USA Today recently released a list of the ten worst states
for retirement, and unfortunately, Illinois was on that list. The magazine
considered a number of factors when determining which states belonged on the
list. Among those factors were the overall cost of living, the average property
tax cost, the average tax cost for social security and/or pension income, and
the average amount of estate and inheritance taxes.
Illinois didn’t fare so well because of its super high
property taxes (the second highest in the nation!), its
So, does this bad news mean that Illinois residents should
just throw in the towel when it comes to retirement planning? No! In fact, it
means quite the opposite. When a state obviously has a few things working
against it as they relate to retirement, the answer is to combat those things
with even more effective retirement planning.
Don’t move; just get smart with planning your retirement!
Contact a friendly financial expert at Platinum Financial Associates for
assistance.
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