Here are some of the things you should consider if you are looking into retiring in Illinois.
Cost of Living
Illinois ranks 21st on the list of most expensive states to live in. Our cost of living index is based on a US average of 100. An amount below 100 means Illinois is cheaper than the US average. A cost of living index above 100 means Illinois is more expensive than the US average. Illinois’ index is 94.5. The average home in Illinois costs $183,700 compared to the national average of $231,200. Here are the average costs of renting in Illinois. A studio apartment rents for $793 per month. One-Bedrooms rents for $901. Two-Bedrooms rents for $1,074 per month. Three-Bedrooms rents for $1,381 per month. The average energy bill for residents is $87 per month.
Climate
Illinois has a climate that varies widely throughout the year. Because of its nearly 400-mile distance between its northernmost and southernmost extremes, as well as its mid-continental situation, most of Illinois has a humid continental climate, with hot, humid summers and cold winters. The southern part of the state, from about Carbondale southward, has a humid subtropical climate, with more moderate winters. Average yearly precipitation for Illinois varies from just over 48 inches at the southern tip to around 35 inches in the northern portion of the state. Normal annual snowfall exceeds 38 inches in the Chicago area, while the southern portion of the state normally receives less than 14 inches. Illinois averages approximately 51 days of thunderstorm activity a year, which ranks somewhat above average in the number of thunderstorm days for the United States. Illinois is vulnerable to tornadoes, with an average of 35 occurring annually, which puts much of the state at around five tornadoes per 10,000 square miles annually.
Taxes
Most, but not all, retirees will find Illinois to be tax-friendly. The state has full deductions for Social Security, pension income and income from retirement savings accounts. In other words, retirees who are not working won’t be subject to the state’s 4.95% flat income tax rate. However, retirees in Illinois do pay other types of taxes, namely the state’s sales, and property taxes. The average state and local sales tax rate is 8.74%, while the average effective property tax rate is 2.31%. Illinois also has its own estate tax. When filling out an Illinois income tax return, all Social Security income can be subtracted from total income, as it is not taxed.
Just as Social Security income can be subtracted from total income, so too can other forms of retirement income. Deductions are allowed for all income from pensions, whether public or private and income from retirement savings accounts. So, for example, if you withdraw $20,000 from an IRA over the course of a year, that money is not taxed at the state level.
The average effective property tax rate in Illinois is 2.31%, the second-highest rate of any state. That means a homeowner in Illinois can expect to pay about $2,310 in annual property taxes per $100,000 in home value. That will vary by location of course, but seniors who intend to buy property in Illinois for their retirement should plan on paying significant taxes on that property.
The Illinois general homestead exemption is available to homeowners whose home is their primary residence. The exemption is equal to the difference between the property’s current equalized assessed value (EAV) and the EAV in 1977, up to a maximum of $6,000. In Cook County, the maximum is $10,000, though. This can lead to savings of around $500 to $1,000, depending on the tax rate in your area. Persons 65 years of age and older can also claim the senior citizen homestead exemption. This is equal to $5,000 off your home’s EAV ($8,000 in Cook County). It is currently available to homeowners with a total household income of less than $65,000.
Sales taxes in Illinois are quite high, as the state rate is 6.25%. Additionally, counties and cities collect their own taxes, averaging 2.49% across the entire state. The total rate, taking the state and average local rates into account, is 8.74%. This is the seventh highest in the U.S. Additionally, both food and medicine are taxed in Illinois, albeit at lower rates than the above. The statewide rate on these items is 1%, in addition to local rates as high as 1.25%. So seniors can expect to spend up to 2.25% on taxes at the grocery store and the pharmacy.
Illinois has an estate tax, with the exemption being $4 million, which is lower than the 2020 federal exemption of $11.58 million. That means estates that do not owe federal estate tax may still owe Illinois estate tax, at rates as high as 16%. It’s a good idea to keep this in mind if you plan on leaving behind a large inheritance for your loved ones.
