by Robert Borges on October 18, 2024
Finding the perfect home to retire in isn’t quite the same as finding a home to start a family in. Retirees need to consider the overall cost of living, healthcare costs, and even factor in unique taxes of every city or state they’re considering retiring in. Virginia is a great place to retire, and Virginia’s sales tax rate is about 5.3%. The exact tax rate can vary depending on your city or county.
If you want to avoid retiring in a state or city with sales tax, you shouldn’t let that be your deciding factor. Virginia, for example, is still one of the top choices for retirees because of its lower cost of living, above average healthcare in Williamsburg and other major cities, favorable climate, and other tax conditions that are beneficial to retirees.
Additionally, Private Communities offers several luxury retirement communities across Virginia. That means no matter where you choose to live in the Old Dominion, you can enjoy a range of amenities, sights, and community activities.
In this post, we’ll explore the key financial considerations retirees need to keep in mind when moving to Virginia.
Retiring in Virginia: What You Need to Know
Virginia, nicknamed the ‘Old Dominion,’ sits on the southeastern coast of the United States and stretches from Chesapeake Bay to the Appalachian Mountains. It’s rich in American history, with plenty of museums and historical sites to visit. Are you a nature lover? Virginia offers a range of outdoor activities, from hiking through the mountains to relaxing on the beach.
There’s so much to love about Virginia, but here’s an overview on what it’s really like to retire in this gorgeous state:
Overall Cost of Living
Virginia has a slightly higher than average cost of living than other states, but isn’t as nearly as expensive as retiring in California. The cost of living in Virginia is about 3% higher than the national average, but it’s still ranked as the fifteenth best place to retire in the US.
However, this percentage can drop considerably depending on the city you retire in. More rural parts of Virginia generally have a lower cost of living, and this could be perfect for the retired couple who prefers to spend their time together or outdoors.
Average Healthcare Costs for Seniors
Your healthcare costs will depend on the level of care you need. For example, seniors who require higher levels of care, such round-the-clock nursing home care, can pay an average of $6,000 per month. Typically, newly-retired folks don’t require this level of care, so depending on your needs, insurance coverage, and circumstances, you will often pay much less.
Tax Conditions for Retirees
There are several tax benefits for retirees in Virginia. For example, Virginia doesn’t tax Social Security benefits and you can subtract any portion of your Social Security benefits taxed at the federal level on your Virginia State return.
Additionally, Virginia offers qualifying individuals sixty-five years old and older a subtraction that reduces the amount of their income subject to Virginia’s income tax.
Weather Conditions
Most retirees love that Virginia offers warm, humid summers with mild winters. The heat in the summer isn’t as intense as other states, and the winters are chilly but moderate compared to states further north. This is ideal for aging joints and makes commuting more manageable for seniors and retirees.
Quality of Life
Overall, Virginia has a low crime rate, miles of shoreline, great hospitals, and many cultural events, festivals, and outdoor activities. Additionally, as your healthcare needs progress, Virginia offers several protections and strong laws regarding elder care and elder abuse, providing assurance and justice for seniors in vulnerable positions. All of these factors give retirees a higher quality of life in Virginia.
Embrace Retirement With Private Communities
At Private Communities, we understand that this next chapter of your life is all about you. We offer exclusive access to sprawling, luxury retirement communities in eleven highly-sought-after Virginian cities, including Williamsburg, Gainesville, and Cape Charles. Enjoy your retirement by being just a stone’s throw from tranquil beach walks, picturesque coastal neighborhoods, golf courses, full-service spas, tennis courts, and more.
Are you ready to see what your dream retirement looks like? Try out our easy-to-use community search feature on our website to find the perfect community!
