Illinois Named Top Retirement Spot

The July 3, 2019, issue of Kiplinger’s Personal Finance 12 Smart Places to Retire named Evanston, Illinois, as the 6th top place to retire in the United States. The criteria to include Illinois as a top retirement spot included:

• at least one college or university that offers access to concerts, interesting lectures and sports
• moderate cost of living
• located in states that exempt all or a portion of retirement income from taxes
• at least one hospital nearby that has received four or five stars—the highest rating—from the Centers for Medicare and Medicaid Services

According to Kiplinger,

“Illinois excludes most retirement income from state taxes, but sales taxes are steep. Property taxes are also high, but there are numerous homestead exemptions for seniors who qualify.”

In 2019, Alton, Illinois, was named by Forbes as one of the top spots to retire in the United States, with Naperville in 2nd place:

“Charming Mississippi River city of 27,000 near St. Louis. Median home price $60,000. Cost of living 22 percent below national average. PROS: High rank on Milken Institute list of best places for successful aging, physicians per capita mirrors national average. No state income tax on Social Security earnings, state income tax breaks on pension income. CONS: Poor air quality, serious crime rate above national average. Noted: Elevation 400 feet. Trivia: Named for son of town’s founder.”

Alton, Illinois, was also named a “Best Place to Live for Under $40,000 a Year” by AARP the Magazine in 2018:

“We called Alton ‘a funky small town with big-river life,’ and that’s absolutely the case,” said AARP Illinois Associate State Director Julie Vahling. “The city is committed to becoming even more age-friendly, the housing market remains affordable, and St. Louis is a $3 train ride away. We’re thrilled to have a place like Alton here in Illinois, and we hope other communities will strive for the same livability for people of all ages.”

Benefits to Retiring In Illinois

SmartAssets calls Illinois tax-friendly and that it “exempts nearly all retirement income from taxation, including Social Security retirement benefits, pension income and income from retirement savings accounts.”

If you’re considering retiring in Illinois, you should consult an Illinois estate planning attorney. Contact the Estate & Probate Legal Group probate, trust and estates attorneys in Chicago and Lombard, Illinois, at (630) 382-8069.