Retiring in Maine

2 mins readLast updated March 31, 2023by Kate Morgan

Maine is a popular retirement destination for many Americans seeking a peaceful and scenic environment with access to outdoor activities, fresh seafood, and a vibrant cultural scene. With its beautiful coastline, dense forests, and small-town charm, Maine offers a unique retirement experience that attracts many retirees every year. While there is no official count of how many people retire to Maine each year, data from the U.S. Census Bureau indicates that, in 2020, Maine had a population of approximately 1.3 million people, with more than 20% of the population being over the age of 65, making it one of the top states with a large retirement population.

What age can you retire in Maine?

In Maine, there is no specific retirement age that is mandated by law. This means that individuals are free to retire whenever they choose, as long as they are able to financially support themselves. However, there are some age-related benefits and considerations for retirees in Maine: 

Why do people retire to Maine?

  • Tax benefits: Maine offers a property tax relief program for eligible residents aged 62 or older. Additionally, the state exempts Social Security benefits and up to $10,000 of pension income from state income taxes. 

  • Low crime rate: Maine has a relatively low crime rate compared to other states, making it a safe and peaceful place to live. 

  • Natural beauty: Maine is known for its beautiful natural scenery, including the rugged coastline, dense forests, and numerous lakes and rivers. The state also offers ample opportunities for outdoor activities such as hiking, fishing, and boating. 

  • Cultural scene: Maine has a vibrant cultural scene, with numerous museums, galleries, and performing arts venues. The state also hosts several festivals and events throughout the year, including the famous Lobster Festival in Rockland. 

  • Fresh seafood: Maine is famous for its fresh seafood, including lobster, clams, and oysters. Retirees can enjoy the local cuisine in many coastal towns and cities. 

What puts people off retiring to Maine?

  • Cold winters: Maine experiences cold winters with significant snowfall, which may not be appealing to all retirees. However, many retirees enjoy the winter season and take advantage of outdoor activities such as skiing and snowmobiling. 

  • Limited healthcare options: Maine's rural areas may have limited access to healthcare facilities, which could be a concern for retirees with medical needs. 

  • High cost of living: Maine's cost of living is generally higher than the national average, which could be a concern for retirees on a fixed income. However, many retirees find that the state's natural beauty and quality of life make it worth the extra expense. 

  • Limited job opportunities: Maine has a relatively small economy and limited job opportunities, which could be a concern for retirees looking to supplement their retirement income. 

Best places to retire in Maine

If Maine is your chosen retirement state, here are some of the best places to retire in: 

  1. Portland: Maine's largest city, Portland, is a popular retirement destination for its vibrant cultural scene, historic architecture, and proximity to the ocean. The city has a variety of restaurants, galleries, and theaters, as well as excellent healthcare options. 

  2. Kennebunkport: This coastal town is a popular destination for retirees who enjoy outdoor activities like fishing, boating, and hiking. It also has a charming downtown area with boutique shops and art galleries. 

  3. Camden: Located on the midcoast of Maine, Camden is known for its scenic beauty and vibrant arts community. Retirees can enjoy hiking in Camden Hills State Park or sailing on Penobscot Bay, as well as exploring the town's many art galleries and shops. 

  4. Bar Harbor: This coastal town is situated on Mount Desert Island and is a popular destination for retirees who enjoy hiking, biking, and other outdoor activities. The town is also home to Acadia National Park, which offers breathtaking views of the coast and mountains. 

  5. Brunswick: This college town is located on the midcoast of Maine and offers a variety of cultural and educational opportunities. Retirees can attend concerts and lectures at Bowdoin College or explore the town's historic district, which features well-preserved 19th-century architecture. 

In conclusion, retiring in Maine also has its pros and cons. The beautiful natural scenery, low crime rate and relaxed pace of life appeal to many retirees. On the other hand, Maine has winters that can be long and harsh, and the state's rural areas may not have the same level of access to medical care and other services that retirees may be used to. It's important to seek expert financial advice to weigh up all of the costs associated with retiring in Maine, including property taxes, insurance, and living expenses, in order to make an informed decision about whether the state is the right choice for your retirement. 

Content writer

Kate Morgan

Kate has written for leading publications and blue chip companies over the last 20 years.