Maine is a charming and secluded oasis in the northernmost corner of our country. It draws many retirees because of its comfortable and laid-back pace of life. In fact, the average age of Mainers is 44, which is much older than the average age of the rest of the country. Here’s what you should know if you’re considering moving to Maine in your later years.
Maine has one of the highest tax rates in the country. Older adults who want to move there should prepare to pay more in income and property taxes. Social Security is exempt from taxation in Maine. However, other forms of retirement income, such as (401)k accounts or pensions, are not.
One of the things that attracts many people to Maine is its beautiful scenery. Rugged coastline, dramatic forests, and beautiful beaches are all present here. Places like Acadia National Park offer opportunities to go hiking, fishing, and horseback riding. However, with the beautiful scenery comes cold winters, so you’ll need to be prepared to bundle up.
Older adults that are still working will be pleased to find that unemployment rates are very low in Maine. The culture here emphasizes stability, so once you find a job, you’ll be able to get into a routine. Maine also has a higher minimum wage than many other states. It is currently $11 per hour and will increase to $12.15 per hour over the next few years.
Maine is known for its charming small towns, many of which are full of history. Many Mainers have lived in the state for decades, so there is an established sense of community. However, they are still very friendly and often have a blunt, honest sense of humor.
Like many other states in the Northeast, Maine has a very strong healthcare system. It’s important for older adults living in Maine to have a healthcare plan that they trust. Medicare in Maine covers most residents over the age of 65 and disabled residents. Original Medicare consists of Part A and Part B, and provides coverage for both inpatient and outpatient care.
Residents can also opt to supplement their care with a Medigap plan, which provides extended financial coverage, or a Part D plan, which provides prescription drug coverage. For those who prefer a privately-owned insurance plan, there is also Medicare Advantage, or Part C. Medicare Advantage plans are provided by private insurance companies that may offer more coverage than Original Medicare. Maine has very strong consumer protections to ensure access to Medigap and Medicare Advantage for those who want it.
Maine has so much to offer for older adults. If you’re interested in learning more about your Medicare options, contact Time for 65’s licensed partnered agents today. Fill out this form or give us a call today to see how we can help.