Retirement

How to Retire Well in Florida

December 3, 2020 By Tamila McDonald Leave a Comment

When you are deciding where to retire. You need to look at a range of factors. Every state has something unique to offer. Which automatically makes choosing an area difficult. However, there is a slew of other considerations. Particularly those that impact affordability and quality of life. That’s why choosing the right option is so vital. If you want to retire well in Florida. Here’s what you need to know.

Cost of Living

An area’s cost of living is a reflection of overall affordability. The national average is always scored at 100. If a state has a score below 100. It means that it costs less than average. While a score above 100 shows that the area is more expensive.

Florida’s overall cost of living score comes in at 99.0, putting it just barely under the national average. When it comes to the smaller cost of living categories. Florida’s scores vary, with some being over the national average and some falling under the 100 mark.

On the higher end, you’ll find groceries (104.2) and utilities (101.1). That means food, electricity, and similar costs are slightly above average in the Sunshine State.

However, housing (96.8), transportation (99.1), and healthcare (97.5) all come in below average, albeit only a little. Still, this can be a mark of potential affordability.

When it comes to home values, Florida is neck-and-neck with the national average. The Sunshine State’s average home value comes in at $262,291, while the national average is $262,604. That’s only a $313 difference.

Tax Considerations

Before you choose a place to retire, you need to take a look at the state’s tax rates. How much you need to pay in taxes influences how far your retirement savings will go and your quality of life, both of which are important.

One of the biggest benefits of choosing the Sunshine State is that it doesn’t have a state income tax. You won’t have to pay anything more than federal income taxes, allowing you to keep more of your money in your pocket.

Now, Florida does have a sales tax. However, it’s fairly reasonable. The general sales tax rate is 6 percent, barring a few exceptions.

It is important to note that municipalities can add surtaxes to the Florida sales tax rate, causing purchases in cities or counties to be subject to higher taxes. For example, Miami-Dade’s total sales tax rate is 7 percent as the county has a 1 percent surtax that it adds to the base 6 percent rate. Still, considering that the average sales tax rate is 7.12 percent and you don’t have to deal with state income taxes, that isn’t too bad.

Florida’s property tax rates are near the national average. Plus, seniors can qualify for property tax breaks, which is a bonus. For example, you may be eligible for a homestead exemption of up to $50,000, which dramatically reduces the taxable value of your home.

Part-Time Job Opportunities

Usually, part-time job opportunities are available in Florida, particularly during tourist seasons. However, COVID-19 has altered the landscape a bit, making it harder to find opportunities.

Before the pandemic, in February 2020, Florida’s unemployment rate was a shockingly low 2.8 percent. The national average at that time was 3.5 percent, which showcases the strength of the Sunshine State’s economy then.

However, once COVID-19 became a factor, the unemployment rate in Florida rose to 13.8 percent in April 2020. That was a bit lower than the national average for that period, which sat at 14.7 percent, but was still a significant number.

Florida’s unemployment rate has fallen, getting down to 7.2 percent by September 2020, while the national average came in at 7.9 percent. However, COVID-19 resurgences may continue to influence the landscape. As a result, retirees may need to plan as if part-time jobs aren’t readily available, just as a matter of caution.

It is important to note that part-time jobs in Florida will be more lucrative here in the near future. While the minimum wage in 2020 is $8.56 per hour, it’s set to move up to $8.65 per hour in 2021. Then, it will keep moving up, ultimately reaching $15.00 per hour by 2026.

A rising minimum wage can be a boon for retirees. It means many low-key, part-time positions will have more to offer financially. You may be able to work less while still bringing in the cash you need, which could make your golden years more enjoyable.

Best Cities for Retirees in Florida

When you’re trying to decide where to retire, you need to look beyond the state. The city you select has a significant impact. It may impact overall affordability as well as your quality of life, both of which are important parts of the equation.

Florida is a very popular destination for retirees, so many of the cities and towns can potentially meet your needs. However, some of the options do stand out from the crowd, making them a good starting point if you don’t know where to look first.

Sarasota can be an excellent choice. It offers long stretches of white sand beaches along the gulf coast, as well as a number of lush parks that are ideal for a stroll. The arts scene in Sarasota is also incredibly active, and the city still maintains a touch of historical charm due to its Spanish colonial history.

Gainesville is often thought of as a college town. However, it has a lot to offer retirees as well. The city is incredibly vibrant, for one. For another, the Institute for Learning in Retirement offers a slew of classes to help you stay active and engaged in your golden years.