Things To Do
Millennium Park is a beautiful 25-acre gathering spot in the center of Chicago that serves as a sort of a town square for the city. The landscaped grounds host hundreds of free cultural events throughout the year, including concerts, exhibitions, and family activities. Situated on 9 islands in the Cook County Forest Preserves, the Chicago Botanic Garden is a 385-acre museum of living plants that boasts 27 display gardens. The gardens are spread out over four natural habitats, and visitors can access them either by foot or by taking a narrated tram tour.
Founded in 1879, the Art Institute of Chicago is one of the oldest and largest art museums in America. The museum features a permanent collection of nearly 300,000 pieces of art, which are complemented by over 30 special exhibitions each year. The museum is open seven days a week, excluding some holidays, and regular tours are offered. Located on top of a bluff which used to be an island in the Illinois River, Buffalo Rock State Park offers visitors a magnificent view of the beautiful Illinois River. Consisting of 298 acres, the park was formerly used by the Illinois Indians as a “blind canyon” to capture buffalo.
Food
Because it’s a knife-and-fork affair that threatens your cardiac health, most Illinoisans eat deep-dish pizza only a few times a year. But when they do, the best places to get it are the restaurants run by the sons of deep-dish pizza co-inventor Rudy Malnati Sr.: Lou Malnati’s and Pizano’s (owned by Rudy Malnati Jr.). Rudy Jr.’s spot gets the edge over his brother’s because his crust is more buttery and golden and a little less hefty. The sauce is delectably salty and ripe with tomato. You can get any topping, but if you want to keep it real, stick to as the locals pronounce it “ssaaah-sidge.” Though it’s not found within Chicago’s proper city limits, the best Chicago dog a hot dog that’s been dragged through the garden, so to speak, to double as sort of a meat sandwich topped with a salad can be found in nearby River Grove. The casing of the boiled dog is snappy, and its richness finds a foil in zippy yellow mustard, a tangy pickle, spicy sport peppers, and sweet green relish. There is no tomato and absolutely no ketchup (this would be an egregious faux pas), but there is a crown of twice-fried perfect french fries.
The Horseshoe is a drunk-food dare dating to 1920, when Chef Joe Schweska of the Leland Hotel threw two thick-cut slices of bread on a sizzle plate (aka the anvil), topped it with a thick slice of horseshoe-shaped ham and french fries (the nails) and doused the whole thing in a white sharp-cheddar sauce inspired by Welsh rarebit. Today, any respectable restaurant in Springfield, Ill., serves a version, though they tend to include nuclear yellow cheese, frozen fries and any variety of meats — think corned beef, ground beef, Italian sausage, bacon or steak. There’s even a breakfast version where hash browns stand in for fries. Illinois boasts over 1 million people of Polish descent. As a result, there is no shortage of examples of Polish cuisine, including stuffed cabbages, city chicken, kielbasa and those carb-tastic dumplings, pierogi. So many pierogi can be frozen, underseasoned, gluey and chewy. Smak-Tak, however, serves standard-setting pierogi, the kind of stuff your babcia, or Polish grandmother, would create. They are light, well-salted dumplings overflowing with potato and cheese, glistening in butter and served with a swirl of sour cream.
Transportation
The nearly 60 regular members of IPTA range in size from one of the largest U.S. urban systems, to smaller, one county demand-response operations in rural Illinois. Those 60 members include transit operations in the Chicago metropolitan region, 16 major downstate metropolitan areas, and 34 rural/county operations. Illinois is served by 29 Amtrak stations and 18 different train services (Illinois Zephyr, Illini Service, Saluki, Carl Sandburg, Lincoln Service, Blue Water, Wolverine, Pere Marquette, Southwest Chef, California Zephyr, Cardinal, Capitol Limited, Hiawatha, Empire Builder, Texas Eagle, Lake Shore Limited and City of New Orleans. Illinois has two major airports which are located in Chicago. O’Hare International and Midway International Aiport. Two smaller airports in Illinois are Quad City International and Peoria International Airport.
