Virginia ranked third-best state to retire to, WalletHub study shows

WASHINGTON - Virginia has been ranked as one of the best states to retire to, a new study shows. 

According to WalletHub, Virginia is the third-best state to retire to. With many people concerned that they will not be financially stable if they retire or fear that they will not be able to retire at all, thinking about where to live when you stop working can make your money go a lot further.

"To make the most of your retirement savings, you should retire in a state where the cost of living and tax rates are friendly to retirees if you have the resources to. You should also consider factors like the quality of the state’s healthcare system and the abundance of activities that you enjoy," Wallethub analyst Cassandra Happe said. 

 To determine the best states to retire, WalletHub compared the 50 states across 46 key indicators of retirement-friendliness, from financial factors like tax rates and the cost of living to things like access to quality medical care and fun activities.

Virginia had a total score of 60.85. It was beaten out by Colorado, which ranked at 61 and Florida, which had a total score of 62.19. 

Virginia ranks as the third-best state for retirement in part because it has some of the best elder-abuse protections in the country, which makes seniors physically safer and less vulnerable to being taken advantage of financially. 

Virginia also has high-quality geriatrics hospitals, with plenty of doctors and dentists to choose from, too.

WalletHub also adds that the Commonwealth does not have an estate or inheritance tax and is the tenth most taxpayer-friendly state in the U.S.