Are you considering the ideal retirement destination for yourself or a senior loved one? If so, then look no further than the beautiful state of Virginia. With its tax-friendly environment, affordable living, high quality of life, and access to quality healthcare, Virginia offers countless benefits for senior retirees. Plus, Virginia is ideally located just a short distance from major metropolitan areas like Washington DC or New York City or some of the country’s best beaches in Florida or the Carolinas, meaning that retirement travels, whether to see friends and family or go on a relaxing vacation, will be a breeze. To learn more about what makes Virginia such an amazing place for seniors to retire, read our helpful guide below guide below or reach out to the Sunbound team for more information.

Tax-Friendly Environment

While a rich cultural history and access to great beaches is of course a plus, when it comes to an amazing retirement destination we know what most people want is affordability and a low cost of living. This is something that makes Virginia stand out as a retirement destination as it has incredibly low retirement taxes.

First, Virginia exempts all Social Security income from state taxes which can amount to huge savings for seniors who rely on Social Security payments each month. In addition, Virginia also provides a generous tax deduction of up to $12,000 on all other forms of retirement income (from sources like IRA and 401(k) accounts) for residents aged 65 and above. This means that for many Virginia seniors, their retirement income is largely untaxed at the state level.

Along with these generous tax benefits, Virginia also has incredibly low property and sales taxes which can lead to even more savings for Virginia retirees. Virginia’s state property tax is lower than most other states, with an average effective tax rate of just 0.75%. This low state property tax becomes even more favorable when you consider that many Virginia counties offer additional forms of tax relief to seniors. In addition, Virginia’s state sales tax of 4.3% is among the lowest in the nation. All these tax benefits for seniors mean that Virginia retirees will be able to stretch their savings as far as possible. 

Affordable Living

In addition to a favorable retirement taxes, Virginia also ranks high among other states in terms of affordability, making it an attractive option for retirees on a budget. The cost of living in Virginia is generally lower compared to some of the neighboring states, particularly in areas such as housing and healthcare. Retirees can find affordable housing options, from cozy homes in small towns to senior living communities that provide excellent amenities and services tailored to their needs. With affordable living expenses, retirees can stretch their retirement savings and enjoy a comfortable lifestyle.

High Quality of Life

Retiring in Virginia means embracing a high quality of life. The state boasts excellent healthcare facilities, ensuring that retirees have access to quality medical services. Virginia is home to renowned hospitals, medical centers, and specialized clinics that cater to the specific healthcare needs of seniors. In addition, retirement-focused recreational centers offer a wide range of activities and programs designed to enhance the well-being and social interaction of retirees. These centers provide opportunities for seniors to engage in hobbies, exercise, and connect with like-minded individuals, fostering a vibrant and fulfilling retirement experience.

Excellent senior healthcare

Virginia's healthcare system is renowned for its exceptional care and dedicated programs designed specifically to cater to the needs of seniors. The state offers a range of high-ranking healthcare facilities and initiatives that make it an excellent choice for retirees. Notably, Virginia is home to several prestigious hospitals such as the University of Virginia Medical Center, recognized for its advanced geriatric care and specialized services for older adults. 

Additionally, the Virginia Department for Aging and Rehabilitative Services oversees numerous programs that aim to enhance the well-being of seniors, including the Virginia Long-Term Care Ombudsman Program, which advocates for residents in long-term care facilities. Moreover, the Virginia Center on Aging conducts research, education, and outreach activities to improve the quality of life for older Virginians. With its commitment to providing top-notch healthcare and tailored programs, Virginia stands out as an exceptional destination for seniors seeking retirement options that prioritize their well-being.

Strong Retirement System

Virginia takes pride in its robust retirement system, which includes one of the top 50 largest public or private pension funds in the world. The Virginia Retirement System (VRS) serves as the backbone of the state's retirement benefits, delivering financial security to Virginia public employees through sound financial stewardship and superior customer service. This well-managed system ensures that retirees receive their deserved retirement benefits, providing peace of mind and financial stability during their golden years.

Virginia's Unique Charms

Virginia is a state with a rich history, natural beauty, and unique cultural attractions. Virginia is renowned for its breathtaking natural landscapes. From the majestic Blue Ridge Mountains to the picturesque Shenandoah National Park and the iconic Appalachian Trail, the state offers a wealth of outdoor beauty and opportunities for exploration.

Virginia also has a rich cultural history. As one of the oldest states in the United States, Virginia boasts a rich history. It was the first colonized state in the country and is the birthplace of over eight U.S. presidents. Retirees with an interest in history will find themselves immersed in the fascinating stories and landmarks that Virginia has to offer. 

Virginia is known for its warm and welcoming southern hospitality. Retirees will experience a genuine sense of community and friendliness, making it an inviting place to call home. Virginia also takes pride in its fine local cuisine, which includes delicacies such as oysters and blue crab. Retirees can indulge in delectable seafood and regional dishes that showcase the state's culinary heritage.

To learn more about how Sunbound can help make senior living more affordable for you or your loved one, send us an email at info@sunboundhomes.com or request more information on Sunbound. Sunbound is the best way to pay for senior living and is on a mission to make senior living affordable for everyone.