General United States

Is Virginia tax-friendly state for retirees?

With the recent cost of living hikes, many retirees are seeking their last and foremost rest of life to spend in the best place to settle down. Many boomers are searching for resources to get a comfy, safe, and affordable place. A recent article shows the state of Virginia is the best state for retirees. I think it depends on what point of view you are looking, and seeking for. Here are some brief points that retirees or those preparing to retire: climate, close to attractions, residing near friends, and family, hospitals, tax-friendly for state retirement incomes, social security benefits, etc.

In climate, Virginia has 4 seasons along with beaches and mountains with lots of attractions you may enjoy. Access to major airports to go domestic or abroad, and access to interstate highways. Hospitals are very close in most cities within 30 minutes.

According to AARP, the Virginia tax system is a graduated income tax system.” individuals with lower incomes are taxed at lower rates from 2% tax rate to cap out at 5.75% for the higher earners. For retirees, after 65 years old, no tax on the social security benefit in the state. However, some retirement income, like pension (private, or public), 401(k)s, 403(b)s, and IRAs are taxed when withdrawal occurs.

Of course, there are some benefits for low-income retirees who don’t have to pay property tax but it applies where you live like Loudoun or Fairfax Counties are income limitations apply. The median housing prices are $710,000 and $690,000 in Loudoun and Fairfax in 2023.  However, It depends on where you finally find the place for the rest of your life will be more than $10,000 in property tax in Falls Church City and $300 in Buchanan County.

There still is a high tax for retirees in Virginia from what you buy until you die, but there are none of the best places to reside in the United States of America if you are seeking all of the amenities that you want to have or choose what is the fittest for your life without the too heavy burden of your affordability without break into bank. After all your hard work done in your lifetime, enjoy and relax and take care of selves without any unnecessary burden in rural areas rather than busy streets. The choice is yours as always.

Coree ILBO copyright © 2013-2024, All rights reserved. This material may not be published, broadcast, rewritten, or redistributed in whole or part without the express written permission.

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