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But if youre interested in doing that, you should know what it means financially.
Data shows you need at least$741,000 savedto comfortably retire in the state.
Here are three reasons and other financial facts you should know before retiring in Virginia.
Thats why you may need to save six figures or more to retire in Virginia over another nearby state.
Social Security Wont Cover Everything
The average retired American receives around $36,251 yearly in Social Security income.
But thats across all states.
Retired people in Virginia take home an average of $21,566.
Now, multiply that figure by the number of years you want to cover in retirement.
A 20-year retirement, at $37,060 per year, adds up to just over $741,000.
That figure increases to $926,500 for a 25-year retirement or about $1.1 million for a 30-year retirement.
This means you may want to save even more for retirement in Virginia than you initially think.
For example, Virginia has seen cumulative inflation of21.4%since January 2021.
This has added about $1,142 in monthly costs to the average budget.
If your retirement is still years away, these costs are likely to increase further before you get there.
The key will be finding ways to spend less than the average Virginian on key expense categories.
Thats just not always easy to do especially as inflation continues.
So here are a few additional tips.
For example, Great Falls, Alexandria and Fairfax are among therichest and most expensive placesin the state.
Housing and other expenses are higher there than in thecheaper citiesof Martinsville, Lynchburg and Portsmouth.
This would reduce your annual retirement saving requirement by as much as you earn.
For instance, imagine you make $10,000 driving for a rideshare service.
You could subtract that $10,000 from the $37,060 the average Virginian retiree spends out of pocket.
Youd only use $27,060 of your savings that year.
Nearby West Virginia is one of themost affordable placesto retire in the entire country.
There are also plenty of destinations throughout the South that are beautiful and affordable for retirees.
Youll just need to consider which fits your lifestyle preferences and budget while keeping you close tofriends and family.
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