How long can $1 million retirement savings last in SC? See cost of living breakdown
This amount is the traditional standard for a comfortable retirement, but a GoBankingRates report found that this varies depending on what state you live in. For instance, those who reside in a more expensive sate like Hawaii or New York will want to work and save longer because $1 million won't 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 planning a move." said the report.
Here's how long $1 million in retirement savings can last in South Carolina.
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-indexes. The report also used the total population, population ages 65 and over, total households, and household median income to determine the findings.
$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
If you want your retirement savings to last the longest, you should consider uprooting 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
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
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
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
Nina Tran covers trending topics for The Greenville News. Reach her via email at ntran@gannett.com
This article originally appeared on Greenville News: Where will $1 million in retirement savings last longest?
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