Illinois: We're number 49!

If you live in Illinois now (or plan to live in Illinois in retirement), it's vital to know the facts.

Trust me I don't relish being the bearer of this awesome news, but with the pension mess and no budget and lots of other issues, retirement in Illinois may be effected. What this means to me is that someone retiring in Illinois, (certainly as compared to well-run states like North Dakota and Minnesota) needs to save more, not less.

Here are the gory details according to a recent article in USA Today. (Where does your state rank? The best- and worst-run states).

49. Illinois

> Debt per capita: $5,119 (11th highest) > 2015 Unemployment rate: 5.9% (tied-12th highest) > Credit rating: Baa2/BBB > Poverty: 13.6% (23rd lowest)

Due to ongoing political gridlock, Illinois lawmakers have not agreed on annual budget for its next fiscal year. With a growing tab of unpaid bills and debt, Illinois has the worst credit rating of all states. The state’s outstanding bills totaled nearly $9 billion in October, up from less than $6 billion in October of last year and the highest since February 2013.

In addition to fiscal management problems, the state’s housing market and economy are struggling. Approximately 1 in every 80 housing units are in some stage of foreclosure in Illinois, nearly the worst foreclosure rate of all states. The state’s labor force has also declined over the past five years, and the unemployment rate of 5.5% as of October was among the highest in the nation.

Recent Posts

See All

Are your 401(k) costs going up?

As if things weren’t hard enough, this headline caught my eye the other day. As 401K Assets Fall, Investors Could Pay Higher Fees. Here’s some background: As part of the CARES act, 401(k) participants

Darryl Rosen MBA, RICP

Darryl Rosen is the founder of Rose Advisory Group, and operates as a way to help others create their ideal retirement. He is obsessed with helping people create safety, simplicity and strength in their financial future. Darryl’s clients enjoy his straight-forward, plain-spoken guidance, strategies to minimize taxes and ability to generate investment returns, while minimizing risk so his clients can sleep at night! Darryl is licensed to provide guidance on securities and insurance solutions and has achieved the highly desired Retirement Income Certified Professional (RICP) designation.

Darryl is the creator of the well-known SECURiMENT™ Retirement Planning Method. A simple to understand and implement planning method that demystifies retirement planning so that people can take action. Visit Rose Advisory Group to learn more! 

Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor.  BCM and (Rose Advisory Group) are independent of each other.   Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents. Information provided is not intended as tax or legal advice, and should not be relied on as such.  You are encouraged to seek tax or legal advice from an independent professional.