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Retirement Planning in McDonough County, IL

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

Median Income

$48,904

Retirement Income (80%)

$39,123

Est. Nest Egg Needed

$550,175

Cost of Living Index

75

Retirement Income Analysis

Income Needs (Annual)

Target Income (80% rule)$39,123
Est. Social Security$17,116
Annual Income Gap$22,007

Housing Costs

Median Rent$688/mo
Annual Housing$8,256
Property Tax Rate2.1%
Median Home Value$100,400

About McDonough County, Illinois

McDonough County in Illinois has a median household income of $48,904 and a homeownership rate of 61.3%. Using the 4% rule, retirees in this county would need approximately $550,175 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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Money and planning

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Property and place

Health and care costs

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.