Tags: Retirement | retirement | Illinois | drawbacks

Drawbacks of Retiring in Illinois


By    |   Monday, 01 Jun 2015 09:34 AM

While there are many compelling reasons to consider retirement in Illinois, such as the lovely small-town feel, the lower than average cost of living, and the excellent health care, there are some challenges to living in the state during your senior years as well. Here is a look at four drawbacks to consider, if you're thinking of moving to or remaining in Illinois when you retire.
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  1. High Taxation - While housing prices in the state are only 87 percent of the national average, these low mortgages may be offset by Illinois's high tax burden. Property taxes in the state are the second highest in the entire nation. Luxury items and gasoline will also carry a higher tax burden than in other states. Your retirement earnings may be safe from taxation, because neither your Social Security nor your pension will be taxed if you retire in Illinois.

  2. Poor Fiscal Health
 - With the state facing bankruptcy, a high foreclosure level, and high unemployment rates, according to the AARP,  retirement in Illinois can be quite challenging. If you're struggling to find fulfilling full-time work that pays well, it can be difficult to save the amount of money you'll need for a comfortable cushion once you retire. For some people, living in a more prosperous state during working years is the key to being more prosperous in the senior years.
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  4. Questionable Weather - There's a reason why retirees tend to flock to warm states like Florida and Arizona. While Illinois offers four unique seasons, the winters are often very cold with lots of snow, and the summer is characterized by unpleasant waves of heat and humidity. Flooding is also a challenge for residents. If you're very sensitive to temperature, you may consider seeking home elsewhere when you retire. However, if you still like to enjoy the changing seasons, it might make sense to seek refuge in the Prairie State. 

  5. Low Population of Retirees - Perhaps because of the three factors listed above, Illinois continues to be an unpopular state for retirees. Just 13.5 percent of residents are older than age 65, lower than the national average of 14.1, according to census reports.  If you're very social and want to make friends your own age, you may consider living in a state with a higher concentration of retirees.

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While there are many compelling reasons to consider retirement in Illinois, such as the lovely small-town feel, the lower than average cost of living, and the excellent health care, there are some challenges to living in the state during your senior years as well.
retirement, Illinois, drawbacks
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2015-34-01
Monday, 01 Jun 2015 09:34 AM
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