retiring in maine vs new hampshire

65 & older: $554 (12th highest). Like others from CT, we think that New Hampshire is the ideal place to retire. 65 & older: $516 (20th highest). Partially as a result, a comfortable retirement costs an estimated $1,178,958 in Vermont, more than in all but 10 other states. In Tennessee, a 65 year old will live 18.1 additional years on average, over a year below the average life expectancy of all 65 year old Americans. Est. 65 & older: $898 (2nd highest). A comfortable retirement projected cost the typical 65 year old Texan an estimated $1,070,048, about $50,400 less than it would the typical 65 year old American. The affordability of a comfortable retirement is due to the low cost of living in the state. (23rd lowest), Median monthly homeownership cost, pop. Despite the husband's objection that the . In the winter, unless you ski or snowshoe, head for, and establish residency, in Florida. With a warm climate, Florida is a popular state for retired Americans to relocate to. Read on as we break down the advantages and disadvantages of retiring in Maine and New Hampshire. Maine State has a high cost of living, with the median home price in 2019 reaching $222,700. Depending on the state, the cost of a comfortable retirement varies from as little as $858,000 to as much as $1.5 million. No. This means that buying a retirement home in the Graphite State might end up denting a huge chunk of your savings, courtesy of its high property taxes. (11th lowest), Median monthly homeownership cost, pop. At age 65, Americans are expected to live an average of another 19.4 years, and the typical retirement-age American spends $50,220 a year. Click here to customize .) Est. New Jersey . This allows you to retire and enjoy your golden years in peace, away from the hustles and stresses associated with states that record high crime rates. There's an income tax, too, which has brackets as high as about 9% for higher-income folks. The average 65 year old living in Rhode Island can expect to spend a total of $1,146,674 to retire comfortably about $26,300 more than the typical American. Housing costs are also relatively high in the state. There's great natural beauty, and many recreational opportunities, such as hiking, biking, skiing, camping, fishing, enjoying hot springs, and more. Is it perfect? By comparison, the overall U.S. Zillow Index is $303,000. Delaware has one of the older populations among states. Est. Est. Manchester was featured as one of US News magazine's 50 best places to live in the US in 2020. cost of living: 8.9% less than avg. Maine, New Hampshire, and Vermont are extremely popular choices that fit that bill; each state has many admirers. In New Hampshire, a comfortable retirement will cost the average 65 year old an estimated $1,180,933, about $60,500 more than it would cost the typical 65 year old American. Education is important and the whole town encourages the kids! Susan, Vermont is a pretty state however you have to drive to any recreation area, bicycling is only for the very adventurous since there are no bike paths and 50+ mph highways does not make bicycling at all safe or comfortable, gas prices are high and you have to drive considerable distance anywhere you want to go for food, farmers markets or general shopping. Maine's income tax rate ranges from 5.8% to a top marginal rate of 7.15%. Kiplinger: New Hampshire: #9 Best State to Retire in 2018, SmartAsset: New Hampshire Retirement Taxes, US News: States Focus on Rise of Elderly Populations, Weather Atlas: New Hampshire, USA Climate data and average monthly weather, Weather Atlas: Maine, USA Climate data and average monthly weather, Alarms.org: Safest Cities in New Hampshire 2021, SeniorCare.com: New Hampshire Senior Guide, link to Best Places To Retire in the Caribbean. docsearls / Flickr Maine has a beginning income tax rate of 5.8%, going to 7.15% in the highest bracket. New Mexico is a relatively inexpensive place to live, as goods and services across the state are about 8.9% less expensive than average. Est. Taxation of retirement income: Four statesHawaii, Illinois, Mississippi, and Pennsylvaniaexempt all or most retirement income (such as Social Security benefits) from taxable income. To determine how much it costs for the average person to retire comfortably in every state, 24/7 Wall used data from the Bureau of Labor Statistics, Bureau of Economic Analysis, and the Institute for Health Metrics and Evaluation. If this had been higher, perhaps we would have been #1! cost of living: 10.7% less than avg. Few states are as affordable for retirees as Louisiana. Editor's comment: Thanks for the question Michelle. Goods and services in the state are 7.7% more expensive than they are on average nationwide, and the average 65 year old should plan on spending $1,219,120 throughout retirement, nearly $99,000 more than the national average. Virginia is one of the exceptions, however. Est. Prior Planning Prevents Piss Poor Performance.? Its mountains with snowy peaks, like Mount Washington, are perfect for a day of adventure. In Georgia, goods and services are about 7% less expensive than average, and life expectancy among retirement-age residents is about a year below the national average. Goods and services are . Just 15.9% of the state's 8.5 million residents are 65 or older, compared to the 16.5% share of all Americans nationwide. 65 & older: $452 (21st lowest). Its content is produced independently of USA TODAY. The state has been ranked in the bottom five states with regards to crime rates. 65 & older: $406 (12th lowest). A 2019 report from the Federal Reserve found that nearly one in every four American adults have no retirement savings. Nebraska may not be on your radar as a retirement destination, but learn a little more about it. Location: Forests of Maine 35,375 posts, read 57,387,514 times Reputation: 27090 'Tax burden' is one of those things which gets hotly debated. But for those who can, Vermont (especially the northern tier) is a terrific place to live for all the reasons indicated in the article above. Curious to learn which of the two states is better for retirement? Arizona's population is older than that of the country on average. Goods and services are 11.3% cheaper in Indiana than they are on average nationwide. Using websites like this, we learned, took notes and tried to set ourselves up for whatever is coming. Vermont and Maine have very similar Indexes at $308,000 and $318,000 respectively. Here is what you can do if the coronavirus is threatening your retirement. (13th lowest), Median monthly homeownership cost, pop. One day, I played golf just outside the friendly and active university town of Burlington. The typical retirement-age homeowner without a mortgage spends just $346 a month on housing, well below the comparable $499 monthly median nationwide. Nationwide, a retiree will spend about $201,600 more. In Part 2 you will see the actual (slightly edited for space) words of Topretirements Members who have lived or retired in each state, so you see what they are like straight from the horses mouth. As a result, the average annual expenditure of a retirement age state resident is about $4,200 more than it is across the U.S. Est. Vermont has a sales tax rate of 6%; local jurisdictions can add 1%. The ME/VT/NH article has a list of all of our comparisons at the bottom. @media(min-width:0px){#div-gpt-ad-aginggreatly_com-banner-1-0-asloaded{max-width:300px!important;max-height:250px!important;}}if(typeof ez_ad_units != 'undefined'){ez_ad_units.push([[300,250],'aginggreatly_com-banner-1','ezslot_5',105,'0','0'])};__ez_fad_position('div-gpt-ad-aginggreatly_com-banner-1-0'); As revealed by US News, almost 21% of Maines population is aged over 65. With that in mind, here are the best places to retire in New Hampshire. (6th highest), Median monthly homeownership cost, pop. 1: Florida It's no surprise to see Florida on a list of states for retirees, as it's already populated with a lot of them. Est. The low retirement spending in Mississippi is also a product of low life expectancy. The average American age 65 and older spends about $50,200 annually. Goods and services in Idaho are nearly 8% less expensive than they are on average nationwide. Est. Unlike most states, where seniors are often viewed as easy targets for robbery with violence or property theft. Proximity to Breathtaking Mountains Photo: N Smyth / Shutterstock I'd be remiss if I didn't start out my pro list with the mountains that make New Hampshire "The Granite State." The White Mountains got their name from the white rocks (which are granite) that cover the state's high peaks. The average 65 year old living in Connecticut can expect to spend a total of about $1,237,000 to retire comfortably nearly $117,000 more than the typical American. The typical retirement-age homeowner without a mortgage spends $602 a month on housing, far more than the comparable $499 monthly median nationwide. (16th lowest), Median monthly homeownership cost, pop. You will also love that no additional city or county rates are collected on top of Maines sales tax rate. , 14% of the total New Hampshire population are seniors. total retirement spending: $1,268,810 (5th most), Avg. Part 2: Comments about these states by Topretirements Members, Having lived all over we too felt this was our time and we finally got to choose where we wanted to go. Goods and services cost an average of 16.3% more in the state than they do nationwide. Of the 29 million people living in the state, just 12.9% are 65 or older, well below the comparable 16.5% share of all Americans. cost of living: 11.3% less than avg. total retirement spending: $1,086,767 (21st most), Median monthly homeownership cost, pop. Check out sites that list total cost of living by state, like Kiplinger. The site further claims that Maine has maintained the countrys oldest median age for over four decades. Our mission is to inspire you to do the same. 1. (24th lowest), Median monthly homeownership cost, pop. (19th lowest), Median monthly homeownership cost, pop. Both New Hampshire and Maine are great states for retiring. We were visiting with our daughter and son in law just before and after the birth of their first child. SEC . Iowa has a slightly older population than the country on average. The average temperatures during the summer range from 20-23 C (60-68 F). (14th highest), Median monthly homeownership cost, pop. Multiply those figures, and add in a little extra for unforeseen expenses and additional financial security, and a comfortable retirement costs an estimated $1,120,408 in the United States. Spring in Maine is characterized by light rainfall and warm temperatures. Student Loan Forgiveness Was Just Struck Down. There's no income tax, though that's made up for to some degree by property taxes. At age 65, the typical Californian is expected to live another 20.7 years over a year longer than the typical 65 year old American. It is important to note that these estimated costs are not a reflection of recommended retirement savings, as they do not account for any savings interest or investment income, nor do they account for retirement income, such as pensions or Social Security. A 65 year old state resident whose life expectancy aligns with the state average is projected to need $880,300 to live out retirement in relative comfort. The average 65 year old living in Nebraska can expect to spend a total of $1,002,765 to retire comfortably about $117,600 less than the typical American. 65 & older: $345 (2nd lowest). And they insist that Maine has high taxes. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Housing costs are especially low. Just 14.7% of state residents are 65 or older, compared to 16.5% of all Americans. Retirement income from a retirement account, a pension, or Social Security will not be taxed in the Graphite State, consequently boosting your overall savings. For those of you who might not be able to stand the heat in a full-time Southeast home, Vermont should be high on your list. Spring is non existent it is known as mud season there due to the massive snow melt. The typical 65 year old in the state is expected to live an additional 21.5 years, two years longer than the typical 65 year old American. 1 Important Fact All Student Loan Borrowers Need to Know, Cumulative Growth of a $10,000 Investment in Stock Advisor, Join Over Half a 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. The typical retirement-age homeowner in the state without a mortgage spends $388 a month on housing, over $100 below the comparable $499 monthly median nationwide. Other costs such as groceries and transportation can also add up quickly. I'm happy I used this tough experience as a stepping stone. Winters are cold and can be snowy or icy. 65 & older: $415 (15th lowest). The quality of nursing homes is also high in Maine. Spring in Maine is characterized by light rainfall and warm temperatures. The most consequential factor, however, is the state's high cost of living. We are often ranked #1 for quality of life, low crime rate, high level of education, access to superior health care, and outstanding recreational, cultural, and volunteer opportunities. 65 & older: $313 (the lowest). (4th lowest), Median monthly homeownership cost, pop. Consult state Department of Revenue Guides and/or your tax professional before making important decisions. On average, a 65 year old will need about $1.4 million for a comfortable retirement, about $271,100 more than what the typical retiree nationwide will need and the second highest retirement cost of all states. Goods and services are 12.2% less expensive in the state than they are on average nationwide. NH is very nice also & better on taxes though their property is high to make up for no State income or sales taxes.. VT Retiree, I live in Vermont & it is very highly taxed (one of the highest), retirees get very little breaks. cost of living: 7.8% less than avg. On the other hand, property taxes are higher there. At one time or. cost of living: 1% more than avg. 65 & older: $766 (5th highest). The average retirement cost in the state of $883,332 is over a quarter of a million dollars less than the national average. Other than being close to the lower New England states with there large populations, Vermont would surely be a wasteland. total retirement spending: $857,886 (the least), Avg. total retirement spending: $952,821 (11th least), Median monthly homeownership cost, pop. cost of living: 12.2% less than avg. Give us a call at 603-436-1221 or visit our office in Portsmouth. total retirement spending: $1,070,048 (23rd most), Avg. To our surprise, Maine, with 287 mentions, was overwhelmingly the most discussed. Not surprisingly, New Hampshire scored highest in quality of life, ranking 4th overall. A comfortable retirement will cost the average 65 year old in Mississippi just $857,886, less than in every other state in the country and about $262,500 less than the national average. (2nd highest), Median monthly homeownership cost, pop. (8th highest), Median monthly homeownership cost, pop. cost of living: 14.2% less than avg. But the bus system is getting popular & spreading to various place one wants to go. However, autumn is significantly colder than summer but full of bright, appealing colors. in Alaska, for example, the typical monthly housing expenses $536 among the 65 and older population without a mortgage, more than in most other states. 65 & older: $407 (13th lowest). By comparison, the overall U.S. Zillow Index is $303,000. Although New Hampshire does not have as many seniors as Maine, it still ranks high when it comes to healthcare for seniors. Of the 1.1 million people living in the state, 19.5% are retirement age, compared to 16.5% of the U.S. population. The average 65 year old can expect to spend $1,072,421 in retirement, about $48,000 less than the national average. Est. And the snow and ice became increasingly isolating and worrisome as my parents aged. Maine homes The economies of all these states are very similar, although NH is more prosperous. cost of living: 3.7% less than avg. It isnt what I call walk able unless you live in the Burlington or larger areas but Burlington is very very expensive if you can find housing it is very high/high property taxes. Jannamar, I love New Hampshire and have looked into costs of housing in southern New Hampshire. This way no one HAS to get on a plane every time we get a cold. Maine and New Hampshire are great examples of retirement-friendly states. THANK YOU to everyone who posts their advice!! cost of living: 16.4% more than avg. See the list. The cost of living is about10% above the national average, overall. But of the two, which is better suited for seniors in search of peaceful retirement? For a 65 year old in Kansas whose life expectancy aligns with the statewide average, a comfortable retirement will cost an estimated $978,798, $141,600 less than it does nationwide. ? In North Dakota, goods and services are about 10.7% less expensive than average, and life expectancy at 65 is in line with the national average. All three markets have seen rapid price increases since 2020. (Okay, Dunkin Donuts is 2 miles) Maine Medical is a short drive and there is a bus into the city plus Senior Van transportation available. With a low cost of living, retirement is relatively affordable in the state. Almost Half of Younger People Want to Retire by 60, The Best Stay & Play Packages for Retirement, 13 Great Places to Retire in the Pacific Northwest, Advantage Plans Overtake Original Medicare, Frozen About Downsizing - You Need a Move Manager. So as not to be a burden as we age out, were touring various Retirement Communities (CCRC) and are on two wait-lists. There's an income tax, too, that ranges from about 2.5% to 6.8%, depending on income level. The Granite State is among the highest-ranked states when it comes to healthcare. We could not imagine aging in place in Maine yes, the roads are plowed, but a good coating of ice remains and walking is treacherous giving new meaning to slip and fall accidents. Of the 1.1 million people living in the state, 17.7% are 65 or older, compared to 16.5% of the U.S. population. Below are some important considerations to keep in mind if retiring in the Granite State is at the top of your to-do list. Climate change is poised to erode Florida's coastline. (17th highest), Median monthly homeownership