Friday, May 30, 2014

Illinois Named One of the Worst States for Retirement

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
estate tax, and its gas tax (the fifth highest in the nation). However, the magazine did praise its average cost of living and its exemption from pension and social security income taxation.

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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