When the time comes for you to retire and settle down in place for the rest of your life, it’s beneficial that you do your research. Lately, the state of Maine has become one of the more popular states to retire in for many reasons, but like any other place, retiring in Maine has both its pros and cons.
Retiring in Maine means having a low cost of living, finding affordable housing, being around plenty of other retirees, getting amazing healthcare, being surrounded by gorgeous scenery, and having plenty to do in your free time. However, the state also gets fairly cold and has high income taxes.
If you are interested in retiring to Maine and want to learn all about the pros and cons that come with settling down in The Pine Tree state, keep reading the article below to learn more.
Pros of Retiring in Maine
There are plenty of pros as to why Maine has become increasingly popular for retirees and provides many benefits for both you and your family to enjoy. To read more about why this gorgeous state has become a place retirees choose to spend the rest of their lives, keep reading.
Low Cost of Living
The cost of living in Maine is about 4% lower than that of the United States average, coming in at 96.5. With almost every aspect of the cost of living, which includes but is not limited to housing, transportation, and utilities being cheaper than the United States average as well, the cost of living in Maine is quite affordable for almost anybody.
When comes the time for you to retire, you may be looking to cut down on costs, so the good thing about choosing to live in Maine will mean more of your retirement income in your pocket.
Affordable Housing Prices
The housing prices in Maine are fairly reasonable, with the median home cost being $229,400, which is slightly lower than the United States Average. The average cost of rent is also cheaper in Maine than other places, with the monthly cost of a one-bedroom or two-bedroom being $801 or $1006, respectively—making both buying and renting an affordable opportunity to consider.
Increasing Senior Population
When you are looking to settle down, having plenty of people to make friends with is probably one of the things at the top of your list.
Well, the good thing about Maine is that it has a much higher aging population compared to the number of youth in the state, providing you with plenty of company to spend your time with.
Maine consistently ranks as one of the best states when it comes to the healthcare provided, as it has some of the best healthcare providers and hospitals available.
According to WalletHub, Maine ranks as number 14 in terms of having the best healthcare in the United States, and it surprisingly does not come at too high of a price. In fact, the cost of healthcare in Maine, which factors in the cost of a hospital bed and doctor and dentist visit is only .1% higher than the United States average.
In addition to all of the amazingly low costs in Maine, it also provides you with endless opportunities to see gorgeous scenery and stunning fall foliage. The vast amount of forests and stunning look over the east coast can be easily accessed and seen at the Acadia National Park, allowing you to enjoy the beautiful woodland, rocky beaches up close.
Plenty of Attractions
The assortment of activities to do in your time in Maine is great for amusing both you in your free time and your family, as there is plenty you can do with your family and grandkids when they come and visit.
The endless amount of interesting experiences in Maine includes:
- Visiting the Farnsworth Art Museum that celebrates Maine’s contribution to art in America
- Visiting the Old Port and Portland Head Lighthouse where you get a chance to eat some delicious seafood and watch the boats come to port
- Seeing the Pemaquid Point Lighthouse that has been around since 1827
- Visiting the Old Orchard Beach, which has the Palace Playland amusement park, which is perfect for children or just those wishing to feel like a child
- Spending time in the mountains where you can go skiing or snowboarding during the winter, such as the Saddleback Mountain
Between the plenty of attractions and gorgeous parks, Maine provides you with a multitude of places to visit and endless places to see during any season.
Low Crime Rate
Maine is ranked as the safest state in the United States, with it having one of the lowest violent crime and property crime rates, making the state of Maine an amazing place to live and an easy choice when it comes to deciding where you want to spend the rest of your life.
Cons of Retiring in Maine
While the pros of retiring in the state of Maine outweigh the cons, there are still some things that you should take into consideration before you fully commit to living the rest of your life in The Pine Tree State.
Keep reading to get a full understanding of what it really means to live in Maine.
High Income and Property Taxes
One of the downsides to living in Maine is the fact that the income tax and retirement income tax rate can be as high as 7.15%. They also have higher than average property tax rates. With that being said, the low cost of living may be less relevant, depending on how much money you have for your retirement. Although the good news is that Maine does not tax Social Security Income.
The Cold Weather
It is no secret that the weather in Maine can get fairly cold during the winter months, and the amount of snowfall that typically occurs can be quite high. The average low temperatures in Maine are about 12°F (-11.1°C), while the average high is 70°F (21.1°C) during the warmer months.
So, while you get to experience the beauty that all four seasons can bring, you may not experience the warmest weather.
Higher Grocery Prices
While, for the most part, the cost of living is quite low in Maine, the cost of groceries is about 7% higher than the United States average. If you were planning on keeping monthly costs relatively low for retirement, this might be a huge downside for you.
Lack of Diversity
If living in a state with plenty of diversity and culture is essential for you, you will be disappointed to find out that there is not much diversity in the state of Maine. As a result, there is also a lack of world cuisine available due to this lack of ethnic diversity.
There are plenty of amazing reasons to retire in Maine, the Pine Tree State, with one of the most compelling being the low cost of living and gorgeous scenery that only gets even more stunning during the fall months.
Additionally, this state has plenty for you to do with many museums to explore and an increasing senior community providing you with the opportunity to make plenty of friends.
However, the state does have a fairly high income tax rate, high grocery prices compared to other states and has a lack of diversity. Nonetheless, it remains a very promising place to retire in and still contends as a sensible place for retirees to settle down.
- I Sold My House: Moving to Maine
- Down East: Reasons to Retire in Maine
- Best Places: Maine
- Smart Asset: Maine Retirement Tax Friendliness
- Wallet Hub: Best and Worst States for Healthcare
- Planetware: 16 Top-Rated Tourist Attractions in Maine
- Moving: Here are the 10 safest states in the country
- Weather-US: Maine