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Illinois Senior Housing

Illinois is a unique state, combining beautiful rural farming areas with one of America’s largest cities. There are distinct benefits and drawbacks to retirement in Illinois—here are a few things to consider.

Taxes. Illinois has a flat income tax rate of 3% at the state level—one of the lowest in the US. Overall, Illinois ranks about 30th in the country for overall tax burden, and it doesn’t tax pensions or social security income—making the tax situation relatively retiree-friendly. Overall, housing prices are about at the national average—although housing in Chicago is more expensive.

Fiscal health

Illinois currently has one of the largest state budget deficits in the country, at $12 billion. This is bad news for retirees with state pensions, as the state pension system has an estimated 50% deficit. It’s worrying for transplants as well, because the state’s bad fiscal health may lead it to slash state services that retirees depend on in the future—as well as raising taxes.

Weather and the outdoors

While Illinois is known for its cold winters and hot summers, the southern part of the state is much warmer. In general, however, Illinois isn’t the ideal place to retire if you’re looking for mild weather. It’s a great place for those who live active lifestyles, however; bordering the Great Lakes, Illinois offers fishing, boating, beaches and water sports as well as camping, hiking, and other outdoor activities further in.

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