Illinois – Retirement Guide

Illinois   Retirement Guide

Illinois does not typically rank high on lists of best places to retire due to the state’s poor fiscal health, underfunded pension plans for state retirees and above average foreclosure rates. That said, a large number of people living in the state will plan on retiring there in the coming years.

The state does have a diverse range of places in which to retire, from large urban hubs, such as Chicago, to smaller university towns, like Carbondale. Retirement communities have sprung up across the state, serving the needs of a variety of retirees.

Some of the 55+ housing options include active adult communities, independent living communities and assisted living communities.

The state experiences 4 distinct seasons, and can see very snowy winters in certain parts of the state. Think you need to be located along one of the U.S. coasts to enjoy the beach?

Think again.

Pros: Lakefront paths for jogging, biking and walking
Con: Underfunded pension plans, poor state fiscal health

At a Glance:
Best For: Lake lovers
Population: 12,875,255
Cost of Living: 1% higher than national average
Median Home Cost: $142,900
Unemployment: 9.5%
Top State Income Tax: 5%

Even in the Midwest, retirees intent on settling near water will be pleasantly surprised to discover Chicago’s lakefront which boasts 30 miles of jogging, biking and walking paths which stretch along 13 miles of beachfront.

Photo by Nimesh M via Flickr. All statistics were up to date as of publication. See these sources for the most current data.