Communities
Carillon in Plainfield, Illinois was the first 55+ active adult community in the Chicago area. This gated golf community is ideally situated one mile south of I-55 on Weber Road. Carillon started in 1989 and has now blossomed into an active community complete with nearly 2,100 homes, a large clubhouse, and countless desirable amenities. Homebuyers can select from a variety of housing styles including condos, townhomes, coach homes and single-family homes.
Carillon in Plainfield was originally started by Cenvil, a Florida corporation in 1989. They purchased 1,477 acres and had ambitious plans to build a sprawling age-restricted lifestyle community with over 8,000 homes. After building less than 400 homes in the first three years, the large tract was divided into several all-ages developments but the core portion of land was purchased by Cambridge Homes who elected to continue with the construction of a 55+ age-restricted community. Cambridge completed development in 2001 with a total of 2,097 homes. There are 16 separate neighborhoods and each one has its own association. In addition, each resident is also a member of the Carillon Adult Master Association (CAMA), who presides over the amenities and common elements of Carillon in Plainfield, IL.
Carillon in Plainfield offers more amenities than any other active adult community in Chicago’s southwest suburbs. The recently renovated Club Carillon is a magnificent 32,000 square-foot facility that boasts an enviable lineup of attractions designed around the preferences of today’s active home buyers. It includes an indoor pool and spa as well as a fitness center with an aerobics and dance studio. A large ballroom with a stage and dance floor plays host to many community events, such as parties, dinners, dances and theatrical productions. There is a card room, billiards hall, library and several hobby and craft studios such as ceramics, woodworking and arts, and crafts.
Outside Club Carillon are shuffleboard courts, horseshoe pits, bocce ball, and tennis courts. There are two outdoor pools including one that is reserved for residents and an additional grandchildren-friendly pool. A three-mile walking and biking trail meanders through the community, connecting all of the 16 neighborhoods to the clubhouse. There are several scenic ponds including one that is stocked with fish. The Links at Carillon is a 27-hole public golf course that winds through the community. The course includes a fully stocked pro shop and a full-service restaurant serving lunch and dinner menus.
Homebuyers can select from over 30 different floor plans in Carillon available as condos, coach homes, townhomes, and single-family homes. The last home was completed in 2001 but there are a variety of resale homes for sale. The sole condo building in this community, known as Buckingham, is a four-story elevator building with underground parking. There are four-floor plans in the Buckingham building that range from 835 to 1,380 square feet. There are both one and two-bedroom plans and all units include a spacious balcony. The coach homes are two-story buildings that offer one level living. Buyers can select from either a first or second-floor unit. Some of the coach home buildings include an elevator for second-floor residents to use. There are four coach home floor plans that range from 1,103 to 1,334 square feet. All units include two bedrooms and a 1-car attached garage.
There are different townhome floor plans including triplexes, quads and 6-plex configurations. Townhome units range in size from 1,267 all the way to 1,765 square feet. Most are single-level but a few plans include a second-floor loft with additional living space. Basements are optional on some of the townhome plans but a majority of the units are on slabs. Townhome unit owners enjoy complete maintenance-free living with associations that manage all exterior building maintenance plus lawn care and snow removal. For buyers who prefer detached single-family home living, there are many different models to choose from. There are intimate 1,400 square foot plans all the way to luxurious 2,300 square foot homes. Most of the units are ranch style but a few of the models include a second floor with additional bedrooms. Basements are available on many of the single-family homes. Homeowners in the single-family neighborhoods enjoy low-maintenance living with associations that manage lawn care and snow removal.
Carillon is located a half-mile south of I-55 on Weber Road, 35 miles southwest of downtown Chicago. The community’s proximity to I-55 allows for quick access to western suburbs such as Downers Grove and Oakbrook, and Naperville is 12 miles to the north. The area surrounding this community is well-developed, so access to everyday necessities, groceries, and shopping is readily available. Plus, a community bus service makes multiple stops at Carillon in Plainfield and provides transportation to local retail establishments. The Louis Joliet Mall is just seven miles south and the Promenade in Bolingbrook is nine miles northeast. Both offer countless desirable shopping and dining options. Homes in Carillon range in price from the mid $100s to the high $300s.
