Mon January 3, 2011
Illinois deemed worst state for retirees by survey
The website "TopRetirements.com" mentioned 10 states that retirees should avoid based on fiscal health, taxation and climate. Topping the list? Illinois.
The state's cold winters were a factor, but what sets Illinois apart is its budget problems. The site says Illinois will have to consider decreasing services and increasing taxes. All of that could have an impact on those with fixed incomes.
Illinois' poor showing comes on the heels of the Pew Center for the State's report that showed Illinois' financial situation as the worst in the nation.
But despite the negative press, the website points out there are other factors when making a decision where to spend retirement. Those can include access to health care, cultural resources, and proximity to family and friends.
Ironically, Chicago made the site's list of best retirement communities. And there can be financial advantages to living in Illinois as a retiree. The state does not tax pension or social security income as some states do.
Illinois Public Radio's Sean Crawford reported for this story.
U.S. Census Data