15 Best Places to Retire in Maine
This article takes a look at the 15 best places to retire in Maine. If you wish to skip our detailed analysis on navigating retirement living in the US, you may go to 5 Best Places to Retire in Maine.
To Retire or Not to Retire?
This past week - April 8 to April 12 - was known as ‘America Saves Week’ in the land of the Star-spangled Banner. The week, a joint effort by the American Savings Education Council and America Saves, is a nationwide call for Americans to set themselves on a path leading to successful saving. While a positive endeavor, not everyone in America holds the same sentiments when it comes to saving.
On the whole, Americans are pessimistic when it comes to financial retirement savings. For instance, a recent study by the National Institute on Retirement Security revealed that 79% of Americans believe that the country is facing a retirement crisis. While worrying on its own, this number shows a 12% increase from 2020. This sentiment has spread to American politics, with 90% of Americans believing that the country’s next president and Congress should place Social Security funding at the forefront of their agenda.
This pessimism surrounding retirement and retirement savings has spilled into another area of life - the workplace. A sizeable portion of American workers no longer imagine retirement the traditional way. A survey conducted by The Harris Poll in February of 2024 revealed that as high as 30% of Americans are planning to only partially retire, staying on in consulting or part-time work. Another 7% have even more drastic plans - they do not plan to retire at all.
For those who plan to continue with work at and beyond the age when others usually retire, the reasons are multifold. The Harris Poll lists them as such in decreasing order of likeliness - stimulation, occupying one’s time, being independent, and getting to experience fulfillment or enjoyment. Indeed, The Harris Poll is not the only source that reports a trend of moving away from retirement.
A 2023 report by the Pew Research Center estimated that about 20% of American senior citizens were still part of the workforce. This is almost double the about 10% of senior citizens who continued to work in the 1980s. Here, too, the Pew Research Center attributes this to a feeling of financial insecurity that obstructs older Americans from leaving the workforce. Adding to this is the increasing American lifespan. Life expectancies have gone up, and the longer a person lives, the more money they require to sustain themselves.
In a surprise move, rather than shunning the involvement of older individuals in the workforce, many companies in corporate America have embraced it open-heartedly. Names such as The Boeing Company (NYSE:BA), Microsoft Corporation (NASDAQ:MSFT), General Motors Co (NYSE:GM), and Marriott International, Inc. (NASDAQ:MAR) are among the frontrunners in the movement to embrace the older work population. While each company follows its own policy and accommodates senior workers differently, the result is the same - staying at work after 65 becomes easier.
For instance, Marriott International, Inc. (NASDAQ:MAR) provides the opportunity to create more flexible work schedules, whereas Microsoft Corporation (NASDAQ:MSFT) does not penalize worker benefits as they transition to part-time. As for The Boeing Company (NYSE:BA) and General Motors Co (NYSE:GM), both companies have launched re-entry programs which are aimed at older individuals who have left the workforce and are looking to rejoin.
It is natural then that when the time to retire does finally roll around, it is more sacred than ever. Many retirees search for the best places to retire in the US - which includes popular choices such as Melbourne and Fort Myers in Florida. Another popular retirement option is the state of Maine. In fact, Senior Living places Maine as the state with the highest ratio of older residents in its population - almost 44% of Maine’s population is in the 50 and above age range.
To facilitate present and potential retirees in navigating the move to Maine state, we have compiled a list of the 15 best places to retire in Maine.
Methodology
To compile this list of the 15 best places to retire in Maine, we consulted several sources including our list of 15 Cities in the Northeast to Retire on $3000 a Month, Niche, The Travel, Movoto, NewHomeSource, Unbiased, Planswell, Kiplinger, amongst others. Once a list of places was compiled, we ranked them across multiple factors, namely, their cost of living, their livability scores, and their median house price. For this article, livability scores were taken from Area Vibes, and median house prices were taken from Redfin Corporation (NASDAQ:RDFN) and Realtor, whereas the cost of living index was Insider Monkey’s own. Our cost of living index covers housing, utilities, food, transport, taxes, and healthcare, where an index score of 100 depicts the US national average. A cumulative score was then assigned to each place - livability scores were given a double weightage - with the 15 highest-scoring places making our list of the 15 best places to retire in Maine.
