Virginia
3 Reasons You Need at Least $741K (Plus Social Security) To Retire in Virginia
With its mild climate and friendly people, Virginia can be the perfect state to retire. But if you’re interested in doing that, you should know what it means financially. Data shows you need at least $741,000 saved to comfortably retire in the state.
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Here are three reasons and other financial facts you should know before retiring in Virginia.
Earning passive income doesn’t need to be difficult. You can start this week.
1. Virginia Is More Expensive Than Nearby States
It costs an average of $58,627 to live in Virginia per year. That’s meaningfully more than states like:
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West Virginia: $39,386
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Mississippi: $41,361
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Kentucky: $40,355
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Georgia: $52,556
Even small differences in living costs add up over 20 to 30 years of retirement. That’s why you may need to save six figures or more to retire in Virginia over another nearby state.
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2. Social Security Won’t Cover Everything
The average retired American receives around $36,251 yearly in Social Security income. But that’s across all states. Retired people in Virginia take home an average of $21,566.
This means, that if you receive an average Social Security paycheck, you’ll still be responsible for covering $37,060 in annual living costs. Now, multiply that figure by the number of years you want to cover in retirement.
A 20-year retirement, at $37,060 per year, adds up to just over $741,000. That figure increases to $926,500 for a 25-year retirement or about $1.1 million for a 30-year retirement. This is why you need a lot of retirement savings to stay in Virginia — even if you’re counting on Social Security.
3. Inflation May Increase Costs Over Time
Another factor to consider is that living costs go up over time, due to inflation. This means you may want to save even more for retirement in Virginia than you initially think.
For example, Virginia has seen cumulative inflation of 21.4% since January 2021. This has added about $1,142 in monthly costs to the average budget. If your retirement is still years away, these costs are likely to increase further before you get there.
How To Save Money While Retiring in Virginia
Although Virginia is far from the cheapest state to retire in, there are still ways to bring costs down. The key will be finding ways to spend less than the average Virginian on key expense categories.
For example, here’s what the average state resident currently spends on common annual expenses:
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Groceries: $4,825
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Housing: $12,346
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Utilities: $4,358
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Transportation: $4,577
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Healthcare: $7,675
You can reduce your annual retirement savings requirement by spending less in any of these categories. That’s just not always easy to do — especially as inflation continues. So here are a few additional tips.
Choose Your Retirement City Strategically
First, your retirement expenses vary quite a bit based on which part of Virginia you call home.
For example, Great Falls, Alexandria and Fairfax are among the richest and most expensive places in the state. Housing and other expenses are higher there than in the cheaper cities of Martinsville, Lynchburg and Portsmouth.
So if you want to retire for less in Virginia, pick a part of the state where that’s easier financially. Moving further away from the center of one of Virginia’s most expensive areas could be enough to reach your goals.
Supplement Your Retirement Income
If you feel like you can’t save enough for the retirement you want, maybe you can continue earning money after your career. This would reduce your annual retirement saving requirement by as much as you earn.
For instance, imagine you make $10,000 driving for a rideshare service. You could subtract that $10,000 from the $37,060 the average Virginian retiree spends out of pocket. You’d only use $27,060 of your savings that year. If you could do this for even five years of your early retirement, that may be enough to fix your financial issues.
There are plenty of ways to make extra money in retirement, including:
Try Another State
If you can’t find a way to make retiring in Virginia work financially, consider another state. Nearby West Virginia is one of the most affordable places to retire in the entire country.
There are also plenty of destinations throughout the South that are beautiful and affordable for retirees. You’ll just need to consider which fits your lifestyle preferences and budget while keeping you close to friends and family.
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This article originally appeared on GOBankingRates.com: 3 Reasons You Need at Least $741K (Plus Social Security) To Retire in Virginia
Virginia
4 indicted in Virginia double homicide; second victim ID’d as grandmother of 6
CAROLINE COUNTY, Va. — A Caroline County grand jury has indicted four people on first-degree murder charges in connection with a double homicide after DNA evidence identified the second victim as Helen Marie Pullen Banks, a grandmother of six.
The same four suspects charged in the murder of 18-year-old Jayden McComber have now been indicted in the death of Banks, who was living in the Richmond area at the time she went missing. Investigators linked the two homicides early in the investigation through forensic evidence.
Caroline County Sheriff Scott Moser said investigators “have been working around the clock” for a break in the case “not only for the community, but for the victims as well.”
The medical examiner’s office in Richmond used DNA to identify the 56-year-old Banks after her remains were found in poor condition. Investigators confirmed her identity on July 7.
