Virginia Ranked Among Best States for Retirement
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
5806 Harbour View Blvd.
Suffolk VA 23435
- Study supports doctor-led approach to end-of-life care planning
The end of a person’s life is a time of intense transition and difficult choices. Although nothing can fully prepare an individual or a family for the gravity of the decisions that need to be made, end-of-life care planning can help ensure that a dying individual’s wishes about his or her care are followed. Traditionally, […]
- The effect of procrastination and debt on retirement planning
The desire to create a comfortable, secure retirement is almost universal. Unfortunately, procrastination and debt can have a devastating, though not irreversible, effect on these efforts. While Americans can now anticipate longer-than-ever retirements with ever-higher costs of care, they tend to be less prepared for retirement than in decades past. Procrastination can affect one’s retirement […]
- Reducing caregiver stress helps prevent elder abuse
Elder abuse has long been associated with the stress caregivers experience when providing care for older loved ones. Reducing caregiver stress is a key factor in preventing the abuse and neglect of elders. As much of health care moves out of hospitals and into homes, caregivers are charged with providing care to increasingly ill loved […]
- What is covered by Medicare in a skilled nursing facility?
Many people on Medicare assume that the program will cover any medical costs they encounter, including the cost of care in a skilled nursing facility. However, coverage for care in a nursing home is actually quite limited, and it is only provided under certain circumstances. Medicare only pays for care in a nursing facility if […]
- Avoiding retirement planning pitfalls
Although most people are aware of how important it is to plan for retirement, it is easy to fall into retirement planning pitfalls that have significant consequences down the line. One of the most common pitfalls is money itself. Many people simply do not save enough early enough. It is recommended that people save enough […]