Also, make sure that Naples is on your list. The city offers up amazing beaches, breathtaking banyan trees, and exceptional air quality (which could make it ideal for retirees with breathing trouble). It is more expensive than many other cities but may be worth it for retirees with room in their budgets.

How Much Money You Need to Retire Well in Florida

With a reasonable overall cost of living, you can retire well in Florida with a moderate amount of retirement savings in many cases. Now, the city you choose does play a role, as some areas are more costly than others. However, there are some lower-cost regions that can support an amazing retirement thanks to all of the amenities.

Generally, if you have access to about $62,883 a year, you can potentially retire well in Florida. That should cover all of your needs as well as plenty of wants, giving you a chance to enjoy your golden years once you get there.

Do you have any other tips that can help someone retire well in Florida? Share your thoughts in the comments below.

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How to Retire Well in Louisiana

November 27, 2020 By Tamila McDonald Leave a Comment

Choosing a retirement destination can be challenging. Every state (and city) brings something different to the table. That alone makes choosing difficult. Plus, where you decide to retire impacts your quality of life and also plays a role in how long your retirement savings will last. That’s why it’s paramount to select the right option. If you are considering heading to Louisiana for retirement. Then you need to make sure it’s a great fit. Here’s a look at what it takes to retire well in Louisiana.

Cost of Living

Before you choose a place to retire. It’s smart to take a look at a state’s cost of living scores. These metrics give you close about an area’s affordability in comparison to the national average, which is always set at 100.

When a state has scores below 100, it means the area costs less than the national average. That’s a general mark of affordability and could be critical for retirees with limited savings.

On the other side of the equation are scores above 100. Those mean that a state costs more than the national average. In those cases, retirees with tight budgets may experience financial hardships or may not be able to spend money on as many wants because more of their savings is covering their needs.

Louisiana has an overall cost of living score of 93.4, meaning it is less expensive than the national average. Additionally, none of its category scores are above 100 either, so it costs less across the board.

Groceries score at 97.7, while utilities and transportation come out at 87.5 and 96.3, respectively. The healthcare score is 97.9, while housing is a low 86.8.

A lower housing score doesn’t necessarily mean you’re sacrificing quality. Instead, it means that if there were two carbon-copy properties, one in Louisiana and one in another state with a higher housing score, the one in the Pelican State would just cost less.

Overall, Louisiana’s median home value comes in at $176,987. That’s $82,919 less than the national average, which sits at $259,906.

Tax Considerations

Before you settle on a place to retire, you also want to take a look at any tax implications of your chosen destination. How much you have to pay in taxes impacts your quality of life. The more you have to pay in taxes, the less you’ll have to cover your needs and wants. That’s a big deal for all retirees, particularly those with tighter budgets.

Louisiana does have a state income tax. It uses a bracketed system. Depending on your income level, your tax rate may be 2 to 6 percent.

Now, there are a variety of exemptions that benefit retirees. Social Security benefits that are taxed at the federal level, as well as federal retirement, including military retirement, are exempt. Similarly, so are many Louisiana state and city employee retirement disbursements.

Plus, all retirees age 65 or older can exclude up to $6,000 in retirement income, regardless of its source. However, all other 401(k), IRA, and similar retirement disbursements are generally taxable.

Louisiana also has a sales tax. The state sales tax rate is 4.45 percent. However, municipalities can add on to that amount. For example, New Orleans charges an additional 5 percent, bringing that city’s total sales tax rate to 9.45 percent.

As for Louisiana property taxes, there are a few programs that can help reduce the burden for retirees. Along with the Homestead Exemption, which can reduce a home’s assessed value (for tax purposes) by $7,500 to $15,000, depending on the parish and whether you’re a disabled veteran, there’s also a special assessment for individuals age 65 and older who have an income level below a certain threshold.

With the special assessment, you can freeze the assessed value of the home for tax purposes, essentially locking a major property tax factor in place. That can keep your property taxes fairly stable, which is a bonus.

Part-Time Job Opportunities

Generally speaking, part-time job opportunities are usually reasonably available in Louisiana. While the state’s unemployment rate is historically above the national average more often than not, it isn’t typically so high as to prevent retirees from finding some opportunities as long as they are in or near a decent-sized city.

However, COVID-19 has altered the landscape a bit. During the height of the pandemic’s initial onset in April 2020, unemployment reached 15.1 percent in the Pelican State. During that same period, the national average was 14.7 percent.

