How much do you need to save for retirement? According to financial experts, American seniors aged 65 have an average life expectancy at of 19.4 years, and the average American will spend about $987,000 from retirement age on. The cost of living and life expectancy vary considerably state by state. 24/7 Wall St. calculated how much it will cost to retire comfortably in Illinois:
• Est. total retirement spending: $1,118,865 (20th most)
• Avg. cost of living: 1.9% less than avg. (19th highest)
• Avg. monthly homeownership cost for senior citizens: $609 (9th highest)
• Pop. 65 and older: 15.6% (12th lowest)
Retiring comfortably in Illinois today would require an estimated $1.1 million, in line with the national average. Though the overall cost of living across the state is less than average, housing costs are relatively high. The average monthly cost of homeownership for Illinois residents of retirement age is $609 without a mortgage and $1,458 with a mortgage, ninth highest and 14th highest among all the states.
Estate planning isn’t only planning how to retire comfortably in Illinois, it is also for planning who will inherit your money, property and other assets after your death. Estate planning is your opportunity to make your own health care and long-term care decision if you become ill or incapacitated in the future. Estate planning is important for retirees and Baby Boomers because it maps out your end-of-life care and who can make healthcare decisions on your behalf.
Talk to your family about your estate plan, health care decisions and final wishes to your family. When a loved one becomes ill or dies, family conflict and stress are too often a result, mainly because the person did not let their family know their wishes in advance.
Read More:
• Estate Planning and Illinois Retiree Taxes
• Baby Boomers and Retirement: There Is No Magic Number!
Do you have questions about protecting your loved ones after you are gone? Our experienced estate planning attorneys in Cook, Dupage, Kane, Lake, and Will counties in Illinois can advise you on the best options to protect your assets and loved ones. To talk to an estate planning attorney contact the Estate & Probate Legal Group at 630-864-5835.
