(The Center Square) – A study of the best states for retirement indicates there are many better places than Illinois.
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.
