Benefits of Retiring In Maine (Pros & Cons)

If you’re considering retirement in the U.S., retiring in Maine can be a great choice. So, what are the benefits of retiring in Maine?

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If you’re considering retirement in the U.S., retiring in Maine can be a great choice. So, what are the benefits of retiring in Maine?

When you finally retire from work, you can’t help but wonder how significant it is to move to a comfortable and peaceful location following years of hard work. And if you are searching for a lovely place surrounded by gorgeous scenery offering endless attractions and fantastic health care, add Maine to your bucket list!

Retiring in Maine has so much to offer to seniors longing to live out their golden years in a place with an affordable cost of living, excellent healthcare facilities, and so many sights to see. However, there are a few drawbacks to moving to Maine, including high-income tax and cold weather.

Located in the north-eastern region of the U.S., Maine is bordered by New Hampshire and the Atlantic Ocean and by the Canadian provinces of Quebec and New Brunswick towards the north. Known for its rocky coastline, Maine was made a state in 1820, a few decades following the independence declaration of the United States. The state is also known as the Pine Tree State, given its extensive pine forests that cover the region. Maine has it all from national parks to beaches, lighthouses, museums, and gardens. And along with several other exciting factors, Maine also experiences an influx of retirees every year which is why you should wonder if it makes a good place for you to retire, too.

When deciding to move following your retirement, you must understand that every state comes with its unique pros and cons. While one state may be an excellent place for someone, it might not work out for you. With that said, having served as a retirement consultant for decades before moving to Maine, based on my experience and research, I have put together the article that highlights the possible pros and cons of retiring in Maine, so it's easier for you to decide.

Table of Contents

Pros of Retiring in Maine

For many retirees, retiring in Maine often means living a dream. Maybe it was the place where they grew up and moved away for work. Or maybe they developed a love for Maine during one of those early day vacations where they spent a lot of time exploring the stunning outdoors. In fact, there are as many reasons to retire to Maine as there are older adults.

It does come as a surprise that Maine is spectacular and welcoming to seniors ready to live a life in serenity. From its beautiful beaches to museums, affordable living and excellent healthcare, there are many reasons to consider retiring in Maine.

Reasonable Cost of Living

Maine remains one of the most affordable states to live with its cost of living about 4% lower than the country average. Due to this favorable cost of living, Maine competes well with other larger cities while offering many similar amenities with much lesser stress.

The low cost of living is not only limited to transportation and housing but also extends to utilities which is why retirees in Maine save hundreds of thousands of dollars throughout their retirement. And they enjoy this advantage without compromising their quality of life.

When it comes the time for you to retire, you may be looking to cut down on your costs so you can spend a decent life following your retirement, which is why it is best to consider retiring in Maine so you can enjoy more of your retirement income in your pocket.

Affordable Housing

Along with affordable transportation and utilities, Maine also offers affordable housing, which makes another reason to retire in Maine. The housing prices are relatively reasonable whether you invest in a residential property or opt for a rented space. The median home cost is lower than the U.S. average. Moreover, the rent cost is also cheaper than in other states with the monthly cost of a one-bedroom and two-bedroom apartment ranging between $800 and $1000.

Even in the booming real estate market, affordable housing costs can be a good bargain for retirees relocating from other expensive locations.

Low Crime Rate

With a  score of 66.02, Maine is the safest state in the country, featuring the lowest property crime rates and rates of violent crimes, which is why you have one less thing to worry about as you retire in Maine.

If you are considering retiring in Maine, it should be a fairly easy choice as the state offers you the safety and protection that you need in your retirement years.

No Traffic Jams

If you are coming from a busy state, you would know the pain of getting stuck in traffic for hours. Fortunately, retiring in Maine provides you with another advantage as the state has no traffic jams. Given the low population density of Maine, residents in Maine don't have to worry about traffic jams. Even during peak hours, you won't find many delays, even in the big city of Portland.

Amazing Healthcare Facilities

One of the fantastic benefits of retiring in Maine is its incredible healthcare system which comprises some of the best hospitals and healthcare providers available. And while the state offers amazing health care facilities and features one of the best healthcare systems in the country, it doesn't come at a high price.

In fact, the cost of healthcare in Maine is only 0.1% higher than the country average. And when you combine this slightly higher cost of healthcare with the considerably lower cost of living, it makes a worthy decision to retire in Maine.

Breathtaking Landscape

In addition to the low cost of living, low crime rate, and the fantastic healthcare facility, Maine is also home to breathtaking landscapes. From gorgeous scenery to mesmerizing fall foliage, Maine allows you to enjoy the natural beauty of its beautiful woodland. But that's not it. Maine is known for its rocky beaches featuring postcard perfect lighthouses and crashing waves, which can leave you in awe.