Edgewater by Del Webb in Elgin, Illinois is a highly acclaimed active adult community in Chicago’s northwest suburbs. Situated on the desirable Randall Road Corridor on the west side of Elgin, Edgewater is attractive to those who want the Del Webb lifestyle but in a smaller, more intimate community than Del Webb’s larger Sun City Huntley community nearby. Since opening in 2005, Edgewater has been a resounding success. Edgewater is a community with 1,040 homes sprawled across 440 acres. It offers the perfect blend of large community amenities in a tranquil setting adjacent to Randall Road near great restaurants, intimate boutiques and all of the sought-after big-name retailers. The lifestyle in Edgewater is an exciting array of possibilities; where everyday residents are greeted with exciting clubs and activities surrounded by like-minded friends and neighbors. Homebuyers can choose from a delightful array of single-family homes in a variety of styles.
After driving through the gates of Edgewater, residents are greeted with lushly landscaped grounds that are framed by scenic lakes and ponds. At the heart of the community is the Creekside Lodge. This 23,000 square-foot clubhouse is the focal point of all amenities and community activities in Edgewater. It includes a large state-of-the-art fitness center that features all of the latest high-end cardiovascular and weight training equipment. An indoor lap pool and spa and an aerobics and dance studio also provide a fun way for fitness enthusiasts to stay active with aquatic exercising and aerobics and dance classes. A large ballroom plays hosts to many events in Edgewater such as parties, dances and large group meetings. There are also billiards, arts and crafts studios, a library with computers and a catering kitchen in the Creekside Lodge.
A magnificent sunroom with a two-sided fireplace overlooks a spacious patio and sundeck that surrounds the outdoor pool. Edgewater also has tennis courts and bocce ball courts that are a favorite gathering place during the summer months. Walkers and bikers have access to miles of walking and biking trails that wind throughout the community including the sprawling Kane County bike path regional trail that runs through Edgewater and provides access to hundreds of miles of trails in the western suburbs. Numerous neighborhood parks with scenic landscaping provide the perfect place for residents of Edgewater in Elgin to meet with neighbors or simply relax.
Edgewater offers 22 single-family ranch floor plans that range in size from 1,197 to over 3,100 square feet. All of the homes include partial brick fronts and basements are optional on the largest plans. Many of the floor plans offered at Edgewater are comparable to models in Sun City Huntley and other Del Webb communities in Illinois. Spacious floor plans that feature expansive great rooms, airy kitchens, large spa-like bathrooms, and ample closet space are common. Homebuyers can select from both new construction and resale homes for sale at Del Webb’s Edgewater in Elgin, Illinois.
Edgewater in Elgin offers 55+ residents the opportunity to live a stimulating lifestyle filled with fun social and fitness activities. There are several dozen clubs in Edgewater that include everything from sports clubs and dance classes to support groups and craft and hobby clubs. There are also many other activities such as numerous card groups, cooking clubs, book clubs, a golf club, and even a travel group. A full-time lifestyle director at the community is continually planning many fun activities, parties and social events for the residents of Edgewater. Each month a community magazine provides a snapshot of upcoming classes, group meetings and fun community outings that residents can partake in.
Del Webb’s Edgewater is located just one half-mile west of the Randall Road corridor on Bowes Road in Elgin. Bowes Road is just a ten-minute drive to either St. Charles to the south or the Northwest Tollway to the north. The western side of Elgin, near Randall Road, has quickly emerged as a highly desirable area to call home due to its close proximity to many everyday conveniences such as retail outlets and numerous dining opportunities. The brand new Sherman hospital and the Big Timber METRA train station are only five minutes away. Homes in Edgewater range in price from the low $200s to the mid $400s.
Conclusion
If you were considering retiring in Illinois I hope this helped you with your decision.
Whether looking to buy, sell or possibly both you need an agent that can help you reach your goals. If you need help finding an agent contact us and we can connect you to an agent on our list of the nation’s top real estate agents.