Retiring in Virginia: pros, cons, and best places to retire
This article will take you through the main things you need to consider if you are retiring in Virginia. You can also match with a financial advisor by answering a few questions below.
Summary
Virginia is a popular retirement destination for many Americans seeking a peaceful and scenic environment with access to outdoor activities, cultural events, and a mild climate.
Virginia has relatively low taxes compared to many other states. Social Security benefits are exempt from state income taxes.
Virginia's cost of living is generally higher than the national average, which could be a concern for retirees on a fixed income.
Unbiased can connect you to a financial advisor who can create a plan to help you get ready for retirement.
Is Virginia a good state to retire in?
Virginia, located on the East Coast of the United States, is a popular retirement destination for many Americans seeking a peaceful and scenic environment with access to outdoor activities, cultural events, and a mild climate.
With its beautiful coastline, mountains, and historic sites, Virginia offers a unique retirement experience that attracts many retirees every year.
According to data from the U.S. Census Bureau in 2020, Virginia had a population of approximately 8.5 million people, with over 15% of the population being over the age of 65, making it one of the top states with a large retirement population.
What are the pros and cons of retiring to Virginia?
The pros:
Low taxes: Virginia has relatively low taxes compared to many other states. Social Security benefits are exempt from state income taxes, and retirement income is partially taxed depending on your situation. Property taxes are generally lower than in neighboring states.
Mild climate: Virginia's climate is moderate, with four distinct seasons. Summers are generally warm and humid, while winters are relatively mild, with occasional snowfalls.
Outdoor activities: Virginia is home to numerous parks, forests, and beaches, providing ample opportunities for outdoor activities such as hiking, camping, fishing, and boating.
Historic sites: Virginia is rich in history, with many important sites related to the American Revolution and the Civil War, including Colonial Williamsburg, Monticello, and Mount Vernon.
Cultural scene: Virginia has a vibrant cultural scene, with numerous museums, galleries, and performing arts venues. The state hosts several festivals and events throughout the year, including the Virginia Wine Festival, the Virginia Film Festival, and the Virginia Beach Neptune Festival.
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.
Traffic: Virginia is known for its heavy traffic, particularly in and around the major cities of Richmond, Virginia Beach, and Norfolk.
Natural disasters: Virginia is prone to natural disasters such as hurricanes, flooding, and tornadoes, which could be a concern for retirees living in coastal areas.
Where is the best place to retire in Virginia?
If Virginia is your chosen retirement state, here are some of the best places to retire in:
Where are the most affordable places to retire in Virginia?
Virginia does have more affordable locations for those who want to retire there but are conscious of the high cost of living.
With the average home value in Virginia standing at just over $362,000 in December 2024, the following locations are significantly below the average, highlighting their affordability.
Pulaski: $156,582
Prospect: $194,777
Pamplin: $204,036
Gladstone: $221,025
Franklin: $227,569
Lynchburg: $250,498
Farmville: $250,559
What age can you retire in Virginia?
Like many states, Virginians are free to retire whenever they choose, as long as they can financially support themselves.
However, there are some age-related benefits and considerations for retirees in Virginia:
Social Security benefits: The earliest age at which you can begin receiving Social Security benefits is 62, but if you delay taking benefits, your monthly payments will increase. Full retirement age (FRA) is between 66 and 67, depending on your birth year. Delaying benefits until after FRA can result in even higher monthly payments.
Medicare eligibility: Medicare eligibility begins at age 65, regardless of retirement status. However, if you choose to retire before age 65, you will need to find alternative healthcare coverage until you become eligible for Medicare.
Retirement savings: Regardless of retirement age, it is important for individuals to start saving for retirement as early as possible. Many financial experts recommend saving at least 15% of your income for retirement. You could check out the average retirement savings in the US.
Get expert financial advice
Virginia offers a range of retirement options, from coastal cities to mountain towns. Retirees can enjoy a rich cultural scene but face a higher cost of living.
It's important to seek expert financial advice to weigh up all of the costs associated with retiring in Virginia, including property taxes, insurance, and living expenses, in order to make an informed decision about whether the state is the right choice for your retirement.
Content writer
Kate has written for leading publications and blue chip companies over the last 20 years.