Illinois Retirement 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 2015. The median age is 37. It combines one of America’s largest cities – Chicago – along with some unspoiled farming regions. The Wikipedia entry for Illinois has more facts. Updated Nov. 2016.
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 2010-14 median household income at just over $57,166 is slightly higher than the United States average. Median home prices are similar to those in most of the U.S. In 2016’s 3rd quarter the median home in the Chicago/Naperville Metro sold for $244,100 (NAR). In the Champaign /Urbana area the median home sold for $146,700. The Zillow Home Value Index in late 2016 for the state was $164,100. Cost of living in the State is about average, it is 21st lowest of all the states.
Illinois Taxes
Tax Burden: At 11% the total tax burden in Illinois is 5th highest in the nation.
Marginal Income Tax Rates. Illinois has a flat income tax rate of 3.75%; one of the lowest rates in the country.
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 6.25%; local governments also sometimes charge sales tax.
Property Taxes: Most property is assessed at 33.33% of its market value. Residents pay $1982 per capita in property taxes, one of the highest rates in the country.
Homestead exemption: See details on all 7 Homestead Exemption programs. A Senior Citizens Homestead Exemption permits for a $4,000 reduction in the EAV for the properties of those 65 and older. People over 65 with incomes less than $55,000 will see no increase in their assessed value.
Estate and/or Inheritance Taxes. There is an estate tax in 2016 on estate taxes worth more than $4,000,000.
Other tax and financial info: Cigarette taxes are about average and gasoline taxes higher than average. In the early 2010’s the precarious fiscal health of Illinois was a serious issue and is still not totally resolved. The state is a solid contender to be the worse off state financially in the nation (see “Worse States for Retirement – 2014“).
Certified Retirement Communities
Illinois does not have a certified retirement community program.
Best places to retire in Illinois
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
