Tags: Retirement | retirement | Illinois | veterans

Veterans Guide to Retiring in Illinois

By    |   Monday, 01 Jun 2015 10:06 AM

Veterans have special considerations when deciding where to retire. For starters, many service members retire at a much younger age than those in other professions, averaging just age 47 for officers and age 43 for enlisted personnel. If you are a member of the military who is thinking about retirement in Illinois, learn more about some of the benefits that the state offers to veterans, particularly those who are older than age 65.

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A key benefit is the housing assistance available for veterans who want to purchase a home in Illinois. This program includes a $10,000 forgivable loan that can be used for your down payment and closing costs as well as special mortgages with affordable fixed interest rates. For those veterans who need assisted living and long-term care, the state offers four veterans homes with costs based on income and capped at $1,429 per month, according to Military.com.

The tax burden for veterans who choose retirement in Illinois is low, with both military retirement pay and disability pay exempted from state income tax. The state also does not tax other types of retirement income, such as withdrawals from individual retirement accounts and Social Security pay.


Another benefit the state offers that may be of interest? Free hunting and fishing licenses for veterans who reside in Illinois, as well as free admission and waived camping fees at national and state parks and free admission to the Illinois State Fair, according to Kan-I-Help.

How Soon Can You Retire? Free Test Shows You When — Click Here

If you're interested in taking on a second career after your retirement from the military, Illinois offers several programs to help bridge that transition. These include Illinois Troops to Teachers, which provides training for public school teaching careers, Veteran Employment Services, and preferred status for state government jobs.

If you choose to retire in Illinois, keep in mind that few military members end up in the state at the end of their careers, which may sway you if you feel it's important to be around other veterans. The state ranks 46th in the percentage of retired military who reside in Illinois. It also ranks low in availability of veterans services per capita, availability of jobs for retired military personnel, and percentage of the population older than age 40, according to Reboot Illinois.

An Extremely Simple Way to Determine If You're Ready to Retire — Find Out Now

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Veterans have special considerations when deciding where to retire. For starters, many service members retire at a much younger age than those in other professions, averaging just age 47 for officers and age 43 for enlisted personnel.
retirement, Illinois, veterans
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2015-06-01
Monday, 01 Jun 2015 10:06 AM
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