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.
Check Out: The Standard Retirement Age in the US vs. 5 European Countries
Read Next: The Surprising Way You Can Get Guaranteed Retirement Income for Life
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:
-
West Virginia: $39,386
-
Mississippi: $41,361
-
Kentucky: $40,355
-
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.
Trending Now: 8 States To Move to If You Don’t Want To Pay Taxes on Social Security
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:
-
Groceries: $4,825
-
Housing: $12,346
-
Utilities: $4,358
-
Transportation: $4,577
-
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.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 3 Reasons You Need at Least $741K (Plus Social Security) To Retire in Virginia
Virginia
Obama calls on voters to help Democrats’ Virginia redistricting ahead of midterm elections
Former President Barack Obama is calling on voters in Virginia to support a ballot measure this spring that would change the commonwealth’s constitution and cause new congressional district boundaries benefiting Democrats to be used in this fall’s midterm elections.
In a video posted to social media on Thursday morning, Obama noted the surge of mid-decade redistricting started last year when Texas Republicans started work to shift five Democratic seats and make them more favorable to Republicans.
Since then, California Democrats were able to redraw the lines involving five GOP-held seats to try and offset Texas’ gerrymander. Republicans in North Carolina and Missouri last year also altered a Democratic-held seat in each of their respective states to try and help the GOP.
“In April, Virginians can respond by making sure your voting power is not diminished by what Republicans are doing in other states,” Obama, a Democrat, said in the video. “This amendment gives you the power to level the playing field in the midterms this fall.”
Republicans hold a narrow majority in the U.S. House and are contending with the prospect of losing control of the chamber this fall when every seat is on the ballot.
Virginia Democrats’ redistricting effort has proven to be a lengthy process, and legal concerns have surrounded much of the work and thrown some uncertainty into the outcome. The commonwealth’s map in place at the moment resulted in six House seats for Democrats in the 2024 election and five for Republicans. Plans offered by elected Democratic leaders this year would try and shift those lines in a way that could result in sending 10 Democrats back to the House and just one Republican.
“Democrats’ illegal gerrymandering power grab is an affront to democracy and rigs our maps to turn Virginia into a one-party state,” the Republican Party of Virginia said last month on social media, adding “It is an intentional effort to silence and disenfranchise half our Commonwealth.”
After the 2020 Census, both Democratic and Republican led states indulged in the well-worn practice of gerrymandering, drawing districts that favored their own parties and lessening the chances of competitive races.
But the series of mid-decade redraws impacting the 2026 midterms essentially represent a break from tradition and have put Democrats in the position of having to backtrack on some of their past messaging on the issue. “For too long, gerrymandering has contributed to stalled progress and warped our representative government,” Obama himself said on social media in 2020.
A statewide vote is set for April 21 on whether to change Virginia’s constitution and give the General Assembly the ability to change the maps just months before general election contests will be held. Early voting is set to start Friday.
Virginia is more of a purple state, and it’s unclear what will happen to the constitutional amendment in the April 21 special election. Republicans widely oppose the effort, and additional congressional redistricting in GOP-led Florida could lessen the impact of any changes made in Virginia.
Virginia
‘Explosions every day’: Virginia woman on her way to a wedding in India is stuck in Qatar
Arlington, Virginia, resident Anjali Sharma — stuck in the Middle Eastern since Saturday — documents her story on social media from a hotel in Doha, Qatar.
“I think it really hit me when I saw black smoke coming from afar on one of the buildings, and it ended up being a missile that got defused, and the debris fell on the ground and caused an explosion,” Sharma said.
She was on her way to a wedding in India and had a layover in Qatar when Iran’s retaliatory strikes began. The airspace in Qatar and several other nearby countries is closed.
Sharma is alone. She says the rest of her family she was supposed to meet with had their flights canceled.
She says it’s incredibly unsettling.
“I hear explosions every day,” Sharma said. “I hear planes going outside. I mean, I still hear military jets, right now. I don’t really know what that means.”
She is one of several thousands of Americans stranded in the Middle East. The State Department said it’s assisted almost 6,500 Americans since the conflict began.
Sharma says she hasn’t been able to get any clear guidance.
“I would just really appreciate it if the U.S. government could get clear guidelines of what they’re going to do to get us out and when that even may be,” she said.
U.S. Rep. Don Beyer, D-Va., has been critical of the Trump administration’s evacuation efforts. He says his office has heard from about 100 families whose loved ones are stranded abroad.
“The primary reason the State Department exists is to serve Americans living abroad, and they’re desperately failing at that, right now,” he said.
The White House said the secretary of state issued Level 4 travel advisories dating to January. But Qatar was not one of the countries given a do-not-travel advisory.
The State Department Wednesday created a new form for stranded citizens to fill out. They say it will provide departure information about available aviation and ground transportation options.
Sharma hopes it’s her ticket out.
“I just want to get out of here safely at this point.”
Virginia
Giants will hold 2026 training camp in West Virginia
The New York Giants will be forced to hold their 2026 training camp, the first with John Harbaugh as head coach, out of state.
Per a report from the New York Post, the Giants will hold what will likely be the first two weeks of training camp in West Virginia at the Greenbrier Resort, located in White Sulpher Springs.
Part of the reason for the move is the fact that World Cup games will be held at MetLife Stadium this summer. There is also ongoing construction at the Giants’ facility at 1925 Giants Drive. The Giants are expanding their locker room, weight room, dining facility and office space at their headquarters, constructed in 2009. That work began before Harbaugh was named head coach.
NFL teams have used the Greenbier extensively since 2014, when it was first established to host training camp for the New Orleans Saints. The Houston Texans and Cleveland Browns have held training camps there, and other have practiced there during extended road trips.
The facility has two grass fields and a FieldTurf field, as well as all of the other accommodations an NFL needs.
The Giants have trained at their own Quest Diagnostics Training Center in East Rutherford, N.J. since 2013.
Exact dates for NFL training camps have not yet been set, but the starting date is generally some time in late July. Per the Post, most practices at the Greenbrier are expected to be open to the public.
-
World1 week agoExclusive: DeepSeek withholds latest AI model from US chipmakers including Nvidia, sources say
-
Massachusetts1 week agoMother and daughter injured in Taunton house explosion
-
Wisconsin4 days agoSetting sail on iceboats across a frozen lake in Wisconsin
-
Maryland4 days agoAM showers Sunday in Maryland
-
Florida4 days agoFlorida man rescued after being stuck in shoulder-deep mud for days
-
Denver, CO1 week ago10 acres charred, 5 injured in Thornton grass fire, evacuation orders lifted
-
Massachusetts2 days agoMassachusetts man awaits word from family in Iran after attacks
-
Oregon6 days ago2026 OSAA Oregon Wrestling State Championship Results And Brackets – FloWrestling