How Much Does It Really Cost to Retire Comfortably to Maine?

For decades, we have been told that Florida was the ultimate place to retire.

There was even a 1980s sitcom centered around four elderly women spending their latter years living in sunny Florida.

While many of us may dream of ditching the cold weather and snow for a warmer climate, there are thousands of people who have made the decision to spend their retirement in Vacationland.  Whether it is because they love the beauty and solitude of our state, or because they have always lived here, we appreciate them adding to the culture and economy of our state.

If you are nearing a point in your life where you are thinking about retirement, you have probably already been considering your options.  As you start to narrow down your choices, you have probably wondered exactly how much it would cost you to retire in Maine.

How Much Money Would You Really Need to Retire Comfortably in Maine?

Not surprisingly, the answer is not that simple.  This is where a lot of variables come into play.

According to a recent article by Go Banking Rates, on average, it takes about $60,000 per year to live comfortably in Maine.

Of course, that amount is for someone who is employed.  As a result, they are spending money on traveling to work, work-appropriate clothes, morning coffees from that coffee shop, at least a few lunches out each week.  These are expenses that the average retiree would not have.  However, if you are retired, you are probably going to be spending more money on entertainment and leisure.

Let's just say those numbers balance themselves out, then you have to think about where you want to live.

Of course, there is a whole lot more to do in the southern part of the state.  If you live in the Portland-area, you will be a lot closer to the beach and a vibrant arts scene.  However, that part of the state is more expensive.

You could save a lot of money if you live in Western Maine or way up in Aroostook County.

Actually, the cities in the center of the state, like Augusta, Waterville, and Bangor, could be a compromise.

The last question, and probably the most important, is how long do you think you'll live past retirement age?  Not an easy question.  It's also a very uncomfortable question

According to the Centers for Disease Control & Prevention, the average life expectancy in Maine is about 75 years for males and 80 years for females.  Let's just average those numbers out to 77 years.

Assuming you retire at 65 and live for another 12 years, you are going to want to have about $720,000 on hand.  Of course, this would be offset by social security, pensions, etc.

The Unbiased website has a few more details about retiring in Maine.