Retirees are better off in North Dakota and Nebraska than in Illinois, according to a new analysis from WalletHub. Illinois came in seventh from last compared to other states, according to the ranking.
The study measured a state’s affordability, quality of life and health care. WalletHub analyst Jill Gonzalez said Illinois wound up in the bottom 10 of the 50 states because of how its economy is made up.
Illinois ranked 44th overall.
“Illinois is much less affordable than the other Midwest states,” Gonzalez told The Center Square. “In general, it costs more to retire in Illinois than it does in most other states in the country.”
Despite Illinois not taxing retirement income, general tax policy and lack of taxpayer friendliness were the main factors in Illinois’ low ranking, Gonzalez said.
“Taxes are a huge part of why Illinois loses out to other states like Minnesota, North and South Dakota and Nebraska,” she said. “Special tax breaks for seniors and tax policy for retirement income just aren’t there in Illinois.”
High sales taxes, high property taxes and high inheritance taxes are among the main reasons why Illinois came in 47th for affordability, she said.
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