The state may not be an affordable option for all retirees, however. The cost of living is 9 percent higher than the national average, with median home prices at a relatively affordable $237,500. Taxes in Virginia are a mixed bag. The state’s top income tax is only 5.75 percent, and Virginia does not tax Social Security benefits. Still, the state does tax federal and military pensions. People 65 and older are eligible to deduct up to $12,000 per of retirement income, though this si subject to income-eligibility.
The state is filled with parks and forests, which allow for great hiking, bicycling, camping and bird-watching. Boaters and anglers can enjoy the calm waters of the Chesapeake, while beach fanatics may be inclined to head toward Virginia Beach.
Con: Tourist towns can get inundated with visitors during high season
Best For: History lovers
Cost of Living: 9% higher than national average
Median Home Cost: $237,500
Top State Income Tax: 5.75%
In fact, Virginia is home to “half backs,” retirees who moved to Florida, didn’t like it, and moved further north, to Virginia’s shores. While the state doesn’t have warm winters like Florida, its seasons are all relatively mild, and summers are not nearly as hot and humid as in Florida or other southern states, like Georgia or South Carolina.
Retirees hoping to engage in intellectual pursuits will find Virginia a rich stomping ground; a number of colleges and universities are located throughout the state, and there are many colorful college towns, such as Charlottesville.
One potential downside of retiring in Virginia could actually be its popularity. Many of the state’s towns, like Williamsburg and Virginia Beach, are popular tourist destinations and can become inundated with visitors during the high season.