Key Factors
-
Maine provides loads of pure magnificence and leisure alternatives.
-
A number of of its cities provide many cultural actions, too, comparable to concert events and theater.
-
However think about the entire execs and cons, together with taxes and the price of residing.
So that you’re eager about relocating for retirement, and also you’re pondering of Maine. Maine definitely has lots to suggest it, comparable to a beautiful rocky shoreline and copious lobster shacks. There’s extra to contemplate, although, for retirees and people nonetheless planning their retirements.
Picture supply: Getty Pictures.
The place to take a position $1,000 proper now? Our analyst crew simply revealed what they consider are the 10 finest shares to purchase proper now. Proceed »
For starters, know that Maine’s value of residing in 2024 was 112% of the nationwide common — so 12% above common. A lot does rely upon the place in Maine you intend to reside, although, with Portland and surrounding cities costing greater than Augusta and Bangor. Portland arguably has essentially the most to supply retirees and others, because it’s the most important metropolis, with extra cultural occasions and healthcare amenities — and likewise quick access to seashores and inland recreation. Camden and Brunswick are different cities with lots occurring.
Taxes in retirement are one other concern, and Maine is a blended bag right here, not taxing Social Safety, however taxing 401(ok) and IRA distributions. It is advisable to think about the massive tax image, too — for instance, Maine’s state gross sales tax is 5.5%, although groceries and pharmaceuticals are exempt. Maine has an property tax, too, of 8% to 12%, although the exemption for this for 2025 is a strong $7 million.
The typical Maine dwelling worth, as of 2025’s second quarter, was about $414,479, roughly on par with the current median U.S. dwelling sale value of $410,800. Automotive insurance coverage, in the meantime, not too long ago averaged $1,705 yearly in Maine for full protection.
So when you like seafood and pure magnificence, to not point out a low crime fee, give Maine some consideration. However keep in mind that its winters may be extraordinarily chilly.
The $23,760 Social Safety bonus most retirees utterly overlook
When you’re like most Individuals, you are a number of years (or extra) behind in your retirement financial savings. However a handful of little-known “Social Safety secrets and techniques” might assist guarantee a lift in your retirement revenue.
One straightforward trick might pay you as a lot as $23,760 extra… every year! When you discover ways to maximize your Social Safety advantages, we expect you possibly can retire confidently with the peace of thoughts we’re all after. Be part of Inventory Advisor to study extra about these methods.
View the “Social Safety secrets and techniques” »
The Motley Idiot has a disclosure coverage.