For places that gained an equal score, their cost of living index was used as a tie-breaker. The resulting list is presented in ascending order. By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the 15 best places to retire in Maine:
15. Norridgewock
Insider Monkey Score: 65
Livability: 64
IM Cost of Living Index: 89.7
Median House Price: $225,000
Our first pick for the best places to retire in Maine is none other than the Somerset County town of Norridgewock. A small town with a population of less than 3,500 as per the last United States Census, Norridgewock is ideal for retirees looking to slow down and relax during their Golden Years. Residents can delight in the town’s range of dining options, including Six Penny Jug and Fredericks’s Dar-I-Whip.
14. Kennebunk
Insider Monkey Score: 70
Livability: 79
IM Cost of Living Index: 111.3
Median House Price: $397,500
While relatively on the expensive side due to its higher cost of living, Kennebunk in York County doesn’t disappoint as a retirement-time pick. In fact, it’s one of the best places to live in Maine. A popular tourist spot due to its seaside nature, Kennebunk boasts a variety of seafood-based restaurants, art galleries, and souvenir sellers. The town’s residents can also access healthcare services at the SMHC Health Center and can visit a larger facility in nearby Biddeford.
13. Auburn
Insider Monkey Score: 73
Livability: 76
IM Cost of Living Index: 93.9
Median House Price: $300,650
Located in south-central Maine, Auburn is one half of the twin cities Lewiston-Auburn. Set in Androscoggin County, the city boasts a community of friendly and caring residents - perfect for a warm and pleasant retirement experience. Residents can visit Mount Apatite Park, Fox Ridge Golf Club, and the Side By Each Brewing Co. brewery.
12. Houlton
Insider Monkey Score: 78
Livability: 70
IM Cost of Living Index: 83.6
Median House Price: $199,500
With a cost of living that is 16.4% lower than the national average and a median house price that is below the $200,000 mark, Houlton is one of the best places to retire in Maine on a budget. Located in Aroostook County, Houlton is part of the United States-Canada border with the Houlton-Woodstock Border Crossing being east of the town. The town also boasts a number of leisure outlets, including the Temple Theatre, the Houlton Riverfront Park, and the Houlton Community Farmers' Market.
11. Waterville
Insider Monkey Score: 79
Livability: 73
IM Cost of Living Index: 92.3
Median House Price: $170,000
Waterville is one of the best places to retire in Maine for retirees, given its low cost of living, access to greenery, and peaceful environment. A college town, Waterville is home to two universities - Colby College and Thomas College - earning it the title of ‘The University City of Maine’. A beautiful retirement destination, the city is rich with an abundance of elm trees.
10. Caribou
Insider Monkey Score: 80
Livability: 73
IM Cost of Living Index: 83.1
Median House Price: $244,500
Our second Aroostook County pick, the city of Caribou claims the tenth spot on our list of best places to retire in Maine. A small city, Caribou held a population of under 7,500 at the time of the last United States Census. A place that experiences all the seasons, the city is known for its year-round tourist attractions. People from all over the States flock to Caribou for its summer beauty and winter sports.
9. Saco
Insider Monkey Score: 82
Livability: 82
IM Cost of Living Index: 107
Median House Price: $526,000
Next up is the York County city of Saco. A picturesque city, residents can revel in the area’s many recreational options such as hiking, kayaking, fishing, and biking. Saco is also near the stunning Ferry Beach which boasts clear waters and golden sand - perfect for a lazy day out in the sun.
8. Rumford
Insider Monkey Score: 84
Livability: 75
IM Cost of Living Index: 87.4
Median House Price: $215,000
Originally known as New Pennacook, the name of the town was later changed to Rumford. The town’s most prominent offering is the Black Mountain of Maine ski resort which hosts hoards of competitors for national and international events. Skiing isn’t the only attraction in Rumford. Residents can also visit the Hosmer Field Athletic Complex, Rumford Falls, and the Hotel Rumford restaurant.
7. Westbrook
Insider Monkey Score: 85
Livability: 83
IM Cost of Living Index: 110.5
Median House Price: $458,277
A Cumberland County pick is next up on our list. Although the city of Westbrook experiences a cost of living that is over 10% higher than the national average, it’s still a considerable retirement spot given how great the place is. Better yet, the smart retiree can also make do with less in the city - for instance, Zumper lists Westbrook rentals for as low as $751 a month.
6. Sanford
Insider Monkey Score: 85
Livability: 80
IM Cost of Living Index: 104.3
Median House Price: $330,000
Set on the Mousam River, the city of Sanford offers residents majestic water views. Among the city’s best features is its many lakes that act as a major attraction point for avid campers. A relatively small city, Sanford offers its residents peaceful and content living that will make for a great retirement period.
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Disclosure: none. 15 Best Places to Retire in Maine is originally published on Insider Monkey.
