🎯 Savings Goal Calculators Illinois

Illinois Savings Goal Calculator

Plan your savings goals in Illinois. Cost of living index 96.4, median income $72,205. See how long to save for your goal with interest.

Free — No Sign-up Verified Data Editorially Reviewed Updated Feb 2026

Illinois Quick Facts

5.0% Income Tax Rate

2.27% Property Tax Rate

$72,205 Median Income

96.4 Cost of Living

How This Calculator Works

Calculation methodology and assumptions

Savings goal projection for Illinois with cost-of-living context. Uses compound interest formula with monthly contributions. Illinois's cost of living index of 96.4 (100 = national average) means your savings stretch further than in the average state. The COL-adjusted figure shows what your goal would be at the national average cost of living.

Key State Information

Illinois savings context: Median income $72,205/yr | Cost of living 96.4 (below average) | Recommended 6-month emergency fund: $36,103 | State tax rate up to 4.95%.

Standard financial formulas Pre-filled with real state data Estimates only — not financial advice

Data Source

Bureau of Labor Statistics, Census Bureau

View Original Source | Verified 2024-12-01 | Updated annually

Frequently Asked Questions

How much should I save in Illinois?

Financial experts recommend a 6-month emergency fund. In Illinois (cost of living index 96.4), that's approximately $36,103 based on median income. Beyond that, aim to save 15-20% of gross income for retirement and other goals.

How long does it take to save $10,000 in Illinois?

At Illinois's median household income of $72,205, saving 15% ($903/mo) at 4.5% APY, you'd reach $10,000 in about 11 months. Higher contributions or returns shorten this timeline.