South Dakota Savings Goal Calculator
Plan your savings goals in South Dakota. Cost of living index 92.6, median income $63,920. See how long to save for your goal with interest.
How This Calculator Works
Calculation methodology and assumptions
Savings goal projection for South Dakota with cost-of-living context. Uses compound interest formula with monthly contributions. South Dakota's cost of living index of 92.6 (100 = national average) means your savings stretch further than in the average state. The COL-adjusted figure shows what your goal would be at the national average cost of living.
Key State Information
South Dakota savings context: Median income $63,920/yr | Cost of living 92.6 (below average) | Recommended 6-month emergency fund: $31,960 | No state income tax.
Frequently Asked Questions
How much should I save in South Dakota?
Financial experts recommend a 6-month emergency fund. In South Dakota (cost of living index 92.6), that's approximately $31,960 based on median income. Beyond that, aim to save 15-20% of gross income for retirement and other goals.
How long does it take to save $10,000 in South Dakota?
At South Dakota's median household income of $63,920, saving 15% ($799/mo) at 4.5% APY, you'd reach $10,000 in about 13 months. Higher contributions or returns shorten this timeline.
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