While many regions began to recover within the next few months, Louisiana did lag behind the national average. In October 2020, the Pelican State had an unemployment rate of 7.7 percent, while the national average was 6.9 percent.

It’s also important to point out that both of those numbers are set to climb. A COVID-19 resurgence is again shifting the landscape, leading to more stay-at-home orders and an increasing number of restrictions that will ultimately send unemployment rates up.

As a result, part-time job opportunities may be hard to come by for a while. This may be particularly true as an increasing number of people who lost their jobs earlier in the pandemic see their unemployment benefits end, forcing them to consider more options about work.

If you’re planning on retiring soon. It may be wise to make sure that your retirement income is sufficient to handle your needs, at least for a while. Once the pandemic is no longer a factor, the number of opportunities will likely climb. However, until that point, they could be fairly scarce, so it may not be wise to assume that you can snag one.

Best Cities for Retirees in Louisiana

Which city is best for your retirement will depend on your needs and preferences. Each one offers something a bit unique and may have a slightly different cost of living. All of that impacts the quality of your retirement.

Technically, any city could be a great option if it meets your needs. However, certain Louisiana cities do stand out from the crowd and are worth considering by any soon-to-be retiree.

If you’re looking for classic Louisiana Cajun vibes, then Lafayette can be a great choice. It’s chocked full of amenities and is just a two-hour drive from New Orleans.

Baton Rouge is another outstanding option. This capital city is incredibly vibrant and welcoming. It does well on the amenities front, and has an exceptional culture. You may also want to keep Shreveport-Bossier on your list. As it offers Louisiana charm with a touch of Texas culture.

If you’re looking for something unique, consider Natchitoches. It’s was the Louisiana Purchase’s oldest settlement and maintains a lot of its original French colonial charm and European flare.

How Much Money You Need to Retire Well in Louisiana

Since the cost of living is pretty reasonable in Louisiana. You may not need as much to retire well. While the city you choose does have an impact on affordability. If you concentrate your search on areas that have enough amenities but come with lower price tags. Your Louisiana retirement can be more than comfortable.

Overall, if you can access around $59,270 a year. You should be able to retire well in Louisiana. You’ll be able to cover your needs with ease. With many of your wants in easy reach, too. If you want to make sure your golden years are some of the best. That’s a decent target for making that happen.

Do you have any other tips that can help someone retire well in Louisiana? Share your thoughts in the comments below.

3 Locations to Consider for Your Future Retirement

November 25, 2020 By Susan Paige Leave a Comment

If you’re retiring soon and have saved up enough, you may be considering retiring to that perfect location isn’t just picturesque but also matches your need. However, finding such a location may be difficult to find. [Read more…] about 3 Locations to Consider for Your Future Retirement

How to Retire Well in Michigan

November 4, 2020 By Tamila McDonald Leave a Comment

Figuring out where you should retire isn’t always easy. The city you choose plays a significant role in your quality of life, as well as how long your retirement savings lasts. That’s why choosing the right place is so vital. While many people may not initially consider Michigan, that doesn’t mean it shouldn’t be on your list. The state has a lot to offer and may be more affordable than some alternatives. If you are wondering what it takes to retire well in Michigan, here’s what you need to know.

Cost of Living

When you’re deciding where to retire, looking at the state’s cost of living metrics is a good idea. These scores give you an idea of the overall affordability of a state in comparison to the national average.

With cost of living scores, the national average is permanently set at 100. When a state has a score above 100, it means it costs more than the national average. A score under 100 is a mark of affordability.

Michigan comes in with an overall cost of living score of 90.9, meaning it is a bit cheaper to live in the Great Lakes State than many other locations. When it comes to category scores, Michigan is below 100 in all but one category.

For groceries and utilities, Michigan comes in at 92.0 and 99.7, respectively. For healthcare, the Great Lakes State sits at 95.4.

When it comes to housing, Michigan’s cost of living score is 76.0, which is impressive. Now, some may assume that means there is a housing quality issue, but that isn’t necessarily the case. Instead, it generally means that if there were two carbon-copy properties, one in Michigan and one in a state with a higher score, the house simply costs less in the Great Lakes State.

Overall, the median home value in Michigan is $184,304. That’s more than $75,000 below the national average, which comes in at $259,906.

The only score that is above 100 is transportation. It comes in at 104.3. That means vehicle insurance, maintenance, licensing, registration, and similar expenses may be higher here. Additionally, it could signal that certain transit services, like taxis or bus fares, might be higher, too.

