Maine Best Places to Retire - A Guide
Have you thought about what it might be like to retire in Maine? This website has useful data and opinions about the best places to retire in Maine, including exciting active adult and over 55 retirement communities in the Pine Tree State. This northernmost New England state has a small population (just over 1.3 million people in 2012) along with unparalleled beauty. Its 3500 miles of shoreline is dotted with countless islands and a rustic charm that is unforgettable. Inland there are many lakes and extensive forests. Mount Katahdin is located near the coast but has an elevation of almost 5300 feet. The largest town in the state, Portland, has 20% of the state's population. Augusta is the capital. There are many beautiful towns in the state. Maine tends to attract hardy souls who love the outdoors and the change of seasons. The Wikipedia entry for Mainehas more facts.
The Maine climate is called humid-continental. There are 4 seasons. Summers are mild and winters are cold with frequent snowstorms.
Economy Home Prices
Maine's per capita income at $26,195 in 2011 was slightly below average for the United States. The median home price in Portland was $207,000 in the first quarter of 2013 vs. the national median of $169,500 (NAR). The statewide median was $199,000 in mid 2013 (Zillow). Prices in rural areas will be quite a bit lower. Cost of living in Portland is above average; 110 index vs national index of 100.
Tax Burden: Maine, with a tax burden of just over 10%, is the ninth highest in the country.
Marginal Income Tax Rates. Maine's income tax rate ranges from 2% to a top marginal rate of 8.5%, which kicks in at $19,750 (the top rate will be reduced to 7.95% in 2013).
Retirement Income Exemptions. Individuals may deduct $6,000 of pension income, including social security. Meanwhile, Governor LePage has proposed eliminating all public and private retirement income from taxation, although no action has been taken on this.
Sales Tax: State sales tax is 5.0%.
Property Taxes: The median property tax paid in 2009 was $1936. There are some exemptions for seniors and veterans, as well as a circuit breaker program.
Estate and/or Inheritance Taxes. There is no inheritance tax, although there is an estate tax on estates over $1 million (increases to $2 million in 2013).
Link to Maine taxes.
Certified Retirement Communities
Maine does not have a certified retirement community program.
Best retirement communities in Maine
Maine has some wonderful small towns - both on the coast and inland. Its small college towns (Bowdoin (Brunswick), Bates (Lewiston), and Colby (Waterville) are lovely and attract retirees as well as students. Camden, Bath, Cape Elizabeth, Old Orchard Beach, Kennebunkport (home of the elder President Bush) and Bar Harbor are some of the most beautiful towns anywhere in the world - many of these attract summer residents. Topretirements has profiled a number of towns that make great retirement communities including Portland, a resurging city in the southern part of the state. Towns in neighboring Vermont and New Hampshire like Waitsfield would also appeal to people thinking about a Maine retirement. Sunday River and Sugarloaf are two great ski resorts that attract retirees.
Free eBook - Baby Boomers Guide to Selecting a Retirement Community - 16 Factors
Download this free eBook and use its fun exercises to help you find your perfect active adult retirement community.
Get started with reviews of the best retirement communities.