Virginia ranks Fifth for Richest Retirees in the U.S.

Retirement, for many, is the light at the end of the tunnel. It marks the completion of a successful career and the beginning of nearly total freedom. As my grandfather used to say, “every day is Saturday when you’re not working.”

Though retirement means the end of a full-time job, it doesn’t mean the end of an income for most people. In fact, planning for retirement can begin as early as the start of a career, as companies often have 401 Ks for employees. However, with things like investments, Social Security, pension plans and reverse mortgages, retirement income can vary heavily from person to person depending on their financial decisions and a multitude of other factors.

Well, for Virginians, the amount of retirement income goes beyond that of most other states. According to this new report by Coventry Direct, Virginia has the fifth richest retirees in all of the U.S.

The retirement income by household in Virginia is $33,431: a whopping 17.8% above the national retirement income average of $28,381! This data was found by taking the overall retirement income total in every state and dividing it by Census totals for the number of homes in each state that receive retirement income.

The total sum of Virginia’s retirement income as a state is an overwhelming $29,333,940,300: over 29 billion U.S. dollars! This amount towers over the average state’s retirement income of just over $16.7 billion.

Equally as impressive is a look at Virginia’s overall retirement income per capita, or how much retirement income is flowing into the state based on the overall population: not just those in households that received retirement income. The national average came out to be $2,602 in retirement income distributed for every citizen, but once again, Virginia topped this number. Virginia was calculated to have a retirement income per capita of $3,437: one of the highest in the nation.

So, Virginia retirees, rejoice! Celebrate your higher-than-average retirement income by checking off items from this list of suggestions. And, no matter what ‘real’ day of the week you find this article: enjoy your Saturday.