Virginia Ranked #1 Best State in Which to Retire

If you’ve lived in Virginia a while, you’ve probably known this all along. But for those unfamiliar with or thinking about moving to the Old Dominion, know this: Virginia has been rated the best state in the country for retirees. This retirement index, compiled by the financial firm LPL Research, evaluates a state’s “retirability” based on the following six factors that are weighted differently:

1. Financial (35%): cost of living, median household income, private sector retirement assets, state pension funds relative to pension obligations/tax burden
2. Healthcare (20%): Access to, cost of. Healthcare expenditures and % of 45-64 covered by health insurance
3. Housing (15%): Home ownership rate, median home price list/rent list price, nursing home costs
4. Community Quality of Life (10%): # of heating days, % of home foreclosures, % of people with over 60 minute commutes, % of people living in poverty, violent crimes per 100,000 people
5. Employment and Education (10%): % of 45-64 year olds with college degrees, % of employees with health insurance
6. Wellness (10%): life expectancy, % of adults over 18 who are physically active, who are smokers, who are obese

Virginia was ranked 1st in community quality of life, 5th in financial, 10th in employment and education and 1st overall. So let’s take a look at the things that prospective retirees consider when choosing a place to relocate, and what makes Virginia a good fit.

The New York Times cites a report which estimates that as many as “57% of baby boomers say they plan to move into a new home in retirement” (Hanon ). It makes sense; this is a brand new phase of your life, and the circumstances that made your old home ideal may no longer be in play. The things you wanted in a locale in your 20s and 30s are not the same things you need out of your residence now. Of those 57% surveyed, 39% said they wanted to relocate to a small town or rural community. There are many offerings in Virginia, from the sprawling central Virginia estates in Albemarle or Orange counties, to the small-town feel of homes in Charlottesville.

Weather is among the top considerations for people looking for a suitable retirement destination. This is one of the reasons why older people tend to settle down in the southern and western states. Compared to humid places like Florida, Virginia’s climate is pretty mild. The summers can be hot but they aren’t brutal, and are often interspersed with breezy days. The winters aren’t brutal, colder than some of our neighbors to the south but nowhere near the frigid temperatures of the northern states.

There are also numerous things to do throughout Virginia. Nelson County’s Crabtree Falls, for example boasts the highest vertical drop east of the Mississippi. Its first overlook runs along a low-key paved trail for hikers of varying experience, and there are more challenging hikes as well. From slow, meandering drives amidst the scenic vistas and pastoral landscapes of the Blue Ridge Parkway to the thriving, hollows of the Shenandoah National Park, there are so many ways to enjoy the natural beauty of this state.

The real estate taxes in Virginia vary by county but are comparatively low. The state and local taxes end up being about 5.3%, a little more for the localities that make up Northern Virginia and Hampton Roads. The cost of living gets higher as you move closer north, but you could do a lot worse than Virginia. The median value for a home is about $230,000.

The unemployment rate is also pretty low in Virginia: 4.8%. At first it may sound counterintuitive to think about working in the place where you’re going to retire. But many retirees, current and future say they plan to work during retirement. Merrill Lynch published a study which states that “47 % of today’s retirees say they either have worked or plan to work during their retirement years. Moreover, the number of retirees who work will escalate in the years ahead, with 72% of pre-retirees age 50+ now saying that their ideal retirement includes work in some capacity” (Merrill Lynch). This doesn’t necessarily mean getting a 9-5 and commuting. Even if the work is unpaid/on a volunteer basis, being employed has been linked with a greater sense of well-being. “Work gives us a sense of purpose, feeling connected and needed. It makes us feel relevant. It’s hard to pin a precise paycheck to that, but it’s real.”

Moreover, it keeps our minds sharper. Researchers from the RAND Center for the Study of Aging and the University of Michigan published a study showing that cognitive performance levels decline faster in countries that have younger retirement ages” (Hanon 2) . You don’t just have to work. You can also learn more. Were you to find a nice small farm in central Virginia, or a home around Charlottesville, you could make use of the Osher Lifelong Learning Institute (OLLI) at the University of Virginia. You could also take advantage of the seasonal job market, getting an easygoing gig during the summer while all the students are out of town. Did we mention Virginia was ranked 10th in LPL’s employment and education category?

So there you have it. The experts agree that for people planning to retire, Virginia is your best bet. Relocating here affords you warm weather, reasonably priced homes, and a bounty of natural splendors. You can foster your continued growth through a variety of channels: working, volunteering or going back to school. The pace of life is very malleable. The pace of life here moves with you. If you want seclusion and privacy, you could get a small farm in the foothills of the Blue Ridge Mountains; there are several nice offerings available in Nelson, Greene, Madison and Albemarle Counties. If you want a thriving community of various ages and backgrounds, consider a home in Charlottesville, where live music, theatre and sports are close at hand. The only thing you need is an appreciation for natural beauty and a thirst to make the most of out life. After all, Virginia is for lovers.