Banks, originally from Culpeper, had been living in the Richmond area where she was in rehab at the time she went missing, according to her family. She had a connection to at least one of the four suspects, according to Moser.
The four suspects — Devonti Gregory Pettaway, 20, of Chesterfield; Kennady Jade Lambert, 18, of Hopewell; Rashad Antonio Mayfield, 23, of Glen Allen; and Jaden Lamont Phillips, 19, of Richmond — now face charges of first-degree murder, use of a firearm in the commission of a felony, and conspiracy to commit murder in connection with Banks’ death. The charges represent an upgrade from the second-degree murder charges the four originally faced in McComber’s death.
WATCH: Brother of suspect charged in murder of Hopewell teen Jayden McComber speaks out
Brother of suspect charged in murder of Hopewell teen Jayden McComber speaks out
Chief Deputy Travis Nutter outlined what investigators believe is the motive in McComber’s murder.
“We believe robbery to be the motive of the incident that happened with Jayden that ultimately led to his murder,” Nutter said.
As for the motive in Banks’ death, Nutter said investigators have not yet established one.
“There is no evidence to show that there was any sort of argument or disagreement between Ms. Banks or the four charged,” Nutter said.
Banks was a mother of five and grandmother of six. Moser said she had no known ties to Caroline County, and that her body, like McComber’s, appeared to have been brought there from another jurisdiction.
WATCH: Neighbor reacts as suspects arrested after 2 bodies found in Caroline County
Neighbor reacts as suspects arrested after 2 bodies found in Caroline County
McComber’s body was found in late March in a marshy area of Byrds Mill Pond near Sparta, near the Caroline and King and Queen County line. Banks’ remains were discovered about five miles away off Bagby Road. Investigators linked the two cases early on, in part because McComber’s AirTag had pinged about a mile and a half from where Banks’ remains were found.
Moser said the case has shaken the Sparta community but stressed that investigators moved quickly and that residents should feel reassured.
“Without a doubt this is a tremendous blow to the community,” Moser said. “When you come to this county and you do these types of crimes, we’re going to do everything we can to catch you… [We] are not used to these types of crimes being committed in Caroline.”
Moser credited a broad coalition of agencies for bringing the case to this point, including Commonwealth’s Attorney Ben Heidt, the medical examiner’s office, the U.S. Marshals Service and the broader community.
“Everyone has pulled together in a time of crisis; that’s what we do well here in Caroline,” Moser said. “We’ve had a lot of support from the community, a lot of information that’s been helpful in this investigation and that’s what community is all about.”
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Eat It, Virginia! with Scott and Robey
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Virginia
Virginia’s voided special election cost $11.6 million
We now know how much it cost Virginia to hold an election that didn’t count: $11.6 million.
Of that, the state will pick up $4.99 million, leaving localities to pay the balance of $6.6 million for the April 21 special election on redistricting that the Virginia Supreme Court later ruled was placed on the ballot unconstitutionally.
The numbers come from the Department of Elections, after Cardinal News filed a Virginia Freedom of Information Act request to find out the cost of the election.
I contacted localities small, medium and large and none said they’d have a particular problem paying their share. All said they’d already budgeted for primary elections that they expected in June. With the push to redraw Virginia’s congressional lines, those June primaries were bumped to August, putting them in a new fiscal year, so the money set aside for the June primaries was used to cover the special election on a proposed constitutional amendment to allow redistricting.
Election costs
Total cost of April 21 special election: $11,636,147
What state will pay for: $4,999,738
What localities must cover: $6,636,147
Source: Virginia Department of Elections
The issue some localities face now is that the Aug. 4 primary becomes an unexpected expense, although all said they’d figure out a way to pay for it. “We always budget for extra elections, so I think we will have money to cover this,” said Buckingham County administrator Karl Carter by email. It cost $44,373 to run the special election in his county. Of that, the state will pay $9,019, leaving the county to cover $35,353. (Each locality submits its expenses and the state calculates a reimbursement rate based on that.)
Other local government officials had similar things to say. The cost of running elections — paying for poll workers is one of the main expenses — depends largely on how big a locality is. Elections cost more in bigger localities, but they also have bigger budgets.
In Virginia Beach, the election cost $750,533. The state will pay $265,509, leaving the city to cover $465,023. City spokesperson Ali Weatherton-Shook said the city would save enough money through unfilled vacancies to cover unexpected election expenses.
