What It's Like To Retire In Illinois Compared To Other States

By Samuel Stebbins, 24/7 Wall St. - Chicago:

Deciding where to live in retirement is one of the most important decisions many retirees in the United States need to make. While some may want to stay close to family and friends, others may prioritize affordable housing, a reasonable cost of living, and a low tax rate to maximize retirement income. Safety, access to health care, and climate are also big factors.

Using data from financial services company and personal finance website Bankrate, 24/7 Wall St. reviewed the best and worst states to retire. Bankrate analyzed multiple data points and assigned a weight to each category: affordability (40%), well-being (20%), culture and diversity (15%), weather (15%), and crime (10%).

According to the report, Illinois ranks as the 16th best place to retire among the 50 states. The state ranks 13th best in well-being, its best performing category. This category takes multiple measures into account, including access to health care, access to food, and economic security. Illinois’ worst performing category is culture and diversity. In this category, which takes into account venues for arts, entertainment, and recreation as well as the population’s racial and ethnic diversity, Illinois ranks 20th worst in the country.

Of the 12,716,164 people who reside in Illinois, 15.7% are 65 or older, the 12th smallest share among states, according to five-year estimates from the U.S. Census Bureau’s 2020 American Community Survey.

All data in this story is from Bankrate and the U.S. Census Bureau. A full methodological explanation is available here.

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This story was originally published by 24/7 Wall St., a news organization that produces real-time business commentary and data-driven reporting for state and local markets across the country.