Illinois: Your Next Home

You might be thinking, “why would anyone want to live in Illinois? Isn’t everyone moving out?” Well, there are actually many great things to admire about Illinois that will make you forget about the freezing cold winter temperatures.

Illinois is home to Lincoln’s presidential library, the origin of the ice cream sundae, and home to the great city of Chicago, but perhaps the best thing about Illinois is that the state guarantees pensions to state employees.

If you’re worried about retirement, consider working for the state of Illinois and securing a pension. Nothing bad could possibly happen to your pension because there is a constitutional guarantee.

One of the best, definitely uncontroversial, things about Illinois is that there is a constitutional guarantee for pensions. The Constitution of the State of Illinois says:

Membership in any pension or retirement system of the State, any unit of local government or school district, or any agency or instrumentality thereof, shall be an enforceable contractual relationship, the benefits of which shall not be diminished or impaired.

Now that’s something the Sunshine State can’t offer you.

You may be wondering now, what does it take to get in on this pension deal? Well there is actually a three-step process. First, you have to get a job with a state-funded pension, such as a public school teacher or a police officer. Second, you have to work for a certain amount of years. Third, you retire, sit back, relax, and collect your pension.

BUT, there is one caveat. As you can see from the chart below, Illinois’ unfunded pension benefits are much larger than the U.S. average, and the state’s pensions are only 26 percent funded. But all great rewards involve a little risk, right?

So head out to the Land of Lincoln and enjoy the retirement of your dreams.