ROCKFORD, Ill. (WTVO) — Illinois is the 7th worst state in America to retire in, according to a new report by WalletHub.
The study looked at affordability, quality of life, and health care and found Illinois ranked at 44 out of 50 states, with only Louisiana, New York, Oklahoma, Mississippi, New Jersey and Kentucky faring worse.
“Taxes are a huge part of why Illinois loses out to other states like Minnesota, North and South Dakota and Nebraska,” WalletHub analyst Jill Gonzalez told The Center Square. “Special tax breaks for seniors and tax policy for retirement income just aren’t there in Illinois.”
The study found Virginia, Florida, Colorado, Wyoming, and Delaware were the states most friendly to retirees.
According to a study from 2022, Illinois’ state and local taxes have risen from 11.2% in 2019 to 12.9% in 2022.
Illinois’s tax burden now ranks the 7th highest in the U.S. Only New York, Connecticut, Hawaii, Vermont, California, and New Jersey pay more.
Most recent research finds that Illinois’ property taxes, which are often the largest burden for residents, are the second highest in the nation.
Illinois also ranks second highest in gas taxes. According to AAA, gas prices in Illinois are the highest in the Midwest.