» 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

SUFFOLK
5806 Harbour View Blvd.
Suite 203
Suffolk VA 23435
Phone: 757-399-7506
Fax: 757-397-1267
http://www.hooklawcenter.com/

  • Buyer Beware: The Dangers of Do-it-Yourself Estate Planning
    There are increasingly more websites offering do-it-yourself estate planning documents at a very low cost.  If you’re trying to save money, it might be tempting to cut corners and use one of these websites, especially if you believe your wishes and your estate are simple.  Unfortunately, while the cost to use these websites may be low, […]
  • Protecting Assets When A Spouse Enters A Nursing Home
    As an Elder Law attorney, I often see the devastating toll the cost of nursing care can have on a married couple’s assets. The most upsetting cases involve healthy spouses that have essentially been impoverished as a result of the unhealthy spouse’s need for care. The basic fact is that such impoverishment can be completely […]
  • Can You Be Held Personally Liable for Your Parent’s Long-Term Care in Virginia?
    In 2017, the average cost of nursing home care in Virginia amounts to $94,896 per year, $7,908 per month, for a private room.[1] That cost is steep enough to concern even the most affluent of clients. While children often feel morally responsible to step in and help out an aging parent financially, what if they […]
  • Avoiding Guardianship/Conservatorship
    Recently, I was struck by what we have been seeing in our office much more frequently: clients coming in for guardianships and conservatorships for their loved ones. The vast majority of these matters are not contested: the potential ward is clearly incapable of managing his/her own financial and medical affairs because of advanced dementia, brain […]
  • Planning for Death the Swedish Way
    A large part of elder law is helping clients plan for what happens after their death. To that end we, help clients execute wills, revocable trusts, irrevocable trusts, change beneficiary designations, review joint account titling, etc. all with the goal of helping clients pass monetary assets after their death. Many times I’ll be asked to […]

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



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

* indicates required