Chicago ranks among the top 50 places to retire, and many Americans say it is their favorite city. The city boasts a rich history and diverse cultural life, as well as 77 official communities, each with its own distinct vibe and culture. Whether you’re a Chicago resident wondering whether to stay here when you retire, or a newbie contemplating a move to the Windy City, here’s why retiring near Chicago is a great idea.
A Favorable Tax Environment for Seniors
Unlike some states, Illinois taxes income, including for seniors. However, in Chicago, seniors are eligible for several property tax exemptions that can save them plenty of money—especially if they own their home. Almost all retirement income is exempt from income taxes, including pensions, Social Security payments, and earnings from retirement savings accounts.
Low Cost of Living
Chicago offers all of the benefits of living in a major international city, with one key exception: home prices and rents are comparatively low. You can get a beautiful home for a fraction of what you’d pay in a city like New York, but without giving up the myriad benefits of city life.
It’s Centrally Located
Chicago’s O’Hare International Airport is one of the busiest in the world for a reason. Chicago is centrally located, making it an easy stopping point for people traveling to a wide range of destinations. So friends traveling across the country or considering a long layover can easily stop by and visit you. And if you’re planning a trip, you can easily access your destination from one of the nation’s most beloved airports. Some of America’s best cities, including Milwaukee, are just a short drive away, affording plenty of opportunities for road trips.
The Climate Is Unbeatable
If intense heat isn’t your thing, Chicago’s a great bet. The city has four distinct seasons, allowing you to enjoy snowy winters, lush springs, picture-perfect falls, and warm summers that are perfect for swimming and other outdoor activities.
There’s Lots to Do
No matter what you’re into, you’ll find a way to enjoy it in Chicago. The Chicago Cubs still play at Wrigley Field, America’s second-oldest stadium. The camaraderie and commitment of Cubs fans is unrivaled. Even if you’re not a baseball fan, you might become one after watching a Cubs game.
Chicago serves up some of the nation’s most diverse cuisine, offering anything your palate can dream up. Travel the world of food in a single day, enjoying fine dining, food trucks, and classic diners, all within a block or two of one another.
The Chicago Symphony Orchestra is one of the best in the nation. Performing arts lovers will also have plenty of opportunities to take in Broadway-style performances and live music ranging from up-and-comers to international legends.
The Sears Tower— known as Willis Tower—offers breathtaking skyviews and a glimpse into Chicago’s history. Don’t forget to check out The Field Museum, Chicago Children’s Museum, The Museum of Contemporary Art Chicago, The Adler Planetarium, The Chicago Sports Museum, and the dozens of other museums this thriving city offers.
Chicago Cares About Seniors
Chicago has prioritized exceptional senior quality of life by setting up numerous senior services through its Area Agency on Aging. Seniors are eligible for more than 70 benefit programs, and can enjoy a wide range of free activities at the city’s senior centers. The city also boasts an impressive range of senior living options, including world-class assisted living and independent living communities.
The Summit of Uptown in Park Ridge is Chicago’s premier luxury senior living community. We’re proud to offer a continuum of care that includes assisted living, independent living, and dementia care so you can age in place. Our compassionate, friendly staff knows that retirement only happens once. We aim to make your retirement the best chapter of your life by offering numerous activities and help when you need it. Contact us to learn more!