Tax Considerations

Before you choose a place to retire, it’s smart to review the tax implications associated with a potential destination. How much you owe in taxes impacts how far your retirement savings will do, something that may be especially relevant to retirees with tight budgets.

Michigan does have a state income tax. Unlike the federal rates, the Great Lakes State doesn’t use a bracket system. Instead, the state’s income tax rate is a flat 4.25 percent, and everyone has access to a personal exemption of $4,750.

Additionally, Social Security is tax-exempt. Military pensions and Railroad benefits are also not subject to taxation. This can be a boon for retirees who predominately rely on those sources for income.

However, other forms of retirement income are taxed. This includes most other defined benefit pensions, 401(k)s, IRAs, 403(b)s, and more.

Michigan also has a sales tax. Cities and counties can’t impose additional taxes, so it is a flat rate that applies across the entire state. It is set at 6 percent for most purchases, though certain products or services may have alternative rates. For example, electricity and gas utilities are 4 percent, instead.

When it comes to property taxes, Michigan’s standard rates are a bit higher than the national average. However, seniors do qualify for an exemption that could help make property taxes more affordable. The Homestead Property Tax Credit reduces their burden by up to 100 percent of their tax amount that exceeds 3.5 percent of their income, up to $1,200. Precisely how much relief you get will depend on your income level, as a result.

Part-Time Job Opportunities

When it comes to part-time job opportunities, Michigan typically has a reasonable amount to offer. However, the state was hit hard by COVID-19 and, while it is recovering, this could make things challenging for the next several months or longer.

Initially, unemployment skyrocketed in the Great Lakes State. In April 2020, Michigan’s rate hit 24 percent, which was nearly 10 percentage points above the national average for that time of 14.7 percent.

However, as of September 2020, the rate has calmed. Michigan is still above the national average of 7.9 percent. But, with the Great Lakes State coming in at 8.5 percent, it’s significantly closer to the average than it once was.

It is important to note that the COVID-19 situation is still highly fluid. Many states are beginning to see signs of a resurgence, something that may be an issue throughout the fall and winter, and potentially longer. As a result, retirees may have trouble securing opportunities for at least a little while, depending on the kind of work they want and their overall skill set.

Best Cities for Retirees in Michigan

The city you select impacts your quality of life, which is why it’s critical to focus on options that best meet the needs of retirees. That way, you can have your ideal lifestyle, making your golden years more enjoyable.

If you aren’t sure where you should head in Michigan, Farmington needs to be on your list. It isn’t necessarily a common destination for seniors, but it brings a lot to the table. You’ll have quick access to medical facilities, for one. For another, Farmington is a favorite shopping destination, and it’s Saturday farmers’ market shouldn’t be missed.

Grosse Pointe is another solid choice. It’s near Detroit, so you can easily reach the city, but it is along the shores of Lake St. Clair, making it great for those who appreciate lakeside living. It also has plenty of amenities.

Rochester is also near Detroit and is home to a fantastic Christmas Parade. Brighton – which is nestled on the shore of Brighton Lake – could also be a great choice if you want to be close to Detroit.

Traverse City is a popular tourist destination, but it can work well for retirees, too. Its arts scene is exceptional, and there’s even an opera house that hosts a range of performances. Plus, the Cherry Festival is a fun annual event.

How Much Money You Need to Retire Well in Michigan

Since Michigan isn’t a high-cost state, you don’t need as much to retire well in the Great Lakes State. While the city you select will impact overall affordability, by focusing on areas that offer a reasonable amount of amenities with a smaller price tag, retiring in Michigan may be more comfortable than certain other locations.

Generally, if you have access to $57,114 per year, you should be able to retire well in Michigan. Covering your needs usually won’t be an issue, and you may be able to cover a reasonable number of wants, too. If your goal is to enjoy your golden years with limited financial stress, that amount could be an appropriate target for making that happen.

Do you have any other tips that can help someone retire well in Michigan? Share your thoughts in the comments below.

How to Retire Well in Colorado

October 29, 2020 By Tamila McDonald Leave a Comment

Choosing a place to retire is a big decision. Where you live can play a big role in how far your retirement savings go. As a result, it’s crucial to pick a destination that has everyone you want at a price you can afford. For many, the idea of heading to Colorado is enticing. The Centennial State has a ton to offer, particularly for those who enjoy spending time outdoors. If you are wondering whether it could be a good match for your golden years, here’s what you need to know to retire well in Colorado.

