01 - Taxes
Retirement Tax Treatment
Illinois does not tax Social Security benefits, which helps retirees keep more of that income, though the state does levy income tax on other sources.
Source · Tax Foundation
8
Fact text
- Buffalo Grove's village flag features a 'majestic, fighting buffalo', zero ambiguity about where this suburb stands on the buffalo hype.
- In 1992, Buffalo Grove got its first post office, the first new main postal facility built anywhere in the U.S. in a whopping twenty years.
- Before WWII, the entire future village had fewer than 150 residents, nearly all of them dairy farmers.
- Buffalo Grove was incorporated in 1958 largely because one developer, Al Frank, recruited so many residents, most of whom were his relatives or employees.
Your
Buffalo Grove
Retirement Outlook — in 90 seconds
Hosted by Michael McMillan, President of Annuities.net
Every figure mentioned is drawn from the same sourced public data shown below — and the video updates as the data does.
40,804
+
Total Population
$
117,921
Median Income
$
338,400
Median Home
14
%
Age 65+
Retirement Suitability
How
Buffalo Grove
ranks for retirees?
51
/ 100
A blended, sourced view of how this city ranks for retirees across tax, affordability, healthcare, and climate.
Tax
8
Affordability
80
Healthcare
82
Climate
25
Results
Buffalo Grove
Suitability Breakdown
02 - Income
Annuity Rates Available Here
Fixed annuity rates reach up to
7
% on 5-year terms, with most landing between
5
% and
5
%.
Source · Cannex
80
03 - Healthcare
Hospital Access & Quality
The area has
5
Medicare-certified hospitals, averaging a
4
/5 CMS quality rating.
Source · CMS Hospital Compare
4
04 - Climate
Weather & Comfort
A
Cold / Snowy
climate — summers peak near
81
°F, winters dip to about
19
°F, with roughly
″ of snow a year.
Source · NOAA Climate Normals
Cold / Snowy
05 - Risk
Natural Disaster Risk
FEMA's overall natural-disaster risk rating for this county on the National Risk Index.
Source · FEMA National Risk Index
Relatively High
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Frequently Asked Questions
Does Illinois tax Social Security income for retirees in Buffalo Grove?
Illinois does not tax Social Security benefits, which allows retirees in Buffalo Grove to keep more of that income. However, the state does levy income tax on other retirement income sources, so it is worth understanding how your full income picture is treated before finalizing a retirement budget.
What are healthcare options like for retirees in Buffalo Grove?
Five Medicare-certified hospitals serve the Buffalo Grove area, and they average 4.0 out of 5 stars on CMS quality ratings. That combination of availability and above-average quality ratings gives retirees reasonable confidence in local healthcare access when evaluating where to settle in retirement.
How expensive is housing in Buffalo Grove for someone retiring on a fixed income?
The median home value in Buffalo Grove is $338,400, reflecting its status as a higher-income suburb. Retirees planning around a fixed income should factor that price point into their housing budget, alongside ongoing costs like property insurance, which can be influenced by the area’s natural-disaster risk profile.
What natural disaster risks should retirees consider when living in Buffalo Grove long term?
Can a guaranteed annuity help Buffalo Grove retirees manage income in a cold, high-cost area?
Buffalo Grove winters push heating and utility costs higher, and with Illinois taxing non-Social Security income sources, predictable cash flow matters here. A multi-year guaranteed annuity locks in a fixed interest rate for a set term, so a portion of savings grows at a known pace and can later convert to steady income. That reliability helps cover essential expenses regardless of market swings. Current rates change often, so check our current annuity rates page for today’s figures.