You’ve probably wondered before, how much retirement will cost. It’s natural to be concerned about money during this time, and you want to make sure you’re saving the right amount before you retire. The cost of living in Virginia Beach is above the national average by about 10%, but there are still plenty of reasons to retire here. The city of Virginia Beach offers seniors tax relief programs to help cover the cost of real estate and personal property tax. Virginia Beach is also much less expensive than places like Los Angeles, New York, or San Francisco.
Here are the expenses you can expect to see during your retirement and how much each will cost in Virginia Beach.
Housing is one of the main reasons Virginia Beach is a little higher on the cost of living scale, but that doesn’t mean there aren’t great options. If you choose to settle in a senior living community, you can expect to pay around $52,824 per year. Now, this cost usually includes amenities like meal plans, utilities, and housekeeping, but you will want to double check.
The housing market in Virginia Beach is a little pricey right now with the average cost of a single-family home at $247,300. The good news is that house appreciation is up 2.1% this year and there are still affordable places to be found in the area. Not only did Movoto, a real estate site, name Virginia Beach the top place to retire on a budget in Virginia, it also called Chic’s Beach, Hilltop, and Alanton as some of the best suburbs.
You can also opt to rent, and the average cost for that is $1,148. One-bedrooms cost around $983 and two-bedrooms cost around $1,157.
Medicare spending is a good way to get a better idea of health care costs. In Virginia Beach, the cost per beneficiary is around $8,639, which is lower than the national average of $9,500.
Even with slightly lower health care costs, you should still budget for medical expenses. You’re still in charge of paying for deductibles, and coinsurances and some Medicare approved facilities don’t use fee-for-service-rates. This means you’re responsible for paying the balance on the difference in reimbursement costs and care charges.
Transportation costs all depend on the form of transportation you choose. If you use your car, you might be happy about low gas prices, but insurance rates might be a little higher than you’d like. Average insurance costs in Virginia Beach are $912, but some rates can be as high as $1,122 or as little as $615. You should shop around to find a policy that fits your needs and budget while keeping in mind you could get discounts for safe driving or find a provider that charges based on the miles you drive.
If a car is too expensive or you don’t want to drive, use Hampton Roads Transit. Seniors that are 65 or older or have a Medicare card can get a reduced fare rate. Those that are disabled can also get a lower fare and special accommodations while traveling.
Virginia Beach has a lot to offer, and some of it doesn’t cost a cent. You can visit the National Aviation Monument Park or stop in at the Atlantic Wildfowl Heritage Museum. The Virginia Beach boardwalk is always free, and Back Bay National Wildlife Refuge gives you a break taking a view of mother nature without costing anything.
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