State and local taxes are extremely high in the Prairie State, even rising above a combined 10% in some areas. Moreover, the cost of health care, which is a primary need of people 65 years and older, is very high. A healthy couple around that age who retires this year will accrue health care costs in retirement amounting to $416,500. That is $21,500 more than the national average. The upside of retiring in Illinois is that the state doesn’t take taxes from retirement income sources, including 401k plans and individual retirement accounts. There you have it – nine of the worst states retirees should think twice about settling in. If you are interested in ways to stretch your retirement dollars, please visit our article: 8 Ways to Stretch Your Retirement Income
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