Cost of Living

Before you settle on a place to retire, it’s critical to examine the area’s cost of living scores. Those numbers give you an idea of how much a state costs in comparison to the national average. It allows you to estimate a state’s affordability before you pack your bags and head that way.

For simplicity, the national average cost of living is permanently set at 100. If a state has a score above 100, it’s a sign that it costs more to live there. For states below 100, it’s a signal of better affordability.

Colorado has a moderate cost of living score, sitting at 103.2. That makes the Centennial State seem reasonably affordable.

It’s important to note that the category cost of living scores can alter the story. In Colorado, both groceries (97.2) and utilities (86.1) are below the national average. However, housing (112.8) and transportation (105.8) are above. For healthcare, the score is near the middle, sitting at 101.0.

Housing is often a major concern. In Colorado, the average home value is $423,364. That’s a shocking $163,458 more than the national average of $259,906. And that doesn’t mean that homes are a nicer quality. Instead, it means two comparable homes, one listed in Colorado and one that’s elsewhere, that the Colorado house would be more expensive to buy.

Tax Considerations

Another critical point to examine when choosing where to retire is local tax rates. The amount of income that has to go toward paying taxes can significantly impact your lifestyle and an area’s affordability.

Colorado does have a state income tax. Unlike the federal tax system, the Centennial State doesn’t use brackets. Instead, it has a flat-rate of 4.63 percent.

When it comes to retirement income, Colorado does tax it. This includes Social Security and funds from other retirement accounts or pensions. However, they do offer an exemption of up to $24,000, depending on your age and income sources.

The Centennial state also has a sales tax. The state’s sales tax rate is 2.9 percent. However, cities can tack on their own sales taxes. This means that many areas have higher sales tax rates, with some exceeding 11 percent.

When it comes to property taxes, Colorado’s are actually fairly low. They are the third-cheapest overall, which can make a higher-cost home more affordable to keep long-term. Additionally, the Centennial State does have senior property tax programs that can help reduce the cost further.

Part-Time Job Opportunities

Many retirees have little trouble finding a part-time job in Colorado, especially if they retire in or near a larger city or town. The Centennial State weathered the coronavirus pandemic fairly well. As of April 2020, the unemployment rate hit 12.2 percent, which was significantly below the national average at that time, which came in at 14.7 percent.

Colorado has also been ahead of the national average during recovery. In September, the unemployment rate in the Centennial State was 6.4 percent. In comparison, the national average during that time was 7.9 percent, marking a full 1.5 percent difference.

Now, it is crucial to remember that the COVID-19 situation remains incredibly fluid. Some states are seeing a possible resurgence, and certain ones are even having to enact new measures in an attempt to slow the spread of the virus. As a result, it could be challenging to find part-time jobs for a while, or at least until the pandemic calms.

Best Cities for Retirees in Colorado

The city you choose has a substantial impact on your quality of life. If you’re thinking about heading to Colorado, you need to select a city that has the right kinds of amenities and lifestyle.

If you don’t know where to begin, Littleton is worth considering. There are ample recreational opportunities and a bustling downtown. Plus, you’re close to hiking and biking trails, and the city hosts a wide range of festivals and celebrations.

Englewood is another destination that should be on your shortlist. For outdoor enthusiasts, it’s hard to beat. Additionally, it’s only 20 minutes away from Denver by car, ensuring you can get into the city with ease.

If you’d rather choose a smaller town, you might enjoy Evergreen. There’s plenty to do, and it’s popular with seniors. You’ll also find plenty of options for appreciating the great outdoors.

How Much Money You Need to Retire Well in Colorado

Since Colorado has a moderate cost of living, you do need access to a decent amount of income if you’re going to retire well in the Centennial State. While the city you select is also a factor, making additional savings necessary to maintain a comfortable lifestyle, even lower-cost areas in Colorado may be more expensive than what you find in other states.

Overall, if you have access to about $65,418 per year in income, retiring well in Colorado is definitely possible. Taking care of your needs shouldn’t be an issue with that much cash, and you’d be able to handle some wants, too.

Have any tips that can help someone retire well in Colorado? Share your thoughts in the comments below.

How to Retire Well in Maine

October 15, 2020 By Tamila McDonald Leave a Comment

For some retirees, the idea of heading to Maine is the dream. The Pine Tree State has a lot to offer, including a chance to enjoy the changing of the seasons, oceanside excursions, and much more. Plus, Maine has a lot of amenities, including many that can help seniors live their best life. However, Maine does cost more than some other options. That means that being financially prepared is essential, ensuring you have what you need to retire well in Maine. If you’re considering The Pine Tree State for your retirement, here’s what you need to know.

