Illinois has their tourism slogan as “Mile After Magnificent Mile”. While this is mostly playing up the Chicago area and the magnificent mile on Michigan avenue, there are a number of other reasons why people should be taking a good look at retiring in Illinois.
Determining how much in assets you need to spend your retirement in Illinois comfortably can be difficult for someone who is not aware of the costs that go along with retiring in Illinois. Many people choose to live near the Chicago area and its suburbs. Depending upon where you live and whether or not you already have a home or apartment in the area, Chicago can be quite expensive to live in. There are also many suburbs of Chicago such as Naperville, Evanston, Claredon Hills and Schamburg where a large number of workers settled several decades ago. Right now, their home values have increased so much that it can be difficult for seniors who do not live in the area to purchase a home at an affordable price. However, other areas such as Woodridge and Lisle offer nearby housing at more reasonable prices.
Many retirees find that they enjoy living in Illinois because it allows them to stay close to their family. While they may not enjoy the snow that Illinois gets throughout the winter, they know that they can see their children and grand children without having to make a long trip by car or plane. Most retirees also find that they are able to enjoy whatever style of life that they choose. While many older individuals like the convenience of living near a major center of population like Chicago or Springfield, they can choose to live in areas that are not nearly as populated such as Quincy. Home values in Quincy are not nearly as high as the city of Chicago or nearby suburbs and congestion is not as prevalent.
The amount of money that an elderly couple needs in order to live a comfortable life in Illinois depends upon whether or not they own a home and what type of lifestyle they hope to have. A couple that lives in rural Illinois may already have a home and a vehicle. They may have their home paid off and have little or no other debt. This may enable them to live off of retirement money they have put into 401K’s and IRA accounts as well as their social security checks. However, should an elderly couple decide that they would like to live in Chicago suburbs as well as go out to eat and shop often, they should plan to save extra money in order to be able to afford the cost of living.
Are You Retirement Ready?
Retirement planning does not simply mean finding out how much you will need to live on each month. What happens if you pass away or become ill? How will your spouse be taken care of? Do you have a medical power of attorney? Do you have a will? What are your wishes should you be in a constant vegetative state? All of these questions and more can be answered through a trained retirement planner who will be able to help you lay your wishes down in a legal document.
Any individual who is thinking about retirement should start saving as much as they can as soon as they can. While social security may be able to assist them with their costs as they go into retirement, many people want to be able to live a lifestyle that social security benefits will not be able to pay for. Luckily, there are a number of retirement planning professionals, some of whom will be mentioned further on, that can help workers to do so. Consider taking advantage of free retirement planning dinners that will tell you about all of the details you will need to know in order to retire in luxury. However, as a quick guide, here are a couple of rules of thumb that you can use in order to make sure that you have a retirement that will be paying you!
First, determine when you would like to retire. Are you 20, 30, 40 or more years away from that goal? Deciding when you would like to retire will be able to ensure that you are able to save enough money for it to grow through investment. Putting your money to work for you is one of the simplest ways to help your retirement savings to grow. You can choose to invest it in stocks, bonds, mutual funds or any other asset.
IRA or individual retirement accounts allow individuals to contribute to their own retirement planning. Many individuals choose to open Roth IRA’s. These accounts allow individuals to put away money in order to be able to have something to live off of during retirement. The amount of money that the account holder puts in is up to them. There is a maximum amount that can be placed into a Roth IRA account per year as well as other restrictions that individuals should consult with their financial adviser or tax professional about.
When investing a favorable return is usually calculated to be 8%. This is over a long period of time such as 20 to 40 years. Individuals should not expect to place $100,000 into the stock market and be able to walk away with $108,000 a year later. There are many fluctuations, especially depending upon the date the investment is placed as well as how the money is spread as to what the market could do. Individuals who would like exact investment planning advice as well as a professional look at how they are preparing for the market should consult a retirement planner.
Financial Retirement Planners in Illinois
Retirement Planners Inc is a business run to help individuals plan for their retirement. Norman P. Chiodra is the owner of Retirement Planners Inc which promises individuals to help them plan for their future. Retirement Planners Inc has an office located in Oak Brook, Illinois.
Dorion Gray Retirement Planning offers individuals who may be looking to retire a fee based, objective and independent view on what they should do for their retirement. The professionals at Dorion Gray Retirement Planning look to help you with whatever they can. Whether you are looking at a scenario of a spouse in a retirement home or needing to purchase a new home for yourself, the professional at Dorion Gray Retirement Planning are at your service. This firms office is located in Crystal Lake, Illinois.
Slagle Financial has been taking care of individuals seeking to retire for over 15 years. This business is located in Edwardsville, Illinois which is close to Springfield. This may be a more convenient option for individuals who live further from Chicago and do not want to have to travel there to seek advice. Slagle Financial takes care of their clients including taking their clients on outings as well as making sure that they give he best possible advice to their clients.
What Illinois Can Offer a Retiree
Illinois might not be the top retiree destination in America but it does have a lot to offer that many other states simply cannot compete with. Many retirees love being able to retiree in Illinois if they have lived in the state for any part of their lives. Some retirees also like the idea of being close to their family. Illinois has one of the largest state populations in the United States thanks to large metropolitan areas. Other reasons that retirees might choose Illinois as their state of retirement include world class health care facilities being located close by and wonderful shopping. Illinois also has excellent access to road transportation as well as rail transportation and air transportation. O’Hare International Airport as well as Midway Airport have competitive fares to allow retirees to enjoy travel during their golden years.
Being able to determine exactly how much you will need for retirement is a very personal question. Each couple knows what their lifestyle is like and what they would like to be able to do when they retire. Whether you want to be able to enjoy the world and have a home in Illinois or you would like to be active in your community, Illinois provides something for all different types of people. When you are thinking about retiring in Illinois, you should do your best to look into what your options are. Many people find Illinois amazingly more affordable than one might think. Do not pass up an opportunity to live your life in a state that has a slogan as amazing as “Mile After Magnificent Mile”. That slogan may just sound like it is for tourists but many residents are taking it to heart as well. Plan your retirement in Illinois so that you can live it out to its full potential!