How Long Your 401(k) Plus Social Security Benefits Will Last You in South Carolina

digidreamgrafix / Getty Images/iStockphoto

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

If you are a retiree or about to become one and are living or planning to live in South Carolina, you’ll want to make sure you are calculating your cost of living expenses properly. GOBankingRates conducted a study for how long the average retirement income will last in every state. The data from South Carolina showed the following numbers:

• No. of Years 401(k) Will Last With Social Security: 16.99
• Days: 6,206
• Years, Months and Days: 16 years, 11 months, 26 days
• Annual Expenditure: $55,101
• Annual Expenditure After Taxes: $32,703

However, this only starts to graze the surface of what it actually means to spend money on expenses like groceries, housing, utilities, transportation and healthcare, especially if you are limited to only Social Security benefits and a 401(k) payout.

Here is how long your 401(k) plus Social Security benefits will last you in South Carolina, broken down expense by expense, based on our study.

Groceries

• Grocery Cost of Living Index: 99.6
• Annual Expenditure on Groceries: $4,778

The average expenditure on groceries in the United States comes to about $4,797, which means that if you are retired in South Carolina, you might find your dollar stretching just a tiny bit further at the grocery store than the rest of the country.

Housing

• Housing Cost of Living Index: 90.7
• Annual Expenditure on Housing: $10,605

Another area where South Carolina comes out ahead, even if it’s not by much, is for housing costs. The national average on this expenditure is $11,692, meaning that if you are renting or paying a mortgage in South Carolina, you might be saving yourself about $1,000 annually by choosing the Palmetto State.

Utilities

• Utilities Cost of Living Index: 111.2
• Annual Expenditure on Housing: $4,710

One area you can expect to pay more for living in South Carolina is utilities. The national average found that most Americans pay about $4,236 on utilities, but with weather becoming more extreme, bills for heating and air conditioning are going up.

Transportation

• Transportation Cost of Living Index: 95.1
• Annual Expenditure on Housing: $4,701

Getting around South Carolina will be cheaper than the nation’s average — $4,943, according to our study — and make your 401(k) and Social Security benefits last that much longer.

Healthcare

• Healthcare Cost of Living Index: 90.7
• Annual Expenditure on Healthcare: $7,005

Across America, $7,540 is what most retirees spend each year on healthcare. If you are living in South Carolina, you can save a few hundred bucks each year just by getting your medical services taken care of in the state.

The overall average in the United States found that retirees could survive 15.7 years off a 401(k) payment plus Social Security benefits, adding up to around 5,730 days or 15 years, eight months and nine days to be exact. This puts South Carolina nearly in the middle, with a ranking of 27 across the nation.

Methodology: In order to find how long the average 401(k) will last across the country with Social Security, GOBankingRates first found (1) the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey (CEX) data and (2) annual Social Security income as sourced from the Social Security Administration’s April 2024 data. Then, GOBankingRates created (2) state-level annual expenditure estimates by multiplying the national figure by each state’s overall cost of living index score for 2023 from the Missouri Economic Research and Information Center (MERIC). Finally, GOBankingRates found (3) how many years the average 401(k) will last in each state by dividing $555,621 by each state’s average annual expenditures estimate minus yearly Social Security income. All 50 states and the District of Columbia were then ranked with No. 1 being the state where $555,621 and Social Security will last the longest and No. 51 being the state where it will run out most quickly. GOBankingRates provided supplemental information on the average annual cost of groceries, housing, utilities, transportation and healthcare for people 65 and older in each state by again using MERIC’s cost of living indices for each category to factor out national estimates from the CEX. All data was collected and updated as of May 22, 2024. The average 401(k) balance was sourced by Empower for those in their 60s.

Share This Article: