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By Danny Newman
Wealth of Geeks
With its lack of tax on retirement income, competitive cost of living, strong economy, and access to vibrant cities and unspoiled farming locations, the Prairie State has plenty going for it – especially if you're preparing for a life in retirement.
Even so, some Illinois towns offer a better quality of life than others. If you're going to find somewhere to suit your tastes, interests, needs, and budget, then it's essential to know your options. To help, financial planning experts weigh in with their top picks of places to consider spending your golden years in Illinois.
Champaign-Urbana
Home to the University of Illinois, the twin cities of Champaign and Urbana (often referred to as Champaign-Urbana or vice versa) are diverse and bustling college towns with a growing population. For those who love cultural pursuits and want an active retirement, this is a first-rate place to live.
Chris Chen, Certified Financial Planner (CFP) with Insight Financial Strategists, elaborates on the area, "Top of mind is the Urbana-Champaign area. Home to the flagship campus of the University of Illinois, Urbana-Champaign is a vibrant city with many cultural offerings and the bustling feel of a college town. It could be particularly attractive for
active retirees."
Among the many activities on offer are bars, clubs, restaurants, cafes, art, cultural museums, and outdoor spaces, including the beautiful Crystal Lake Park. In addition, Urbana's Market at the Square is available to explore on Saturday mornings. There's also a fantastic planetarium at Parkland College northwest of Champaign.
Chicago
Chicago is the third largest city in the US, with over 2.7 million residents. For context, the total population of Illinois is around 12.7 million, which means more than 20% of people in the Land of Lincoln live in the Windy City.
If you love the hustle and bustle of major metropolises, then you're sure to feel right at home. Retire to Chicago, and you'll have all the usual city amenities at your fingertips – food, sports, culture, and beyond. The housing prices are also close to the national average, making the city feel quite affordable compared to places like New York and LA. Active retirees will also love the many parks and public beaches.
Kankakee and Naperville
People searching for a quieter retirement with easy access to a big city should consider Kankakee. It's only an hour's drive south of Chicago, but it feels a whole world away in terms of atmosphere. Kankakee is a small place with just over 25,000 residents who enjoy its quaint and charming energy.
Anyone who retires in Kankakee can enjoy its many historical landmarks, museums, theaters, scenic outdoor spaces like the Kankakee Valley Park District, and the drinking and dining options available downtown. But, of course, for extra excitement, Chicago is never far.
For another top destination in the near orbit of Chicago, David Berns of Truadvice Wealth Management recommends Naperville.
"Retirees who want to stay close to family and enjoy the seasons should consider the state of Illinois. One top city to consider is Naperville, which has excellent healthcare and a downtown area filled with top restaurants. You are also about an hour away from the vibrant city of Chicago, should you get the itch to catch a game or show."