Maine Among the 6 Worst States in the US for Retirees

Retirement is supposed to be the golden years, but for many Mainers, it’s looking more like tarnished bronze.

According to Investopedia, 55 percent of Americans worry about affording a financially secure retirement.

To make matters worse, a recent AARP survey revealed that 20 percent of adults aged 50+ have zero retirement savings.

I feel like I've been hearing about this more and more, and it's pretty concerning if you think about it.

For those eyeing a change of scenery to stretch their retirement dollars, Maine’s affordability might not be as dreamy as we’d hope. Investopedia also states that Maine ranks as the 15th most expensive state to live in, thanks to its ninth-highest tax rate, according to 2022 data.

The Maine Development Foundation pegs our tax burden at a whopping 12.4 percent. Estate tax rates range from 8 percent to 12 percent (because even in death, the state gets a cut), and property taxes hit $2,821 per capita, landing Maine among the highest in the country.

The good news? Investopedia says that Social Security income isn’t taxed here. But before you pop the champagne, remember that other retirement income can be taxed at rates as high as 7.15 percent. Ouch.

So, is Maine the best spot to spend your golden years?

That depends on your budget.

Otherwise, maybe keep an eye on Tennessee, Wyoming or Georgia, as you will see are among the most affordable for retirees according to Investopedia's recent data that was compiled.

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