» Virginia Ranked Among Best States for Retirement

Virginia Ranked Among Best States for Retirement

Hook Law Center (formerly Oast & Hook)

Hook Law Center (formerly Oast & Hook)

Virginia Beach, VA (Law Firm Newswire) June 5, 2014 – Personal finance website Bankrate.com has ranked Virginia as the 10th best state in the country in which to retire.

The top three spots went to South Dakota, Colorado and Utah. New York was ranked as the worst state for retirees. Bankrate based its rankings on a number of factors, including health care quality, cost of living, taxes, crime rates and amount of sunshine. Virginia's relatively low crime rates, reasonable cost of living and moderate taxation earned it its high rank.

“Virginia is a great state for retirees,” said Andrew Hook, a Virginia elder law attorney. “But regardless of where one lives, good financial and estate planning are key factors in ensuring a comfortable retirement.”

Taxes are always a factor in financial planning. To calculate its rankings, Bankrate relied on data from the Tax Foundation, which showed that in fiscal year 2011, Virginians paid an average of 9.3 percent of their income on state and local taxes (below the national average of 9.8 percent).

Health care quality is also of great senior citizen importance, and in this area, Virginia's performance was average. Bankrate used performance data from the Agency for Healthcare Research and Quality, which measures states' performance across several types, settings and clinical areas of care. Virginia's performance in the setting of home health care was measured as very strong, but the state was weak in its nursing home care measures.

Virginia's low crime rates also contributed to its placement as 10th best for retirement. In terms of violent crime per capita, only Vermont, New Hampshire and Maine were safer. Only seven states saw less property crime than Virginia.

Hook Law Center
295 Bendix Road, Suite 170
Virginia Beach, Virginia 23452-1294
Phone: 757-399-7506
Fax: 757-397-1267

5806 Harbour View Blvd.
Suite 203
Suffolk VA 23435
Phone: 757-399-7506
Fax: 757-397-1267

  • Complications of Owning Real Property in Multiple States
    There is, of course, a great allure to the idea of owning an apartment in New York City, a summer fishing cabin in Alaska, or a beach house in the Outer Banks, but with additional benefits also comes additional complications. The complications not often contemplated when purchasing a property across state lines is the complexity […]
  • Penny Wise but Pound Foolish
    As part of an elder law practice, we assist with a large number of estate plans.  Typically, an estate plan is designed to plan for disability and death and the options for planning are quite numerous.  There are will-based plans, revocable-trust-based plans, and plans which may involve a number of trusts, all with different purposes.  […]
  • Determining How Much of Your Social Security Benefits are Taxable
    Over the years, clients have often asked whether or not their Social Security benefits are taxable. The answer is that it typically depends on your other income. In the worst case scenario, 85% of your Social Security benefits would be taxed when you file your tax return. Don’t worry, this does not mean that you […]
  • AMBROSIO V. WOLF: A Will Contest Cannot be Brought Until After the Testator has Died
    In June 2012, Nancy D’Ambrosio (“Nancy”) suffered a stroke that resulted in a need for 24-hour care services. She subsequently executed a power of attorney naming her son, James, as agent. A year after executing the power of attorney, she signed a will (the “Will”) leaving everything to her two daughters, Jane and Electra, and […]
  • Protecting an Inheritance from Divorce
    One of the most common questions estate planning attorneys receive is the proverbial, “Should I have a will or a trust?” Although the answer to that question must be given in light of each client’s individual circumstances, one primary consideration in creating an inter vivos trust is the protection that it can afford beneficiaries upon […]

See other news sources publishing this article. BETA | Tags: , , , , ,

Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required