Population: 16,646
Cost of living: Not available
Median home price: $147,000
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
College perk: Amateur musicians, including retirees, can audition for the Colby Symphony Orchestra and Wind Ensemble.
This quiet New England town on the Kennebec River is getting a boost from its collegiate partner. Colby College, founded in 1813, is taking a renewed interest in its hometown as both city and college seek to attract newcomers and retain residents. Last fall, Colby opened a mixed-use building that serves as a residence complex for students and faculty and a meeting space for city employees and other groups. Colby also financed a new downtown hotel and arts center, which are scheduled to open in late 2020 and 2022, respectively.
Culturally minded retirees can visit the Colby College Museum of Art for free, while amateur musicians can audition for the Colby Symphony Orchestra and Wind Ensemble. Waterville also has a nine-hole municipal golf course open from mid April to late October. Skiers can check out Quarry Road, with more than eight miles of trails, located just two miles outside of downtown. Northern Light Inland Hospital, on the grounds of the Lakewood Continuing Care Center, offers primary care and received a 4-star rating from Medicare.
Housing is considerably more affordable than it is in Portland, where luxury units in the downtown area go for $600,000 and up. In Waterville, single-family homes with two bedrooms and two baths are available for about $140,000.
Maine offers a property tax credit of $300 for eligible residents who are 65 or older. Retirees can deduct up to $10,000 in income from retirement plans and pensions, but income that exceeds that threshold is taxed at rates of up to 7.15%. Social Security is exempt from state income taxes.
For population figures, we used the most recent U.S. Census Bureau data. Cost-of-living data comes from the Council for Community and Economic Research (100 represents the national median). Median home prices were provided by Redfin, Zillow and local associations of Realtors.
-
What Happens Financially When You Work One More Year?The impact of saving more, spending less later and benefiting from an extra year or more of compounding can be truly staggering.
-
Seven Ways to Spend Your Tax RefundYou may want to splurge, but using your tax refund to save for the future or pay down debt is a much better idea — even if not as fun.
-
403(b) Contribution Limits for 2024retirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
-
SEP IRA Contribution Limits for 2024SEP IRA A good option for small business owners, SEP IRAs allow individual annual contributions of as much as $69,000 a year.
-
Roth IRA Contribution Limits for 2024Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
-
SIMPLE IRA Contribution Limits for 2024simple IRA The maximum amount workers at small businesses can contribute to a SIMPLE IRA increased by $500 for 2024.
-
457 Contribution Limits for 2024retirement plans State and local government workers can contribute more to their 457 plans in 2024 than in 2023.
-
Roth 401(k) Contribution Limits for 2024retirement plans The Roth 401(k) contribution limit for 2024 is increasing, and workers who are 50 and older can save even more.
-
Best Foreclosure Sites for Finding PropertiesMaking Your Money Last Wondering how to find foreclosed homes for sale for your next residence or to flip for a profit? These websites will guide you to foreclosures and real estate-owned properties to buy.
-
Luxury Home Prices Rise as the Rich Dodge High Mortgage RatesLuxury home prices rose 9% to the highest third-quarter level on record, Redfin reports, growing nearly three times faster than non-luxury prices.