In Chesterfield County, the election cost $619,970. The state will pay $223,356, leaving the county to cover $396,613. “Chesterfield tries to plan ahead for these growing demands,” said county spokesperson Stephen Bays. “In the county’s FY2027 budget, we added $630,000 to the Registrar’s budget to help fill the gap to cover the increasing costs of elections.”
The most expensive locality was, not surprisingly, the state’s biggest: Fairfax County. It cost $1,545,781 to hold the election there. The state will pay $655,424, leaving the county to cover $910,356. “We allocated additional funds out of carryover to address not only the special election on the amendment but a number of special elections due to both elected officials winning other seats and elected officials that went into the administration,” said county supervisor Pat Herrity, a Republican.
The closest I came to finding a locality that felt pinched by the election cost was Dickenson County. “Unfortunately, moving the primary to August added a third election to our FY-27 budget, which was already very tight,” said Dickenson County administrator Larry Barton by email. (The other two are the fall general election and presumed primaries next June for the 2027 local and legislative elections.) It cost $39,748 to run the special election in Dickenson. Of that, the state will cover $7,802, leaving Dickenson to pay $31,946.
While officials in other localities, though, said they’d have no problem paying the expense, they also pointed out the obvious: Money is finite. “Any time you spend money it competes with critical services and/or increases the tax burden on our residents,” said Herrity, the Fairfax County supervisor.
And some said they’d welcome additional state funding. “Like many localities, Chesterfield would welcome additional state funding for special elections,” said Bays, the county spokesperson. “When state funding falls short, local dollars must fill the gap, leaving fewer resources for other priorities.”
The new state budget that the General Assembly just approved does include an additional $680,000 to help with the cost of three proposed constitutional amendments that will be on the November ballot, in addition to congressional elections and, in some places, local elections.
Since I’m writing this as an opinion column, I will go ahead and inject my opinion here: The Virginia Supreme Court could have avoided this. The court declined to rule on legal challenges to the special election before the vote, citing a 1912 court ruling involving a similar challenge to an upcoming constitutional amendment. In that case, the court held that it should only rule after the vote, on the grounds that passing a constitutional amendment is akin to passing a law — and just as a court won’t intervene until after the governor signs a bill, it shouldn’t intervene until after voters approve a constitutional amendment.
I’m not a legal scholar, but that seems sound reasoning except for one thing: When the Supreme Court let the disputed 1912 amendment vote go forward, it was part of an election that was going to happen anyway, the 1912 presidential election — so there was no additional expense incurred. In this case, the only reason the special election was happening — and so there was expense involved. The court’s adherence to that 1912 precedent cost Virginia $11,636,147.
Of course, some might also say that Virginia Democrats cost the taxpayers that amount by skirting the rules involved in placing an amendment on the ballot, although there was legal dispute over those rules. You’ll recall that the constitutional question turned on when an election legally begins. The constitution says that the legislature must pass an amendment twice, with an election in between. Democrats contended that passing the amendment the first time in a special session in late October satisfied that requirement, because it was ahead of the November general election. The court later ruled that, legally speaking, the election really began when early voting started in September, so Democrats had misread the legal calendar. Democrats could say that Republicans are ultimately to blame, because it was President Donald Trump and Texas Republicans who started the push to redraw congressional lines to “find” more Republican districts so Democratic-controlled states such as Virginia had no choice but to respond in kind to balance things out.
Whoever you choose to blame, we can now put a dollar figure to that attempt — 11.6 million of them.
For more on those upcoming Aug. 4 primaries (for which early voting is already underway), see our Voter Guide. For more political news and analysis, sign up for West of the Capital, our weekly political newsletter that comes out on Friday afternoons.
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Virginia
MEOC Organization hosts annual summer picnic for Southwest Virginia seniors
BIG STONE GAP, Va. (WCYB) — About 100 seniors from across Southwest Virginia spent the day enjoying food, games and fellowship at the Mountain Empire Older Citizens Organization’s annual summer picnic.
The event was held at Bullitt Park in Big Stone Gap and brought together seniors from seven congregate senior sites across several Southwest Virginia counties.
Attendees enjoyed a cookout, played yard games, tried their luck at bingo and caught up with friends.
Organizers said events like the annual picnic give seniors a chance to enjoy activities they may not otherwise have the opportunity to experience.
“It’s exactly what the program is designed for,” MEOC Nutrition Director Kristen Rutherford said. “To add nutrition and education but also promote socialization and prevent loneliness for seniors. A big part of seniors’ lives is that they’re isolated a lot of times. I love it, especially the games that they’re playing. I love that because they’re getting exercise.”
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Organizers said the summer picnic is one of two major events they host each year, along with a Christmas celebration.
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