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Benefits of Retiring in Maine

By    |   Friday, 13 Nov 2015 05:00 PM

Retirement in Maine is perfect for outdoorsy souls who enjoy four seasons, lots of shoreline, and an easygoing way of life.

Often when we think of retirement, southern states come to mind for the milder winters and more days of sun, but not every retiree dreams of that kind of life. There are also several tax benefits to living in Maine that might entice retirees to give it a chance.

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Here are six benefits of retiring in Maine:

1. 3,500 miles of shoreline
Maine's shoreline extends the entire length of the state, from New Hampshire to the Canadian border of New Brunswick. With this much coastline, retirees can be rest assured that some of the world's best seafood awaits with plenty of genuine lobster shacks dotting the coastline.

2. Not crowded
According to World Population Review, Maine's population is small and totaled slightly more than 1.3 million in 2012. It's the least densely populated state in New England, and most of Maine's population exists in and around Portland, leaving many parts of the rest of the state pristine and prime for exploring.

3. Four seasons
Of course, retirees who choose Maine must be prepared for long winters, but life there is not always about snow and cold. In fact, Portland, Maine, only averages about 15 to 20 days of snow a year, according to Waterfront Properties of Maine. In the summer, temperatures get into the 90s occasionally, but for the most part, summers are very enjoyable and temperate.

4. Senior citizen property tax credit
Throughout Maine, some municipalities offer senior citizens "up to $750 in benefits by volunteering to provide services to the municipality," according to the Retirement Living Information Center.

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5. No inheritance tax
Maine does not have inheritance taxes, and the state also has created its own estate tax that is different than the federal estate tax and exempts heirs from paying taxes on up to $1 million.

6. Homestead exemption
Once you've owned your home for 12 consecutive months, a homestead exemption of $10,000 applies to property taxes, as stated by the Department of Administrative and Financial Services for the state.

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Retirement in Maine is perfect for outdoorsy souls who enjoy four seasons, lots of shoreline, and an easygoing way of life.
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Friday, 13 Nov 2015 05:00 PM
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