How much do you need to retire in North Carolina?

(WGHP) — Retirement seems like a distant goal for many people as costs steadily rise across the board in almost all aspects of life.

GoBankingRates broke down just how much someone in each state needs to retire based on the cost of living. The lowest cost of retirement is in West Virginia, where someone could retire with around $678,095.40, with the highest being in Hawaii, clocking in at over $2 million.

North Carolina ranks in at the middle of the pack at #27 with a cost of living of around $55,158.37 a year before social security. Factoring in social security payments, it comes down to around $33,483.00.

GoBankingRates says that a comfortable retirement nest egg would be around $837,094.90 for someone retiring around 65 in the Tar Heel State.

SoFi, using numbers from 2021 , puts the cost of living in North Carolina at around $43,000 per year with a breakdown into the following individual categories:

• Housing and Utilities: $7,350 annually
• Health Care: $7,179 annually
• Food and Beverages (non-restaurant): $3,630 annually
• Gas and Energy Goods: $1,139 annually
• All Other Personal Expenditures: $24,661 annually

Comparing the SoFi numbers to the GoBankingRate numbers, 2024’s cost of living in North Carolina does appear to have increased, which means anyone looking to retire in North Carolina can reasonably expect to pay more than the averages listed above but they do provide a baseline look at the areas retirees need to account for.

According to The Calculator Site, it would take around 43 years to save up to $840,000 if you saved $1,500 a month with a minimal interest rate.

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