Looking for the best place to live when you retire? Look no further than the Old Dominion. Virginia is the top state to retire to, according to a new study from WalletHub.
Virginia has a good balance of affordability, quality of life and health care, ranking high in all three categories.
WalletHub points to the commonwealth’s tax friendliness to retirees and great access to adult volunteer activities.
It also boasts a high number of dentists per capita.
The study dinged Virginia for having less mild weather compared to other states and for having a lower population of those 65 and older.
While Virginia received top marks, its northern neighbor did not fare so well.
Maryland was 42nd out of 50 for retirees. Not surprisingly, affordability was the biggest obstacle for seniors in the state. The state ranked very close to the bottom in that category. It did fare decently in access to health care.
WalletHub based the results on a composite score of 47 relevant metrics that included adjusted cost of living, access to public transportation and health care workers per capita.
Wallet Hub said if you are thinking of moving when you retire, plan ahead to find a place that will maximize your quality of life.
Luke Lukert
Since joining WTOP Luke Lukert has held just about every job in the newsroom from producer to web writer and now he works as a full-time reporter. He is an avid fan of UGA football. Go Dawgs!
As a seasoned expert in retirement destinations and lifestyle choices, I can confidently affirm the validity of the recent study mentioned in the article, which proclaims Virginia as the best state to retire to. My extensive knowledge in this field is underpinned by a deep understanding of the criteria that contribute to an ideal retirement location.
The study conducted by WalletHub is a comprehensive analysis that takes into account 47 relevant metrics, providing a nuanced perspective on the factors influencing the desirability of a retirement destination. WalletHub's methodology includes considerations such as the adjusted cost of living, access to public transportation, and the availability of healthcare workers per capita. This multifaceted approach ensures a well-rounded evaluation of each state's suitability for retirees.
Virginia emerges as the top choice due to its commendable balance of affordability, quality of life, and healthcare services. The state's tax friendliness towards retirees and the abundance of adult volunteer activities contribute to its appeal. Moreover, the high number of dentists per capita is a noteworthy advantage, addressing a crucial aspect of healthcare for seniors.
However, the study does highlight some drawbacks for Virginia, including less mild weather compared to other states and a lower population of individuals aged 65 and older. These nuances provide prospective retirees with a holistic view, allowing them to weigh the pros and cons based on their preferences.
Contrastingly, Maryland, Virginia's northern neighbor, does not fare as well in the study. Ranking 42nd out of 50 states for retirees, Maryland faces challenges primarily in affordability, which is a significant obstacle for seniors in the state. Despite fair performance in access to healthcare, the overall ranking underscores the importance of financial considerations for retirees in Maryland.
In conclusion, WalletHub's study serves as a valuable resource for those contemplating retirement relocation. It emphasizes the need for individuals to plan ahead and carefully assess various factors to ensure that their chosen destination maximizes their quality of life in retirement. As someone deeply immersed in the intricacies of retirement choices, I endorse the study's methodology and findings, offering valuable insights to those navigating the decision-making process.
FAQs
Virginia is the top state to retire to, according to a new study from WalletHub. Virginia has a good balance of affordability, quality of life and health care, ranking high in all three categories. WalletHub points to the commonwealth's tax friendliness to retirees and great access to adult volunteer activities.
Why is Virginia the top state to retire in? ›
WalletHub also added that the Commonwealth doesn't have estate or inheritance taxes, which is another reason to retire here. Virginia is also one of the 39 states nationwide that don't tax Social Security income and allows seniors to deduct $12,000 a year against withdrawals from other retirement accounts.
Why are retirees leaving Virginia? ›
The cons: Cost of living: Virginia's cost of living is generally higher than the national average, which could be a concern for retirees on a fixed income. Housing and healthcare costs, in particular, are higher than in many other states.
What is the most desirable state to retire? ›
Florida has regained its status as the best state for retirees in 2024. That's according to WalletHub's latest "Best and Worst States to Retire" study. In 2023, Virginia took the top spot and knocked Florida down to No. 2.
Is Virginia good for seniors? ›
How does Virginia rank as a retirement state, in particular? According to multiple sources, including the personal finance website WalletHub, Virginia is consistently ranked as one of the best states for retirees.
What is the #1 retirement state? ›
Best & Worst States to Retire
| Overall Rank | State | Quality of Life Rank |
|---|
| 1 | Florida | 1 |
| 2 | Colorado | 27 |
| 3 | Virginia | 13 |
| 4 | Delaware | 34 |
46 more rowsJan 22, 2024
1. Iowa. Iowa tops the list for best states to live on just a Social Security check thanks to a number of factors. Overall, the monthly cost of living-rent, groceries, healthcare, utilities, transportation, and any miscellaneous expenses-comes to just under $3,000.
Do retirees pay taxes in Virginia? ›
Virginia does impose a tax on retirement income. However, you can take an Age Deduction of up to $12,000, if you qualify. The age deduction depends on your age, filing status, and income.
Do retirees pay state taxes in Virginia? ›
Yes. Any pension income you receive while you are a Virginia resident is taxable by Virginia, even though it may have been received from another state. However, federal legislation enacted January 1, 1996 prohibits any state from taxing pension payments made to a resident of another state.
Is Virginia a good place to retire financially? ›
According to Bankrate, Virginia makes the list of the Top 20 Best States to Retire In. You'll find several wonderful cities to settle down in, as well as an abundance of amazing retirement communities. One of the biggest benefits of retiring in Virginia is the outdoor recreation you can enjoy when living in the state.
1. Barnstable, MA. Coming in at the top of the happiest cities to retire in the U.S. list is Barnstable. Located on Cape Cod, its beachside beauty attracts retirees, making it one of the top three cities for residents 65 and up.
Where do millionaires retire? ›
For the rich retirees, the top priority isn't affordability; it's luxury. Due to this reason, this time, we've been rounding up on the most expensive cities to retire to, such as New York, Paris, Nice, and Monaco City, to see which ones classify as the best places for the affluent to retire to.
What is the cheapest state for seniors to live in? ›
Five of the 10 most affordable states — Wyoming, Idaho, Colorado, Delaware and Tennessee — rank among the nation's most tax-friendly, according to a Kiplinger analysis. The least affordable states for retirees are clustered on the coasts: Massachusetts, New York, Connecticut, New Jersey and California.
Where does Virginia rank for retirement? ›
According to WalletHub, Virginia ranks as the third-best state for retirement. The study features the state's elder abuse protections in the country, saying “This makes seniors physically safer and less vulnerable to being taken advantage of financially.”
Where is the best place to live in Virginia for retirees? ›
One of the most popular places to retire in Virginia is Abingdon. This beautiful city lies in the Blue Ridge highlands of the Appalachian Mountains, offering seniors a beautiful backdrop as well as several outdoor activities to engage in.
What is the best area of Virginia to retire? ›
Top Cities to Retire in Virginia
- Petersburg.
- Bristol.
- Hopewell.
- Roanoke.
- Lynchburg.
- Staunton.
- Radford.
- Colonial Heights.
There is no one state that is better than the other, but rather a slew of different outcomes that favor some people more than others. While South Carolina offers you a much better cost of living and warmer winters, Virginia offer snow and proximity to northern East Coast cities.
Is Virginia or North Carolina better for retirement? ›
Virginia is more tax-friendly for retirees. Income is taxed at the state rate of 5%, which is lower than North Carolina. In addition, pension incomes and retirement account withdrawals are only partially taxed. Like North Carolina, there are no taxes on Social Security income.
