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Talk to a Specialist →Where IL Retirees Actually Save
Illinois is one of only three states that fully exempts retirement income — Social Security, pensions, 401(k), IRA — from state income tax. So the income tax savings from moving to Florida are minimal for most retirees. The savings come from property taxes: Cook County at 2.1%, Lake County at 2.3%, DuPage at 1.9% versus Brevard's 0.85%. Annual property tax savings: $4,200–$5,800 on a $400K home.
However, Illinois retirees with significant non-retirement investment income (dividends, capital gains, rental income from IL property) do pay the 4.95% flat tax on that income. Moving to Florida eliminates that tax. If your portfolio generates $25,000/year in investment income, that is an additional $1,238/year in savings.
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What Chicago-Area Buyers Should Know
- Chicago home equity varies by neighborhood. North Shore suburbs ($500K–$1M+) fund any Brevard purchase with equity to spare. South suburbs and downstate communities ($150K–$250K) may fund a Barefoot Bay purchase but stretch thin for Heritage Isle without additional savings.
- Midway and O'Hare both fly MCO. Southwest dominates the MDW-MCO route with multiple daily nonstops. Frontier and Spirit offer budget alternatives. ORD has every major carrier to MCO.
- You will not miss the winters. Chicago's January average: 26°F with wind chill below zero. Brevard: 62°F. This is not a subtle difference. Your heating bill disappears. Your winter coat stays in storage. Your joints feel better. The cold-to-warm transition is the number one reason Chicagoans relocate to Florida.
- The pizza situation requires acceptance. Brevard County does not have deep dish. Accept this before you arrive. Melbourne's restaurant scene is good for a city its size, but it is not Clark Street.
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