U.S. Capital

Virginia Ranked Among Best States for Retirement

Jun 5, 2014

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.

Learn more at http://www.hooklawcenter.com/

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/

  • In 12 Months, VA’s Disability Claims Backlog Falls 44 Percent
    In recent years, deserving U.S. veterans have had to endure lengthy waits for their disability benefits. Each case needs to be examined at the Department of Veterans Affairs (VA), and a massive backlog of applications made the process tortuously slow. Some new applicants near major cities waited well over a year when the backlog was […]
  • Does Your Long-Term Care Insurance Permit You to Hire Home Caregivers Directly?
    According to long-term care insurer Genworth, nearly three-quarters of those who require long-term care prefer to receive that service in their own homes. Perhaps that is because home care can be a relative bargain. According to the firm, the median wage for a home health care aide is just under $20, an amount that has […]
  • What Are Pooled Special Needs Trusts?
    A special needs trust can be a crucial tool for many families to pass on assets to their special-needs children without jeopardizing the recipient’s eligibility for public benefits. Some families may be interested in “pooled special needs trusts,” which offer similar benefits with certain advantages, but families may be unsure of the pros and cons. […]
  • How to Prevent Identity Theft with Your Medicare ID Card
    A recent Reuters article highlights an identity security problem for U.S. seniors. Identification cards issued by Medicare contain instructions to carry the card with you at all times. But your card also contains your full social security number (SSN). Losing the card places you at risk of identity theft and fraudulent benefit claims. No government […]
  • First-party and third-party special needs trusts protect benefit eligibility
    Individuals with special needs often depend on government benefits in order to afford things that many of us take for granted — including health care, education, healthy food and a safe home. But when someone with special needs acquires significant assets for any reason, their eligibility for government benefits may be jeopardized. Special needs trusts […]