Free retirement calculator tailored for Virginia (VA). Calculate instantly with state-specific rates and rules.
Virginia's military pension exemption is particularly significant — many military retirees choose Virginia for access to military bases, commissaries, and healthcare. The state's excellent healthcare system (Inova, UVA Health, VCU Health) and diverse geography (mountains, beaches, cities) offer compelling retirement options.
| Data Point | Value |
|---|---|
| Average Retirement Savings (55-64 age group) | $195,000 |
| Median Household Income | $80,615 |
| Virginia Tax on Retirement Income | Virginia does not tax Social Security benefits. |
Virginia does not tax Social Security benefits. Virginia provides an age deduction for residents 65 and older — up to $12,000 per person can be deducted from Virginia taxable income. Military retirement pay is fully exempt from Virginia income tax. Virginia income tax rates range from 2% to 5.75%.
The average Virginia household nearing retirement (ages 55-64) has approximately $195,000 in retirement savings. Financial planners commonly recommend having 10-12x your final salary saved by retirement age. For the median Virginia income of $80,615, that suggests a target of roughly $806,150 to $967,380.
Use CalcuWealth's retirement calculator to model your specific situation — including your expected Social Security, any Virginia pension, and your investment portfolio — to find your personal retirement number.
Data: US Census Bureau ACS 2023, Zillow (2024), Vanguard How America Saves (2023), NCES. Updated 2024–2025. Figures reflect state averages — consult a licensed financial advisor for personalized guidance.
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