Top 9 Reasons Why Retiring in Virginia is Worthwhile
The question we get asked a lot is, Why should I retire in Virginia?
In short, it's a great place to spend your golden years without breaking the bank!
The State of Virginia is also well known for its tax-friendliness for retirees, low cost of living, easy access to healthcare, proximity to major cities and low crime rates.
On top of that, Virginia is filled with thriving cities and a rich, historical culture that seniors can truly appreciate.
Now that we know about it, let's get on to our Top Reasons why we think retiring in Virginia is worth a look.
1. Low and No-Tax Rates
Retirees can keep more of their money and enjoy a better standard of living in Virginia.
The state does not tax social security benefits and prescription drugs are tax-exempt for seniors.
Retirees over 65 who make under $50,000 can deduct $12,000 of their income from their state income tax return. The same goes for retirement account withdrawals and pension income, as they are also tax-exempt up to $12,000, as are 401(k) pension programs.
Property tax relief applies to households with a total income of less than $72,000.
2. Low Cost of Living
Virginia is one of the few states where you can stretch your retirement savings. Monthly spending costs for retirees are reduced by a relatively low cost of living and paying fewer taxes.
The average property tax is 1%, while the cost of healthcare is 3.4% less than the national average.
Fuel taxes are also lower than those of the nearby states with gasoline/gasohol at $0.16 per gallon and diesel at $0.20.
For those 55 and older, independent retirement communities throughout Virginia offer reasonable rental rates and a variety of accommodation styles in both city and rural locations.
3. Affordable and Easily Accessible Healthcare
The average healthcare costs after retirement are $280,000 per person. Virginia offers competitively-priced plans that will fit a wide variety of budgets, along with top specialists in the fields of orthopedics, oncology, and geriatrics.
4. A Safe Place To Live
According to America’s crime statistic report, Virginia is the 17th safest state in the US.
Also, most people are exceptionally polite which is something you can truly enjoy once you get used to the culture.
5. You'll Enjoy The Favorable weather
Virginia has a favorable weather pattern with a golden climate - no brutal winters or sweltering summer temperatures.
There are five climate regions: Southwestern Mountain, Western Mountain, Piedmont, Tidewater, and Northern Virginia.
The temperature rarely exceeds 90°F in peak summer (July) or dips below 26°F in mid-winter (January). The average temperatures are 75°F in summer, 65°F in spring, 55°F in fall and 45°F in winter.
Most cities in Virginia average a total of 110-120 wet days per year with annual precipitation ranging from 40-49 inches.
Summers generally bring on higher levels of precipitation (5-6 inches/month) and winters, just 3-4 inches. Coastal and lowland regions have the least amount of precipitation in state, while mountainous regions trend towards the highest.
Based on the comfort index, the most comfortable months are January and February.
6. Easy Access to Senior Amenities
Almost every retirement city in Virginia has assisted living facilities.
No matter where you choose to live, you won’t be disconnected from the surrounding areas. The transportation system is well thought out, as are senior living communities, where you’ll find pet-friendly apartments and on-site housekeeping.
7. Easy Access to Domestic and International Airports
Virginia has 24 airports that serve both regional and larger metropolitan areas. The most popular is Washington Dulles Airport - having served more than 36 million passengers in the last 12 months alone.
8. A Wealth of National Parks
No matter where you live in this state, you'll find a National Park close by. All state and national parks also have discounted senior rates for day and annual passes.
The national wonders of Virginia showcase both beauty and The South's expansive history. Some of the unique places to visit include Colonial National Historical Park, Richmond National Battlefield Park, and the Fort Monroe National Monument.
If you’re an outdoor enthusiast, the diversity available throughout Virginia will meet and exceed your expectations. The natural beauty of this state makes it an ideal place for outdoor activities like golfing, bicycling, camping, and hiking.
If you want a mixed bag of things to do, start your adventure at First Landing State Park. It boasts 19 miles of hiking trails, freshwater ponds, a cypress marsh habitat, sand dunes and 1.25 miles of beachfront.
9. The Eccentric History of The South
History buffs can learn the state’s history that dates back to 1607. Virginia was the home to famous people in the society like John Washington, Thomas Jefferson, and James Madison, among others.
You can also visit historical sites like Gettysburg and watch live war re-enactments which are crowd-pleasing favorites.