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Illinois is a popular state for retirement, with plenty of great cities that are accessible and affordable for older adults. With the mix of urban and rural choices, Illinois can meet a lot of older adults’ needs in terms of location preference. However, some cities are quite costly to live in and may come with some safety concerns for older communities. If you’re planning on retiring in The Prarie State, you should take some important considerations into account.
Prepare for the Cost of Living
Most of Illinois costs seven to eight percent less than the national average. Large cities like Chicago, however, are higher than the national average by nearly 20%, so location matters significantly. You will also need to consider tax rates outside of retirement funds. Groceries, utilities, and healthcare are other costs to consider. Illinois can have high healthcare costs in terms of hospital stays, insurance premiums, and more—especially if you’re in Chicago.
Factor in Tax Rates
Illinois has some of the highest tax rates in the nation, particularly for families. When you are factoring in savings, make sure you consider this. Tax rates can change over time and with different politicians in power, but you should always prepare for the worst. Currently, income tax is at nearly 5% for individuals. It’s estimated that an Illinois family can lose over 15% of their income to state and local taxes annually.
Study Crime Rates
Illinois is a diverse community, even within individual cities. Chicago has some dangerous neighborhoods, but others are very safe. Decide on the city you’ll live in and learn about crime rates, demographics, and the safest neighborhoods. You’ll also want to evaluate the local police community for their response time and policing methods. Ensure the city you choose has highly rated nursing homes or assisted living communities to protect yourself from neglect or senior abuse.
Choose the Right Housing
Many retirees will continue to live at home or with family when they stop working. Others will need more daily assistance and healthcare, and a nursing home or assisted living community is required. Senior housing is also a solid choice for those who wish to live near retirement-friendly amenities. Regardless of what you choose or need, you will want to make sure you know how to select the right community. Meet with and tour facilities to see what daily life is like. Interact with staff and officials to get a good feel for the community. Talk to current residents to learn their opinions and experiences. Read reviews, ratings, and community history. Illinois senior housing can be inadequate due to overpopulation and poor staffing. A nursing home called Alden Park Strathmoor in Illinois has seen violations for poor sanitation, leading to health concerns, legal fines, and resident complaints. Keep yourself safe and cared for during retirement regardless of your living arrangements.
Study Healthcare Options
You will want high-quality senior healthcare, especially when you retire. State healthcare plans should be affordable, accessible, and cover as much as possible. Medicare is a government program, but the plans for the Affordable Care Act vary from state to state. Learn what plans are offered, especially regarding their senior coverage. Evaluate local primary care physicians, specialists, and nursing homes for their quality. Illinois has some of the best healthcare facilities, but quality will vary by city.
Illinois Retirement Laws and Benefits
In many states, retirement fund withdrawals are taxed. Thankfully, in Illinois, your Social Security benefits and retirement funds aren’t subject to income tax. This is a welcoming benefit for retirees regardless of the fund or plan they choose. Military, police, and other state employees typically receive a pension, which makes retirement more affordable. You can find any city-level retirement perks, benefits, and discounts with some online research.
Select a Good Retirement Fund
Retirement funds, such as a 401(k) or IRA (individual retirement account), are brilliant savings choices. You will want to select the one that best meets your needs as an Illinois retiree. Since retirement funds are not taxed, there isn’t really a wrong choice here. Some employers will provide and match retirement contributions, so that is something to consider.
Find a Senior-Friendly City
Some cities in Illinois are better for retirees than others due to the cost of living, accessibility, and amenities. While there’s no wrong choice, many older adults favor cities like Rockford, Springfield, Bloomington, and Naperfield. These cities offer natural hiking and scenery, accessible activities like museums, and low crime rates. The best choice for you will depend on what your needs and goals are during retirement. Access to golf courses isn’t really an issue if you don’t like playing golf. Compare your needs and wants in a retirement city for a happier and healthier experience as you age.