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Thread: I don't get the big deal...

  1. #11
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    iris lilies,

    Have you considered the prospect for tax increases in IL? Illinois is by no means the only state with an extreme problem of underfunded pensions, but it seems to me that politicians in IL are running out of space to kick the can down the road.
    Each year since 2014, IL population has decreased. In contrast the population of all the contiguous states plus MN and MI have increased.

    Wealthy Illinoisians reportedly are leaving the state more rapidly than people of lesser means.

    According to a report from Moody's Investor Services: "Population loss can be a cause, as well as an effect, of economic deterioration. A self-reinforcing cycle of population loss and economic stagnation could greatly complicate IL's efforts to stabilize its finances. Not only is IL caught in a political stalemate over how to address fallout from a tax cut that took effect two years ago; but its operating budget faces a long-term challenge from steadily mounting pension-funding requirements."

  2. #12
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by dado potato View Post
    iris lilies,

    Have you considered the prospect for tax increases in IL? Illinois is by no means the only state with an extreme problem of underfunded pensions, but it seems to me that politicians in IL are running out of space to kick the can down the road.
    Each year since 2014, IL population has decreased. In contrast the population of all the contiguous states plus MN and MI have increased.

    Wealthy Illinoisians reportedly are leaving the state more rapidly than people of lesser means.

    According to a report from Moody's Investor Services: "Population loss can be a cause, as well as an effect, of economic deterioration. A self-reinforcing cycle of population loss and economic stagnation could greatly complicate IL's efforts to stabilize its finances. Not only is IL caught in a political stalemate over how to address fallout from a tax cut that took effect two years ago; but its operating budget faces a long-term challenge from steadily mounting pension-funding requirements."
    Yes DH! I mean dado. i get it, you sound just like him.
    No Illinois property for me!

  3. #13
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    Quote Originally Posted by iris lilies View Post
    Yes DH! I mean dado. i get it, you sound just like him.
    No Illinois property for me!
    When we have thought of going back to Chicagoland area, we've decided the Dells would be close enough. And there is an Amtrak train to Chicago that stops in Wisconsin Dells.

  4. #14
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    I never thought I'd see the day when Wisconsin was looked at as a tax haven.

  5. #15
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    <wink> Wisconsin is more of a cheese haven!

    In November 2017 Kiplinger Magazine ranked states on how tax-friendly they are for retired persons. Alaska, Wyoming, and South Dakota seem to be the top 3 states, per Kiplinger Magazine.

  6. #16
    Senior Member Williamsmith's Avatar
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    Quote Originally Posted by dado potato View Post
    <wink> Wisconsin is more of a cheese haven!

    In November 2017 Kiplinger Magazine ranked states on how tax-friendly they are for retired persons. Alaska, Wyoming, and South Dakota seem to be the top 3 states, per Kiplinger Magazine.
    Most young people can’t handle the isolation and starkness of those three states...let alone retired people.

  7. #17
    Senior Member Williamsmith's Avatar
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    Pennsylvania does not tax retirement pensions however, there is a storm rumbling on the horizon that could result in taxes that will cut into ones nest egg. The young working class tax base is vaporizing. And this could send a chilly wind into your savings in the future. I have tried to prepare my better half for this and wish to bail out before everyone else realizes this.

  8. #18
    Senior Member Williamsmith's Avatar
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    Real estate taxes in Illinois ...a real problem. Yes.

  9. #19
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    Tybee, the Dells is to cold in the winter. Heck it is too cold some summers)

  10. #20
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    Quote Originally Posted by Teacher Terry View Post
    Tybee, the Dells is to cold in the winter. Heck it is too cold some summers)
    I lived in Baraboo for a couple of years and liked it. Far enough away from the Water Park traffic in Lake Delton, but close enough to be accessible.

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