Illinois is one of the most tax-friendly states for retirees. The state does not tax Social Security benefits, pension income, or distributions from retirement accounts (IRAs, 401ks). However, Illinois has a flat 4.95% income tax on earned income and some of the highest property taxes in the nation.
This answer is provided for general informational purposes only and does not constitute financial advice. Every family’s situation is different. For personalized guidance, schedule a free consultation with our team.
Book a Free Consultation