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.
-
Stock Market Today: Cautious Investors Let Stocks Drift LowerMarkets weigh encouraging trends for earnings and tariffs against concerning signals from U.S. consumers.
-
A Smart Way to Combat Economic RollercoastersSavings With rates on CDs remaining high for now, a CD ladder allows you to maximize your returns with flexibility to your cash when you need it.
-
457 Plan Contribution Limits for 2025Retirement plans There are higher 457 plan contribution limits for state and local government workers in 2025. That's good news for state and local government employees.
-
Medicare Basics: 12 Things You Need to KnowMedicare There's Medicare Part A, Part B, Part D, Medigap plans, Medicare Advantage plans and so on. We sort out the confusion about signing up for Medicare — and much more.
-
The Seven Worst Assets to Leave Your Kids or Grandkidsinheritance Leaving these assets to your loved ones may be more trouble than it’s worth. Here's how to avoid adding to their grief after you're gone.
-
SEP IRA Contribution Limits for 2025SEP IRA A good option for small business owners, SEP IRAs allow individual annual contributions of as much as $70,000 in 2025, up from $69,000 in 2024.
-
Roth IRA Contribution Limits for 2025Roth IRAs Roth IRA contribution limits have gone up. Here's what you need to know.
-
SIMPLE IRA Contribution Limits for 2025simple IRA The SIMPLE IRA contribution limit increased by $500 for 2025. Workers at small businesses can contribute up to $16,500 or $20,000 if 50 or over and $21,750 if 60-63.
-
457 Contribution Limits for 2024
retirement plans State and local government workers can contribute more to their 457 plans in 2024 than in 2023.
-
Roth 401(k) Contribution Limits for 2025retirement plans The Roth 401(k) contribution limit for 2025 increased, and workers who are 50 and older can save even more.
