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Retirement Cost of Living in Illinois

Image: Retirement Cost of Living in Illinois
A sold sign stands outside a home under construction in Peoria, Illinois. (Daniel Acker/Bloomberg via Getty Images)

By    |   Saturday, 06 Jun 2015 10:57 PM

With more than 750 golf courses across the state, thoughts may turn to such outdoor activities when considering retirement in Illinois. Add to that the variety of museums, art galleries, and theaters, and Illinois looks like a pretty fantastic place to spend your golden years.

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But data from the Social Security Administration indicates that, in today’s world, the average 65-year-old American can expect to live to be at least 84 years old. As a result, retirees must make their money last longer. Making ends meet on a pension can be hard enough but investigating the pros and cons of your desired area can ease that stress and make choosing a retirement spot much easier.

Here is a glimpse at what the cost of retirement is in Illinois:
  1. Cost of Living - In order to decide where to live, it is important to know what it costs to live there, so you know what you can afford. On average, the cost of living in Illinois is 4.4 percent lower than the national average. The cost of  expenses like groceries, clothing and entertainment also come in less than the national average, making the retirement cost of living in Illinois comparatively affordable.
  2. An Extremely Simple Way to Determine If You're Ready to Retire — Find Out Now

  3. Illinois Home Prices - Before you settle down to enjoy your retirement, it is important to familiarize yourself with the cost of homes in any area you are considering. The median home cost in Illinois as $147,900, well below the national average of $178,400; although, the homes in the state are about nine years older than the average age of houses across the nation.
  4. Taxes - Illinois is ranked 30th in the nation in total tax burden, making it a marginally more tax friendly state than average. Property taxes in Illinois are assessed at 33.33 percent of the market value; although, the Senior Citizens Homestead Exemption allows for a $5,000 reduction in equalized assessed value on the property of a person 65 years or older, who also pays taxes on, owns or leases, and occupies the property as a residence. State sales tax is 6.25 percent, but local sales taxes can bump that total to as high as 10 percent, putting Illinois among the states with the highest sales tax rates in the nation. The state income tax is a flat rate of 3.75 percent. Illinois does not tax retirement income, including 401(k) plans, IRAs, and the redemption of U.S. retirement bonds, among other things, and Social Security benefits are not taxed, either. There is no inheritance tax in the state.
An Extremely Simple Way to Determine If You're Ready to Retire — Find Out Now

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With more than 750 golf courses across the state, thoughts may turn to such outdoor activities when considering retirement in Illinois.
retirement, Illinois, cost of living
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2015-57-06
Saturday, 06 Jun 2015 10:57 PM
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