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The personal finance website WalletHub looked at 46 key
indicators of retirement-friendliness, from financial factors
like tax rates and the cost of living to things like access to
quality medical care.
Researcher Chip Lupo said Illinois ranked 41st overall, but last
in the country for taxpayer ranking.
“That has to do with taxes on investments, investment income,
plus its overall tax-friendliness in general because Illinois is
a high tax state,” said Lupo.
The study ranked Illinois 47th in the country in the
affordability category.
The study found that 28% of non-retired adults haven’t saved any
money for retirement and Social Security benefits replace only
about 37% of the average worker’s earnings.
Lupo said Illinois is not an ideal state if a senior citizen
wants a part-time job.
“Not as well as an elderly-friendly labor market which is key
because retirees sometimes, particularly if you are on a fixed
income, you want to pick up a side job or something,” said Lupo.
According to the study, the top three states for retirement are
Florida, Colorado and Virginia. The bottom three states are
Kentucky, New Jersey and Mississippi.
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