Tags: Retirement | retirement in illinois | myths

Myths About Retiring in Illinois

By    |   Thursday, 11 Jun 2015 10:32 AM

When you finally decide the time is right to consider retirement, you will probably have a lot of concerns to assuage before you settle on a location. If you are thinking about retiring in Illinois, there will be plenty to consider.

Perhaps you have heard rumors about the horrible weather or the higher-than-average taxes. Maybe you heard that the crime rate is unusually high. Whatever the case may be, it is in your best interest to determine fact from fiction.

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Here are a few myths about retirement in Illinois and what the truth of the matter is:

1. Crime is An Epidemic
With a population of nearly 13 million people, Illinois has a violent crime rate of 3.8 per 1,000 residents. That number is identical to the national median. However, the property crime rate – defined as burglary, larceny-theft, motor vehicle theft, and arson – in the state is 22.74 per 1,000 residents, while the national median is 27.3.

Certain areas, like Chicago, Springfield, and Aurora may experience a higher than average rate, there are plenty of safe neighborhoods to consider for retirement in Illinois.

2. The Weather is Horrible

Illinois has an average of about 198 days of sunshine, just a few days less than the national average of 205. While it is true that the state experiences some bitterly cold days, the average winter low ranges from the teens in the north to the upper 20s in the south.

Summers can be hot at times, with average highs in the 80s, but rarely does the temperate reach 100 degrees or above. Because Lake Michigan borders part of Illinois to the north, the breeze coming off the lake helps cool the state in the summer and its large thermal mass helps keep winter temperatures more moderate.

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3. Taxes Are Too High
In 2013, modifications were made to Illinois’ federal adjusted gross income tax rate, raising it to a flat 5 percent. However, as of Jan. 1, 2015, that rate dropped down to its pre-2011 rate of 3.75 percent, putting the state’s rate below the national average of 4.72 percent, according to Kiplinger.

This myth is partly true when compared to national averages for sales tax, though. Illinois has a 6.25 percent state sales tax that can be increased to 10 percent when taken in conjunction with local sales taxes. The national average is 6 percent.

4. Unemployment is Out of Control
Even though Illinois has a higher-than-average unemployment rate at 7.2 percent, the job growth rate has been on the rise. Recent job growth is 1.49 percent, compared to the national average of 1.18 percent.

While future job growth is projected to be less than average, it is still in the positive and a healthy economy means that retirees who decide they would like to work a side job after retirement to bolster their budgets have more opportunities to do so.

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When you finally decide the time is right to consider retirement, you will probably have a lot of concerns to assuage before you settle on a location. If you are thinking about retiring in Illinois, there will be plenty to consider.
retirement in illinois, myths
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2015-32-11
Thursday, 11 Jun 2015 10:32 AM
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