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Retirement Planning in Franklin County, IL

What does it take to retire comfortably in Franklin County? Here are the numbers.

Median Income

$51,031

Retirement Income (80%)

$40,825

Est. Nest Egg Needed

$574,100

Cost of Living Index

79

Retirement Income Analysis

Income Needs (Annual)

Target Income (80% rule)$40,825
Est. Social Security$17,861
Annual Income Gap$22,964

Housing Costs

Median Rent$725/mo
Annual Housing$8,700
Property Tax Rate1.5%
Median Home Value$87,500

About Franklin County, Illinois

Franklin County in Illinois has a median household income of $51,031 and a homeownership rate of 75.1%. Using the 4% rule, retirees in this county would need approximately $574,100 in savings to cover the gap between Social Security and their target retirement income.

These are estimates based on county-level medians. Your actual retirement needs depend on your specific income, expenses, healthcare costs, Social Security benefits, and investment portfolio. Use our calculator for a personalized Monte Carlo analysis.

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Other Counties in Illinois

Cook CountyDuPage CountyLake CountyWill CountyKane CountyMcHenry CountyWinnebago CountyMadison County

County-level data from U.S. Census Bureau American Community Survey (ACS) 2022 5-Year Estimates. Additional sources: SSA, BLS. Estimates based on county-level medians and the 4% withdrawal rule. This is not financial advice.