What to know about retiring in Maryland

Is Maryland a top retirement destination?

Perched in the Mid-Atlantic between Delaware, Pennsylvania, and Virginia, Maryland can be an attractive retirement destination for many Americans seeking a diverse and historic environment, with access to big cities, the Appalachian Mountains, and the Chesapeake Bay. 

Accordingly, it’s home to many retirees and seniors. According to data from the U.S. Census Bureau in 2024, Maryland had a population of approximately 6.3 million people, with over 17% of the population age 65 or older.

When do you need to retire in Maryland?

There’s no set retirement age in Maryland, but there are things to consider:

• Social Security benefits: The earliest age at which you can begin receiving Social Security benefits is 62, but if you delay taking benefits, your monthly payments will increase. Full retirement age (FRA) is between 66 and 67, depending on your birth year. Delaying benefits until after FRA can result in even higher monthly payments. 

• Medicare eligibility: Medicare eligibility begins at age 65, regardless of retirement status. However, if you choose to retire before age 65, you will need to find alternative healthcare coverage until you become eligible for Medicare. 

• Age discrimination: It is illegal for employers to discriminate against employees or job applicants based on age. 

• Retirement savings: Regardless of retirement age, it is important for individuals to start saving for retirement as early as possible. Many financial experts recommend saving at least 15% of your income for retirement. 

However, like any location, there are both pros and cons to retiring in the state. 

What do retirees like about Maryland?

There’s a lot to like about Maryland for seniors, including the following: 

• Diverse environment: Maryland is known for its diversity, from its historic cities to its beautiful natural areas. Retirees can enjoy living in a diverse environment that offers plenty of opportunities for exploration and cultural experiences. 

• Access to big cities: Baltimore is Maryland’s largest city, offering plenty of access to events and more. Washington, D.C., also borders Maryland, and Philadelphia is nearby, too.

• Outdoor activities: Maryland is home to numerous state forests, beaches, and national historic sites, offering ample opportunities for outdoor pursuits such as hiking, fishing, and sailing. 

• Culture: Maryland has its own unique culture, celebrated with numerous museums, galleries, and performing arts venues. The state hosts several festivals and events throughout the year, including the Maryland Renaissance Festival, the National Cherry Blossom Festival in Washington, D.C., and the Annapolis Film Festival. And don’t forget to try the crabs!

What do retirees dislike about Maryland?

There are some potential drawbacks to retiring in Maryland, too:

• Cost of living: Maryland's cost of living is generally higher than the national average, which could be a concern for retirees on a fixed income. Housing and healthcare costs, in particular, are higher than in many other states. 

• Traffic: Maryland is known for its heavy traffic, particularly in and around Baltimore and Washington, D.C. 

• Natural disasters: Maryland is prone to natural disasters such as hurricanes and flooding, which could be a concern for retirees living in certain areas. 

What are the top places to retire in Maryland?

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

• Annapolis: Located on the Chesapeake Bay, Annapolis offers a charming historic district with plenty of shopping and dining options. The city also has access to water activities and boating. 

• Silver Spring: Silver Spring offers plenty of events and entertainment options. It is also close to Washington, D.C., making it easy to access museums and other attractions. 

• Frederick: Frederick is a small town with a historic downtown area and plenty of outdoor activities nearby, including hiking and fishing. It also has a lower cost of living compared to many other cities in Maryland. 

• Columbia: Columbia is a planned community that offers plenty of amenities and activities for retirees, including parks, bike trails, and a range of events. 

• Ocean City: For retirees who love the beach, Ocean City is a popular destination. The town offers a lively boardwalk with plenty of shops and restaurants, as well as access to water sports and fishing. 

• Salisbury: Salisbury is a smaller city that offers a lower cost of living and plenty of outdoor activities, including kayaking, fishing, and hiking. It also has a thriving arts scene with plenty of galleries and museums. 

• Bel Air: Bel Air is a charming small town with a historic downtown area and plenty of parks and outdoor spaces. It is also close to several major cities, including Baltimore and Philadelphia. 

Thinking about retiring in Maryland?

Maryland offers a diverse range of retirement destinations with plenty of cultural and outdoor activities, as well as a lower cost of living compared to some other states in the region. 

It's important to seek expert financial advice to weigh up all of the costs associated with retiring in Maryland, 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. 

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