Virginia is full of culture, history, rural towns and thriving cities appealing to those considering retirement in the Old Dominion State. There are mountains on one end of the state and the Atlantic Ocean on the other, and winter temperatures are far milder than in the north. Summers can be hot, but there are a wealth of activities ranging from golf to hiking, kayaking to historical tours, that can be enjoyed nearly year-round. The cost of living is higher than average, however, which is just one of many things to take into consideration when planning for retirement.
Here are a few facts about retiring in Virginia.
It’s a Popular Place for Retirees
Only slightly over 13 percent of the state’s residents are over 65, slightly lower than the U.S. average, but
according to TopRetirements.com, active adult communities are quickly increasing. Many residents choose to stay after retiring and many more “half-backs” retreat to the state after moving to Florida from farther north and come halfway back.
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It’s Popular With Tourists
While there are certainly a wide selection of small towns off the beaten path where the cost of living is low and retirees can escape to a quiet respite, the Old Dominion state has its fair share of tourist destinations. Virginia Beach and Colonial Williamsburg, for example, see 5 million and 1.7 million visitors each year, respectively, and are costly retirement destinations,
according to MarketWatch.
Taxes Are a Bit High
Sales tax may only be 5 percent, but Virginia’s above average tax burden is 9.8 percent, ranking it at 18th nationally, MarketWatch said. Income tax rates top out at 5.75 percent and the state is one of five with the lowest combined state and local tax rates in the country according to the tax foundation, not including states with rates that total zero. Also, there’s no estate or inheritance tax.
It’s an All-Around Great Place to Retire
Virginia placed No. 5 on Bankrate's list of Best and Worst States to Retire based on states’ cost of living, crime rate, quality of health care, tax burden, senior well-being, and weather. The tax rate and cost of living ranked in the low 20s out of all 50 states and Washington D.C., but Virginia was No. 4 for crime rate. The stated ranked at No. 10, No. 13, and No. 15 for weather, health care quality, and community well-being, respectively.
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