Endless Attractions – Including Amazing Art Scene

If you are a senior looking for an outdoorsy and active retirement life, Maine is the place to be. The state offers endless attractions for you. You can explore the Acadia National Park, Cadillac Mountain, Mount Katahdin and endless other coastal towns. No matter where you choose to live within Maine,know that outdoor activities like boating, bicycling, hiking, camping, and skiing are never more than a couple of hours away.

But remember that access to nature is not the only thing that Maine offers. You can find several tourist attractions in many cities throughout Maine, especially Portland, which features several historic sites and offers you an insight into American history through art.

Maine also offers incredible venues for concerts, galleries, art walks and exhibitions which is why you will never get bored in this state.

Delicious Downtown Food

If you think Maine food is all about Lobster rolls and blueberry cake, you are in for a treat. Maine still serves up all of its traditional cuisines plus a whole lot more. The Portland food scene has attracted quite a lot of attention from travelers and food lovers, which is why the Food Network put down Portland among its top five “Most Delicious Destinations.”

But access to good food doesn't stop in Portland. You can continue to enjoy delicious meals as you go up north, and the trend continues as you travel towards the south. Whether it’s the homemade ice cream, fresh-off-the-boat seafood or clam chowder, you’ll find some fantastic chefs serving up everything fresh and delicious.

Plenty of Company for Retirees

Maine may be referred to as the "oldest state in the country," but it doesn't have the highest percentage of retirees. Rather, the median age of the population in Maine is slightly over 43 years. Moreover, Maine also has a much higher percentage of baby boomers — people between the ages of 45 and 64. If you are considering retiring in Maine, the state's older population can turn out to be an advantage for you as you will have plenty of opportunities to make friends.

Apart from plenty of companies, the state also benefits its aging population. As the state’s population ages and Maine continues to attract retirees, the state is working towards helping seniors thrive at home and in public by offering public health programs, fitness classes, community cafes, and support programs like health insurance counseling.

Easier Access to Other Parts of U.S. and Canada

Maine may have the reputation of being remote as it is the north-most state, but the reality is that getting into and out of the state is relatively easy. The Portland International Jetport offers flights to millions of passengers every year to hundreds of popular destinations. Moreover, if you don't prefer air travel, you can quickly get a bus or a train that can head you anywhere in the country.

Furthermore, if you plan to go to Nova Scotia or other parts of Canada, you can easily do so by getting a ferry.

Cons of Retiring in Maine

While there are several pros of retiring in Maine, and the pros definitely outweigh the cons, there are still a few things that you should consider before you finally settle into Pine Tree State.

High Income Tax

One of the most significant downsides of retiring in Maine is the state's high-income tax, with a retirement income tax as high as 7.15%. The higher income tax can be a challenge for some retirees who prefer to work following their retirement. However, the state doesn't tax the social security income. Moreover, if you are a retiree and do not plan to work, the higher income tax won't affect you directly.

High Property Tax

The state also has a higher property tax, apart from the high-income tax. The state's tax rate is 1.3% higher than the national average of 1.07%, which means that a typical resident in the state is likely to pay an average of $2,597 a year in property taxes.

With that said, the overall cost of living in Maine is much lower, so depending upon how much retirement money you have, the higher property tax may not deter you from retiring in Maine.

Cold Weather

Maine enjoys four distinct seasons, but given its location, it shouldn't come as a surprise that weather can get fairly cold in Maine during the winter months. Moreover, you may not experience the warmest summers.

The winter months in Maine can last from November to March, so technically, you will be spending almost half of the year covered with winter coats and snow boots.

Depending on where you choose to live in Maine, you will frequently experience temperatures dropping below the freezing point with several inches of snow to clean. However, it is essential to note that towns closer to the coastline experience milder winters compared to areas further away from the ocean that can see more than 100 inches of snow during a bad year.

With that said, the infrastructure in Maine is well-developed to deal with the harsh winters, and you will find well-plowed roads, due to which life continues in Maine regardless of the weather.

Lack of Diversity

If living in a state with a lot of cultures and plenty of diversity is important for you, you will be disappointed in Maine as there is not much diversity in the state. Around 90% of the residents in Maine are white, and there is not much ethnic diversity which is why there is a lack of amalgamation of cultures and traditions that come with diversity.

Another drawback of lack of diversity in population and ethnicity is the limited availability of ethnic foods. You won’t find many Asian-inspired or other ethnic restaurants, especially in the smaller towns. So if seafood, blueberries and potatoes make up for it for you, you can settle in Maine.

Limited Career Opportunities

If you are a retiree considering giving your career a new start, Maine may not provide you with the opportunities you deserve. The aging population, which is also slightly resistant to change, may make it difficult for you to find a job in Maine. Moreover, the higher income tax may also act as a deterrent stopping you from wanting to resume work in Maine following your retirement.

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