Website: South Carolina is the 15th Most Affordable State to Retire

A new study says South Carolina is the 15th most affordable state to retire. The rankings came from Seniorly, a company that helps families and older adults find senior living communities, and used the most recent data from the Census Bureau, Centers for Medicare and Medicaid Services, and Missouri Economic Research and Information Center.

Overall, eight financial metrics were analyzed in all 50 states and D.C., including retirement income, tax rates, cost of living, healthcare costs, and senior poverty rates.

Some Findings:

• South Carolina has an average retirement income of $29,637, the average annual Medicare spend is $11,884, and 78.6% of seniors spend less than 30% of their income on housing
• Five of the 10 Most Affordable States are Mountain states: Wyoming, Utah, Montana, Idaho, Virginia, Colorado, New Mexico, Delaware, West Virginia, and Tennessee
• Seven of the 10 Most Expensive States are on the East Coast: Massachusetts, New York, Connecticut, New Jersey, California, Rhode Island, Texas, Hawaii, Florida, D.C.
• Florida: Despite having a great lifestyle for seniors, it ranked as the No. 9 most expensive state due to high Medicare spending, utility bills, and senior poverty rates

You can see the rankings here.

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