A $975,000 portfolio may cover basic expenses, but coastal insurance deductibles create unplanned $25,000 exposures for retirees.
Retiring in Charleston, SC, on $975,000 requires accounting for a $25,000 out-of-pocket exposure from a 5% coastal wind deductible on a $500,000 home. Financial planners recommend maintaining a $30,000 to $40,000 insurance reserve to cover such risks.
The median home price in the broader Charleston market reached $424,000 in May 2026, while city values averaged $593,700. Though South Carolina’s cost of living remains below the national average, housing and insurance costs in Charleston offset those savings.
Delaying Social Security benefits from 65 to 67 can reduce portfolio withdrawal pressure by increasing inflation-protected monthly payouts, but upfront insurance costs remain a critical budget factor.