Illinois is an expensive state for smokers – the 14th most-expensive state over the course of a lifetime of smoking, according to a study by Wallet Hub. Spokesman Jill Gonzalez says they calculated the cost of tobacco at a pack a day for 51 years. “And then we counted the amount of return a person would have earned by instead investing that money in the stock market over the same period. We used a historical average market return rate for the S&P 500, minus the inflation rate during the same time period to reflect the return in present-value terms,” she said.
Similarly, the tobacco cost is calculated at 2015 prices.
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Also figured in are health care and health insurance costs, and lost income due to illness and job opportunities denied due to being a smoker.
Over a lifetime in Illinois, that rings up to $1,549,069. The cheapest state for smoking is South Carolina at $1,097,690. The most expensive is Alaska, at $2,032,916.