cost, pop. Goods and services are 11% less expensive in the state than they are nationwide, on average. North Dakota has a relatively small retirement population. A comfortable retirement costs an average of $1,063,152 in Nevada, about $57,300 less than it does on average across the U.S. Sears and Kmart store closings continue. Nearly one in every five state residents are retirement age, compared to 16.5% of Americans who are 65 or older. This is a fact that many in the state are quite proud of. If you receive retirement income from a pension, IRA, or a 401(k), then you will be required to pay taxes as high as 7.15%. New Hampshire tied with Arizona as the ninth best state to retire, while Massachusetts ranked 19th on the list. Goods and services are 10.4% more expensive than average in Massachusetts. . The average 65 year old living in Washington can expect to spend a total of $1,245,825 in retirement more than in all but five other states. 65 & older: $532 (17th highest). However, New Hampshire is better due to its tax-free social security retirement benefits. Home Prices and the EconomyThe October Zillow 2021 Home Value Index shows that NH has the highest priced homes in the region at $381,000. (Photo: Icon Sportswire, Getty) Myrtle Beach Bowl. cost of living: 2% less than avg. . ShareThis. With a warm climate in much of the state, Arizona is an attractive place for many Americans to spend their golden years. Est. She said she had more than 50 members who were Florida residents. 65 & older: $602 (9th highest). Enjoy The Home Of Ben & Jerry's Ice Cream . See the list. The typical 65 year old in the state is expected to live another 19.8 years, nearly half a year above the comparable national average. Property taxes are also above average in Maine. Cost of a comfortable retirement annually: $71,124. In Illinois, lower than average retirement costs are attributable to a lower than average cost of living. The summers are mild and the autumns spectacular. As a result, a comfortable retirement is projected to cost an average of $1,029,020 in the state, about $91,400 less than the U.S. average. As a result, the estimated cost of a comfortable retirement changes as well. Est. cost of living: 15.6% less than avg. While most people view the Hey there, we're Ruth and Anja. Healthcare in Nebraska is generally good, with the state ranking in the middle 60% of states, per theAgency for Healthcare Research and Quality (AHRQ), but it's not among the top 20%. Healthcare in the state is generally good, with the state ranking in the middle 60% of states, per theAgency for Healthcare Research and Quality (AHRQ), but it's not among the top 20%. Here is what you can do if the coronavirus is threatening your retirement, Institute for Health Metrics and Evaluation, Why new investors bought stock during the pandemic. Your California Privacy Rights / Privacy Policy. (9th highest), Median monthly homeownership cost, pop. Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Rhode Island's retirement-age residents make up a larger than typical share of the population. Of the 1.3 million people living in the state, 21.3% are 65 or older, the largest share of any state in the country. 45 minutes to a hospital. 65 & older: $498 (22nd highest). total retirement spending: $978,798 (13th least), Avg. Exeter. Maple syrup and cheddar cheese. Few states are as affordable for retirees as West Virginia. cost of living: 3.1% more than avg. Considering Bitcoin? Due in large part to a relatively low cost of living, retirement is relatively affordable in Montana. Social Security and Income Tax Exemptions for SeniorsNH and Maine do not tax Social Security, while Vermont does. 23. Est. cost of living: 3% less than avg. . That is part of the reason why it earns the nickname of the "Pine Tree State." With about 1.3 million people living there, there are plenty of open spaces to enjoy as well. However, New Hampshire is better due to its tax-free social security retirement benefits. The average American age 65 and older spends about $50,200 annually. A salary of $150,000 in Portland, Maine could decrease to $141,153 in Manchester, New Hampshire (assumptions include Homeowner, no Child Care, and Taxes are not considered. Offshore islands, beaches, and fishing villages also add to Maines appeal as a retirement-friendly state. Some of the links below are affiliate links, so we may receive a commission, at no cost to you, if you make a purchase through a link. total retirement spending: $901,455 (6th least), Avg. The Northeast is a relatively expensive part of the country. Many people work in Boston because