minimum needed for 25 years: $823,890

  • Minimum needed for 30 years: $989,658

Ohio

  • Annual retirement cost: $53,308

  • Minimum needed for 25 years: $793,536

  • Minimum needed for 30 years: $953,196

Oklahoma

  • Annual retirement cost: $50,186

  • Minimum needed for 25 years: $715,482

  • Minimum needed for 30 years: $859,437

Oregon

  • Annual retirement cost: $66,317

  • Minimum needed for 25 years: $1,118,762

  • Minimum needed for 30 years: $1,343,858

Pennsylvania

  • Annual retirement cost: $54,811

  • Minimum needed for 25 years: $831,118

  • Minimum needed for 30 years: $998,339

Rhode Island

  • Annual retirement cost: $64,756

  • Minimum needed for 25 years: $1,079,735

  • Minimum needed for 30 years: $1,296,979

South Carolina

  • Annual retirement cost: $54,522

  • Minimum needed for 25 years: $823,890

  • Minimum needed for 30 years: $989,658

South Dakota

  • Annual retirement cost: $53,077

  • Minimum needed for 25 years: $787,754

  • Minimum needed for 30 years: $946,251

Tennessee

  • Annual retirement cost: $52,267

  • Minimum needed for 25 years: $767,518

  • Minimum needed for 30 years: $921,943

Texas

  • Annual retirement cost: $53,771

  • Minimum needed for 25 years: $805,100

  • Minimum needed for 30 years: $967,086

Utah

  • Annual retirement cost: $60,420

  • Minimum needed for 25 years: $971,326

  • Minimum needed for 30 years: $1,166,758

Vermont

  • Annual retirement cost: $66,433

  • Minimum needed for 25 years: $1,121,653

  • Minimum needed for 30 years: $1,347,331

Virginia

  • Annual retirement cost: $58,627

  • Minimum needed for 25 years: $926,517

  • Minimum needed for 30 years: $1,112,934

Washington

  • Annual retirement cost: $66,895

  • Minimum needed for 25 years: $1,133,217

  • Minimum needed for 30 years: $1,361,221

West Virginia

  • Annual retirement cost: $49,261

  • Minimum needed for 25 years: $692,354

  • Minimum needed for 30 years of retirement: $831,657

Wisconsin

  • Annual retirement cost: $55,158

  • Minimum needed for 25 years: $839,790

  • Minimum needed for 30 years: $1,008,757

Wyoming

  • Annual retirement cost: $53,886

  • Minimum needed for 25 years: $807,990

  • Minimum needed for 30 years: $970,559