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3 Reasons You Need at Least $741K (Plus Social Security) To Retire in Virginia

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3 Reasons You Need at Least 1K (Plus Social Security) To Retire in Virginia


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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.

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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.

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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.

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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.

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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:

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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



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Virginia Sports Hall of Fame announces Class of 2026

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Virginia Sports Hall of Fame announces Class of 2026


HENRICO, Va. (WWBT) – The Virginia Sports Hall of Fame announced its Class of 2026 on Wednesday.

This year’s group of athletes, coaches, administrators, and contributors whose influence spans generations, levels of competitions across the state. This includes one man from Richmond, who has also been named the 2026 Distinguished Virginian.

The Class of 2026 inductees are as follows:

  • Bobby Ukrop (Richmond): Robert S. “Bobby” Ukrop has been named the “2026 Distinguished Virginian” presented to an individual with a sports background who is a distinguished citizen of the Commonwealth based on outstanding life accomplishment”. A former basketball player at the University of Richmond, Ukrop has been a transformative community leader, leading initiatives throughout Central Virginia including the founding of Richmond Sports Backers, construction of the Diamond baseball stadium, efforts to “Drown-proof Virginia” learn to swim initiative.
  • Grant Hill (Reston): ACC Player of the Year; two-time consensus All American; two-time NCAA Champion; one of the ACC’s 50 Greatest Players; 19-year NBA career – 17,137 points -7-time NBA All-Star- 3-time NBA Sportsmanship Award; Olympic Gold Medalist; member of the College and Naismith Memorial Basketball Halls of Fame. National broadcaster for both NCAA and NBA games. Co-owner of the Atlanta Hawks (NBA) Orlando City SC (MLS), Orlando Pride (NWSL) and the Baltimore Orioles (MLB).
  • Marcellus “Boo” Williams (Hampton): Widely regarded as one of the most successful and influential youth basketball coaches in the nation, Williams has helped shape the careers of countless young men’s and women’s players. Walt Disney Wide World of Sports named Williams its 2001 Volunteer of the Year; The Naismith Memorial Basketball Hall of Fame presented him with its 2013 Human Spirit Award. Williams currently operates his youth basketball programs from the 135,000 sq. ft. Boo Williams Sportsplex in Hampton.
  • Michael Vick (Newport News): The former Virginia Tech standout and NFL quarterback, Vick became one of the most dynamic players of his generation. At Virginia Tech, Vick led the Hokies to the 1999 National Championship game and was a 1st team All-American and a member of the College Football Hall of Fame. The #1 overall pick in the 2001 NFL draft, Vick played in the NFL for 13 seasons, earning 4 Pro Bowl selections and the 2010 NFL Comeback Player of the Year. After his retirement, Vick was a commentator for Fox NFL Sunday. He is currently the head coach of the Norfolk State University Spartans.
  • Wally Walker (Charlottesville): Often credited with starting the prominence of UVA basketball, Walker led the Cavaliers to their first NCAA tournament berth in 1976 when he was the MVP of the ACC Tournament. Walker was the #5 overall pick of the 1976 NBA draft and played for 8 NBA seasons winning two NBA Championships. Following his playing career, Walker moved to the front office, to become the President of Seattle SuperSonics.
  • Kristi Toliver (Harrisonburg): One of the most accomplished basketball players in Virginia history. Toliver was the 2009 ACC Player of the Year, a 2-time All-American, NCAA National Champion, 1st round WNBA selection, 2-time WNBA Champion and a 3-time WNBA AllStar. Toliver is currently the associate head coach of the Phoenix Mercury in the WNBA.
  • Terry Driscoll (Williamsburg): A visionary leader in collegiate athletics, Driscoll served with distinction as the Director of Athletics at William & Mary for 22 years, during which the Tribe won 114 Conference Championships, had 118 teams with 100% graduation rates and oversaw a dramatic increase in funding for new facilities and the College’s endowment. A true “Scholar-Athlete” himself, Driscoll was an Athletic and Academic All-American, the #4 overall pick in the 1969 NBA draft, and a championship professional coach in Europe.
  • Roland Lazenby (Wytheville): A former reporter with the Roanoke Times, Lazenby is best known for his award-winning author of over 60 sports books that has vaulted him to the top of his profession. Widely regarded as an “expert or authority” on NBA basketball, several of his most prominent books are “go to” references on Michael Jordan and Kobe Bryant.
  • Tony Bennett: Former University of Virginia basketball coach, two-time Naismith Coach of the Year, and national championship coach as long stood among college basketball’s most respected leaders. Over an 18-season head coaching career, including stops at Washington State and the University of Virginia, he compiled a remarkable 433-and-169 overall record. He took over Virginia in 2009 and transformed the Cavaliers into a powerhouse, amassing a 364- 136 record while becoming the programs all-time wins leader. His crowning achievement came in 2019, when his team captured the NCAA national championship- a milestone that delivered Virginia its first ever national title in men’s basketball. Under Bennett’s stewardship, Virginia won six regular season conference titles, two conference championships, and made 10 NCAA Tournament appearances.

