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Illinois Best Places to Retire - A Guide

Overall
If you have been looking for the best places to retire in Illinois we have the information to help you make a better choice. This website will give you useful data and opinions about the possiblity of retiring in Illinois, including the leading active adult retirement communities. This mid-western state had just under 12.9 million people in 2012. It combines one of America's largest cities - Chicago - along with some unspoiled farming regions. The Wikipedia entry for Illinois has more facts.

 

Illinois Climate
The Illinois climate is called humid-continental. There are 4 seasons. Summers are hot and winters are cold with frequent snowstorms. The southern part of the state is considerably warmer.

Economy and Real Estate Prices
Illinois's 2011 median household income at just over $56,576 is slightly higher than the United States average. Median home prices are similar to those in most of the U.S.. In 2013's 1st quarter the median home in the Chicago/Naperville Metro sold for $159,400. In the Champaign /Urbana area the median home sold for $133,300. The Zillow Home Value Index in mid 2013 for the state was $141,100.

Illinois Taxes

Tax Burden: Total tax burden in Illinois is 30th in the nation, so the state is slightly more tax friendly than average.

Marginal Income Tax Rates. Illinois has a flat income tax rate of 5%.

Retirement Income Exemptions. A very good thing for retirees is that most retirement income and all social security income is not taxed at the state level. 

Sales Tax: State sales tax is 10%; local governments also sometimes charge sales tax.

Property Taxes:  Most property is assessed at 33.33% of its market value.

Homestead exemption:  A Senior Citizens Homestead Exemption permits for a $4,000 reduction in the EAV for the properties of those 65 and older.

Estate and/or Inheritance Taxes. There is an estate tax; as of 2013 there will be a $4,000,000 exemption.

Other tax and financial info: Cigarette taxes are about average and gasoline taxes higher than average.   The precarious fiscal health of Illinois was recently the focus of a New York Times article, Illinois Stops Paying Its Bills.  The state is a solid contender to be the worse off state financially in the nation (see "Worse States for Retirement - 2012").

Link to an IL Tax Guide.

Certified Retirement Communities
Illinois does not have a certified retirement community program.

Best places to retire in Illinois
In 2012 Topretirements named llinois as the 2nd worst state to retire in the U.S. That was mostly based on its precarious financial condition and a government that was reeling from the governor's legal troubles. IL can be a great state for active adults and people over 50, depending on your interests, however. Choose from Illinois retirement communities that are popular with active adults over 55 near its larger cities of Chicago, Peoria, or Joliet. Or choose a smaller town such as Galena, one of America's most charming small towns, and located near the Mississippi RIver in the northwestern part of the state. Galena at one time was bigger than Chicago, but now has fewer than 10,000 inhabitants. Champaign/Urbana is a top college town known as a cultural oasis. A number of active adult and 55+ communities have been built in the Elgin area.

At Topretirements.com our job is to provide the objective facts and peer-reviewed profiles to help you find the best community for you. So if you are considering an Illinois retirement, check out the listings on this site. Here is more inside information on retirement living communities in the neighboring states to help you retire in Michigan, Ohio, Tennessee, Kentucky, Pennsylvania, and Arkansas. These links provide insight and data into economic conditions, climate, top communities, and taxes.

Get started with reviews of the best retirement communities.

Click on the Illinois Retirement Community reviews on the right. Or to find other state guides to retirement or more on types of retirement communities

 

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