A report published last month by a personal finance website, WalletHub, analyzed all 50 states and put together a ranking for the best to worst states for retirees.
Market Watch published an article quoting that nearly one-third of all non-retirees do not have a retirement savings or pension due to affordability.
Virginia made the list as one of most “retirement-friendly” states in the U.S., coming in at #10! According to Market Watch, 24 different metrics on a “0-100” scale were used to rank the data, including affordability, quality of life and health care.
Virginia ranked above 35 (out of 100) in all three categories.
Data used by finance experts to create the rankings were collected from the U.S. Census Bureau, the Federal Bureau of Investigation and a number of other informational centers.
WalletHub also turned to a number of different financial experts in fields such as aging and taxes for advise on key questions that would affect these factors.
When asked what some of the most common mistakes that retirees make when housing where to settle, Scott R. Baker, Assistant Professor of Finance states “[Retirees are] looking primarily at the tax burden in different states, when differences in lifestyle and living expenses could easily swap the financial benefits of a zero percent state income tax rate.”
The most common tip for those living on a fixed income in retirement by the group of professors and experts? Simply, planning. Planning such as: developing a comprehensive budget, planning for healthcare, tax planning, putting thought into Social Security claiming strategies.
If you’re looking for a community where you can enjoy the resort lifestyle, without leaving your neighborhood, make these master-planned communities your next stop!
Both communities offer small town charm with an abundance of amenities.
Plus, with our Discovery package, you can “try out” each community! Stay-and-play in a model home and enjoy a taste of the lifestyle.
At Virginia Heritage, enjoy a trolley tour of downtown Fredericksburg, a dinner for two, VIP access to all the fabulous amenities and more.
At Colonial Heritage, enjoy a dinner for 2 or round of golf for 2, a community tour with a neighborhood ambassador, access to the athletic club, pools, tennis courts and more.
Call 877-785-3662 to learn more about these communities today!