Illinois Not Good For Retirees: Report
By Chuck Sudo in News on Dec 10, 2010 5:30PM
A study by retirement planning website Topretirements.com listed the ten worst states for retirees. If you have money on the Land of Lincoln heading the list, it's a push bet.
The study cites the fiscal tumbleweed Springfield has constructed as the primary reason for why living out your golden years in Illinois might be more fools gold than anything. The study also states with high income tax and climate as the primary weighted factors. Using those factors, Illinois actually could be an attractive state for retirees. The state income tax rate of 3 percent makes Illinois' one of the lower in the nation, although that could change if Gov. Quinn gets his proposed income tax hike. As far as climate, Illinois' humid-continental climate (meaning there are four seasons, but hot and humid in summer and bitter cold in winter) isn't conducive to retirees in the northern part of the state.
It's the budget mess in Springfield that just shoots Illinois' ranking to hell here.