Cost of Living

When it comes to retirement planning, understanding an area’s cost of living is essential. It allows you to anticipate how expensive a state is in comparison to the national average, which can be vital if you want to ensure you have enough cash set aside to handle your needs.

For cost of living scores, the national average is permanently set at 100. If a state comes in with a score above 100, it means it’s more expensive than the average. Scores below 100 are a mark of increasing affordability, something that may be particularly critical for retirees with tighter budgets.

Maine’s cost of living score is significantly above the national average, coming in at 115.2. However, what may be surprising is that Maine’s housing score is closing to the average, sitting at 101.5.

The average home value in The Pine Tree State comes in at $259,991. That’s incredibly close to the national average, which sits at $256,663.

Maine’s transportation score also comes in near average, sitting at 100.6. However, the state comes in much higher in other areas, including groceries (135.0), utilities (111.9), and healthcare (114.4).

Tax Considerations

If you’re relocating to a new state for your retirement, it’s essential to understand the nuances of taxes in that area. Paying taxes can take a significant chunk out of your retirement income, making it relevant to both retirees with tight budgets that those whose retirement savings is substantial.

Maine does have a state income tax. It’s a bracket-based system, with rates coming in from 5.8 to 7.15 percent, depending on your income level.

Social Security is exempt from taxation in Maine, so that provides retirees with a bit of a reprieve. However, other forms of retirement income are taxable, including IRA, 401(k), and other pension plan payments.

Technically, there is also a $10,000 deduction each year on retirement income, but the amount is reduced based on the size of your Social Security benefit. For example, if your Social Security income is $8,000 per year, you would have a $2,000 deduction remaining. If your Social Security payments equal $10,000 or more a year, you can’t claim a deduction at all on your other retirement income.

Homeowners in Maine will also have to deal with property taxes. However, there are some programs available that can lessen this burden. If you own a homestead property for a minimum of 12 months and make it your permanent residence, you may qualify for a $25,000 exemption, reducing the taxable value of your home.

Retirees who are also veterans may qualify for the Veteran Exemption, which can be worth up to $6,000. Additionally, municipalities can have their own property tax deferral programs to assist senior citizens. Since these can vary from one municipality to the next, you would need to explore program options in the area you intend to live to determine what may be available.

Maine also has sales tax. The general rate is 5.5 percent, though some segments have higher rates, like prepared food (8 percent) and rentals of lodging (9 percent). However, there are no additional local taxes, so the rate is flat across the entire state, making it a bit easier to plan for and predict.

Part-Time Job Opportunities

Overall, part-time job opportunities tend to be available in any decently sized city or town. Initially, the coronavirus harmed the economy, leading Maine’s unemployment rate to climb as high as 10.4 percent for April 2020. However, that was far less than the national average at that time, which was 14.7 percent, a full 4.3 percentage points higher than Maine’s rate.

The Maine economy is recovering well from the COVID-19 pandemic. As of August 2020, the unemployment rate came in at 6.9 percent. That’s 1.5 percentage points lower than the national average for that same period, which was 8.4 percent.

While it appears that Maine is trending in the right direction, it is important to remember that the situation remains highly fluid. A resurgence could hinder the economy once again, and that could make it harder to find part-time jobs.

Best Cities for Retirees in Maine

The city you choose can have a major impact on your retirement. If you want to retire well in Maine, it’s wise to select a town that has the right kind of amenities, entertainment options, and more, based on your preferred lifestyle.

However, some options are popular with retirees. Kennebunk is considered by many to be a great choice thanks to its seaside location and wealth of recreation centers. Plus, a lot of medical services are available locally.

Belfast is another destination worth considering, particularly since its home to numerous retirement communities. Rockland has a substantial senior population and is home to a range of attractions, including the annual Maine Lobster Festival.

How Much Money You Need to Retire Well in Maine

Since the cost of living in Maine is higher than average, you’ll need access to more money if you want to be reasonably comfortable. Exactly how much it takes can vary depending on the city you choose, as some are more expensive than others. However, generally speaking, you will need access to about $73,025 a year to retire well in Maine. That amount can cover all of your basic living expenses while also leaving room for some wants or creature comforts.

Do you have any other tips that can help someone retire well in Maine? Share your thoughts in the comments below.