The 53rd induction events are set for Saturday, April 25, 2026, at the Hilton Richmond Hotel and Spa/Short Pump.

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Feds want graduate nursing programs to reduce costs. This Virginia nurse worries changes will increase debt.

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Feds want graduate nursing programs to reduce costs. This Virginia nurse worries changes will increase debt.


RICHMOND, Va. — University of Virginia graduate nursing student Nelly Sekyere worries that proposed federal loan cuts could prevent future students like herself from pursuing advanced nursing degrees that are helpful in filling shortages in underserved communities.

Sekyere’s parents moved to the United States from Ghana to pursue the American Dream. They worked hourly wage jobs to support their two kids and ultimately became licensed practical nurses, but they never had much money.

Nelly Sekyere

“My dad’s credit score was to the point where it was just awful. He had to file for bankruptcy. He was in so much debt,” Sekyere said.

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Still, their children had big dreams and understood the value of hard work. Sekyere, who currently works as a nurse for a local health department, is now a student at UVA pursuing her doctorate to become a family nurse practitioner and to teach others who want to be nurses.

“I do plan to work in underserved communities and rural regions because that is something I am used to, and I feel that is where my expertise are needed the most,” Sekyere said.

She is able to pursue the doctorate because she qualifies for $200,000 in federal graduate degree loans. She said that without the loans, she couldn’t afford the degree.

“I would not. I physically could not afford it,” Sekyere said.

But future nursing graduate students like her may not be able to access as much federal loan money under graduate loan program changes within the One Big Beautiful Bill. Those changes would mean students enrolling in post-baccalaureate nursing programs would be eligible for half the amount of money in federal graduate loans they are currently allowed to take out.

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Currently, they can take out $200,000 in federal graduate loans. That number would drop to $100,000 if the changes take effect.

“This impacts those that are pursuing a master’s in nursing, a doctorate of nursing practice or a PhD in nursing,” said Cindy Rubenstein, Director of Nursing and a professor at Randolph Macon College. “Those graduate programs actually prepare nurses to be advanced practice nurses whether that is a Nurse Practioner in primary care, midwives specialists, and also as educators and nurse scientists.”

On its website, the U.S. Department of Education states “95% of nursing students borrow below the annual loan limit and are therefore not affected by the new caps. Further, placing a cap on loans will push the remaining graduate nursing programs to reduce costs, ensuring that nurses will not be saddled with unmanageable student loan debt.”

Rubenstein said she understands the administration’s desire to control tuition costs and limit borrowing amounts. But she says the reality is that the proposal does not take into account the cost of key professional programs that we have shortages in.

“Health care training at the graduate level is more expensive than other training programs and other graduate degrees and that is because of the requirements for clinical practice,” Rubenstein said.

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Both Rubenstein and Sekyere worry that reducing the amount of federal loan money a person can take out to pursue those higher nursing degrees will stop people from entering the programs because they either don’t qualify for a private loan or the interest rate is too high.

“I likely foresee in the future that graduate students are going to get themselves into private loan debt and with these programs there is no student loan forgiveness, there is no leniency, there is no income driven plans for you to be able to pay that back,” Sekyere said.

The federal loan changes are slated to take effect July 1 of next year. The Education Department is still working to define exactly which professional programs will no longer be eligible for the higher loan amounts and may make changes based on public comments.

CBS 6 asked Congressman Rob Wittman (R-1st District), who voted for the One Big Beautiful Bill, about the changes to the graduate nursing loans, and he sent us the following statement:

“Our healthcare professionals, especially our nurses, work tirelessly to serve our communities and ensuring pathways to training and education is essential. This proposed rule from the Department of Education has not yet been finalized, and there will be another opportunity for public comment. I will continue to monitor this situation as it develops and I remain committed to addressing the affordability of higher education.”

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Veteran environmental legislator David Bulova selected as Virginia’s next resources secretary

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Veteran environmental legislator David Bulova selected as Virginia’s next resources secretary


Gov.-elect Abigail Spanberger moved Thursday to elevate one of the General Assembly’s most seasoned environmental lawmakers, selecting Del. David Bulova, D-Fairfax, to lead Virginia’s natural and historic resources portfolio when she takes office next month.Spanberger said Bulova’s decades in environmental planning and his legislative work on water quality, Chesapeake Bay cleanup and conservation policy make him well suited to steer the administration’s efforts on climate resilience, preservation and land stewardship. In announcing the choice, she framed the appointment as central to her agenda.



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