In this episode, we delved into the topic of finding the perfect place to retire in the great state of Illinois. As a retirement income planning expert based in Chicago, I shared valuable insights on the best and not-so-great places to consider for retirement in Illinois.
We began by highlighting the advantages of retiring in Illinois, such as the lack of taxation on retirement distributions, making it a financially appealing option for retirees. The state's diverse economy, strong job market, and top-ranked universities contribute to its appeal for retirees seeking a vibrant lifestyle.
Discussing specific cities, we explored the benefits of living in Chicago, known for its cultural richness, world-class museums, and vibrant neighborhoods. We also touched on the affordability and quality of life in cities like Springfield, Peoria, and Rockford, offering a mix of urban and suburban living.
Moving on to the most expensive cities in Illinois, we highlighted areas like Chicago, Evanston, and Naperville, known for their high cost of living driven by factors like housing prices and property taxes. We also discussed the importance of considering safety, community, and healthcare facilities when choosing a retirement location.
Exploring the happiest city in Illinois, Aurora, and the top income earners in the state, we provided a comprehensive overview of the diverse options available for retirees in Illinois. Additionally, we discussed the trend of residents moving to cities outside of Illinois, such as Phoenix, Dallas, and Los Angeles, for various lifestyle preferences.
In conclusion, we emphasized the significance of property taxes, cost of living, and retirement income planning in making informed decisions about where to retire. By working with retirement income professionals, individuals can create a tailored retirement plan to ensure a fulfilling and financially secure retirement in Illinois.
Join us every Friday night for more insights on retiring as you desire. Thank you for tuning in to the Retire As You Desire show!
TIMESTAMPS:
00:00:00 - Introduction to Retire As You Desire Show
00:11:35 - Discussing Affordability in Retirement Locations
00:23:13 - Exploring Most Expensive Cities to Live in Illinois
00:36:03 - Factors to Consider Before Retiring in Illinois
00:40:44 - Highlighting Low Cost of Living Areas in Illinois
00:43:19 - Insights on Top Income Earners in Illinois
00:44:02 - Popular Migration Destinations from Illinois
QUOTES:
"Freedom is a beautiful thing." - 00:00:32
"Chicago is the state's largest city. Most people know this. It's a pretty major financial hub." - 00:02:30
"It's doing the things you love with the people you love when you want to do them." - 00:00:32
"If you're having your kids in Chicago, you have DePaul, you have UIC, you have so many different opportunities to get a great education in the city while living in the city." - 00:03:45
"The cost of living in Springfield is below the national average, which is a good thing for retirees." - 00:14:51
"It's a more expensive place to live these days." - 00:26:22
"The cost of living in Evanston is high, and it's high because of the housing market and the property taxes." - 00:27:47
"The cost of living there is more expensive than Chicago suburbs because of the property taxes." - 00:30:28
"The cost of living there is pretty high, but that's driven by all the housing prices and property taxes." - 00:31:42
"The cost of living there is more expensive, but that's driven by the housing prices and property taxes." - 00:33:52
