retirement

10 best states for retirement

Retirement » 10 Best States For Retirement

No. 10: Virginia
Virginia © Jon Bilous/Shutterstock.com

No. 10: Virginia

The 10th-best state for retirement is also the one exception on this list. Virginia, the only coastal state in the top 10, received above-average scores for all the criteria considered in this ranking.

That means the Old Dominion State would be a good place to live for retirees on a tight budget: It taxes residents at a lower rate, and its cost of living is below average. Virginia also has a relatively low crime rate, and it receives better-than-average scores when it comes to health care quality, weather and surveys of personal wellness.

With that in mind, the state tourism department may want to add to its "Virginia is for lovers" slogan with another sobriquet: "Virginia is for retirees, too."

Sources: Agency for Healthcare Research and Quality; Healthways; the Council for Community and Economic Research; the FBI; the Tax Foundation; and the National Oceanic and Atmospheric Administration.

Source methodology: Bankrate collected the latest available statistics on cost of living, violent and property crime, health care quality, state and local taxes, wellness and weather (humidity, percent available sunshine and temperature). States were then given standardized scores, with more points going to a lower cost of living, lower crime rate, lower tax burden, stronger health care, better wellness grades and better weather. The scores were combined to create a composite score.

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