they are paid higher salaries, but they commute from New Hampshire. Goods and services are nearly 11% less expensive in Kansas than they are nationwide. How do your experiences differ from those expressed in this article? Residents paid $5,768 in median property tax in a recent year (2.05% effective rate) , compared to Maine at $2,597 (1.3%) and $4,340 (1.86% in Vermont). total retirement spending: $1,148,938 (15th most), Avg. Colorado has a relatively small retirement population. @media(min-width:0px){#div-gpt-ad-aginggreatly_com-large-mobile-banner-1-0-asloaded{max-width:300px!important;max-height:250px!important;}}if(typeof ez_ad_units != 'undefined'){ez_ad_units.push([[300,250],'aginggreatly_com-large-mobile-banner-1','ezslot_7',108,'0','0'])};__ez_fad_position('div-gpt-ad-aginggreatly_com-large-mobile-banner-1-0'); In terms of weather, Maine is undoubtedly the better state as it has one of the countrys friendliest summers. There is a list of all of Dueling comparisons at the end of this article. Accounting for average annual spending and cost of living, it would cost $875,611 to retire comfortably at age 65 in Arkansas, nearly a quarter of a million dollars less than the national average. total retirement spending: $1,045,578 (25th least), Avg. total retirement spending: $1,245,825 (6th most), Avg. There are lots of recreational opportunities, such as golfing, bowling, and hiking. Georgia has a relatively small retirement-aged population. All three markets have seen rapid price increases since 2020. New York is the most expensive state in the Northeast to retire in and the third most expensive state nationwide. There are tax breaks for seniors, such as the ability to exclude $20,000 or more of qualified retirement income from taxes. Both Maine and New Hampshire are retirement-friendly states. As a result, a comfortable retirement will cost an average of $1,005,682 in the state, about $114,700 less than the U.S. average. , Maine has among the most comfortable summers of all U.S. states. It's no surprise to see Florida on a list of states for retirees, as it's already populated with a lot of them. You are likely to enjoy the serenity that comes with lakes, rivers, and mountains in the state. Another reason retirement is relatively affordable in South Carolina is the state's low life expectancy. However, the state also gets fairly cold and has high income taxes. It offers a little of everything in a relatively small space -- mountains, a little bit of shoreline, and relative proximity to big-city culture in Boston. Housing is particularly inexpensive. All data are for the most recent period available. Yes No. Portland is among my favorite cities, and the house weve lived in for many years is pretty much perfect for retirement. (4th highest), Median monthly homeownership cost, pop. cost of living: 5% more than avg. Est. 65 & older: $512 (21st highest). total retirement spending: $877,072 (3rd least), Avg. For those who cant afford two homes, I suspect that in our childrens lifetimes my two are around 30 now places like Vermont may become the new year-round retirement hot spots as seas continue to rise, warmer weather predominates everywhere and hurricanes continue to savage the east coast and its major cities. 65 & older: $402 (11th lowest). total retirement spending: $1,002,765 (19th least), Avg. The relative affordability of a comfortable retirement is due in part to the state's low cost of living. For the average 65 year old in the state, a comfortable retirement is projected to cost an estimated $901,455, about $219,000 less than it would cost the typical 65 year old American. The higher retirement costs in the state are due to both a higher than average cost of living and longer than average life expectancy. Goods and services in Connecticut cost about 5% more than they do on average nationwide. total retirement spending: $942,575 (10th least), Avg. Most people choose to retire in specific countries because they wish to reduce their cost of living and, at the same time, maintain a high quality of life. The more affordable retirement in the state is due both to the relatively low cost of living and lower than average life expectancy. It may be easier than elsewhere to make friends, due to many other seniors moving there in retirement. (2nd lowest), Median monthly homeownership cost, pop. According to US News, Maine is among the. Average retirement costs are also driven up by life expectancy in the Green Mountain State. Maine, Vermont, and Connecticut all raked just inside the top 30 best places to .

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