WE ARE ILLINOIS
Illinois least-favorite spot to retire, study says
From the Chicago Sun-Times
Illinois ranks dead last among states in which to retire, according to website TopRetirements.com’s analysis based on taxes, the climate and the state’s fiscal health, or lack thereof.
“Illinois is in terrible fiscal shape, even borrowing to meet its pension obligation,” said study author John F. Brady, founder of TopRetirements.com, based in Madison, Conn. “You don’t know what will happen, but you will have to cut spending and raise taxes. That could be bad for programs and services that seniors use frequently, such as libraries, Medicare, public transportation and programs for the elderly.”
The Midwest’s climate didn’t help either, since most people ready to retire prefer warm weather, Brady said.
One redeeming factor for Illinois is the absence of any tax on pension or Social Security income, he said. Ranking just above Illinois were California, New York, Rhode Island and New Jersey. The website came up with only four states that met the criteria for “best” in which to retire, based on the states’ fiscal health and low cost of living. They are, from No. 1 to 4, West Virginia, Wyoming, Pennsylvania and Texas.
SOURCE: Chicago Sun-Times
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