For many retirees, Chicago’s glorious lakefront, buzzing arts and dining scene and beautiful architecture compensate for its long, chilly winters. Throw in quaint nearby towns and suburbs dotted with Frank Lloyd Wright architecture and picturesque Main Streets, and you’ve got a recipe for a lovely retirement.
Still, Kiplinger’s and MarketWatch say Illinois can be a mixed bag financially for retirees. No taxes on many sources of retirement income and several property tax exemptions for seniors can offer a financial boost. Meanwhile, higher-than-average sales taxes and Chicago property values can put a strain on some retirees’ wallets.
We’ve compiled tax data that affects Chicago-area retirees; check it out in the infographic below.
Please note that Allstate Life Insurance Company or its agents and representatives cannot give legal or tax advice. The brief discussion of taxes on this page may not be complete or current. The laws and regulations are complex and subject to change. For complete details consult your attorney or tax advisor.
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