Advertisement
retirement

Waterville, Me: A Smart Place to Retire

Retirees have access to ample extracurricular activities including music, sports and arts in this Maine town along the Kennebec River, home to Colby College.

Population: 16,646

Cost of living: Not available

Median home price: $147,000

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.

Advertisement - Article continues below

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.

Advertisement
Advertisement

Most Popular

Medicare Basics: 11 Things You Need to Know
Medicare

Medicare Basics: 11 Things You Need to Know

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 --…
September 16, 2020
Election 2020: Joe Biden's Tax Plans
taxes

Election 2020: Joe Biden's Tax Plans

With the economy in trouble, tax policy takes on added importance in the 2020 presidential election. So, let's take a look at what Joe Biden has said …
September 10, 2020
What Trump's Payroll Tax Cut Will Mean for You
Tax Breaks

What Trump's Payroll Tax Cut Will Mean for You

President Trump issued an executive order to suspend the collection of Social Security payroll taxes. How much could it save you?
September 17, 2020

Recommended

25 Small Towns With Big Millionaire Populations
investing

25 Small Towns With Big Millionaire Populations

Large concentrations of high-net-worth households are found in surprising locales across the U.S. Check out the latest list of American small towns te…
September 15, 2020
How to Catch a Rock-Bottom Rate
Buying & Leasing a Car

How to Catch a Rock-Bottom Rate

Rates on everything from home mortgages to car loans are at record lows. We’ll tell you how to qualify for the best rates.
August 27, 2020
Why ‘Rent vs. Buy’ Is the Wrong Question
buying a home

Why ‘Rent vs. Buy’ Is the Wrong Question

The equation for owning a home or renting isn’t as straightforward as it may first appear. The deciding factor for you could come down to something ot…
August 11, 2020
12 Cheapest Small Towns in America 2020
real estate

12 Cheapest Small Towns in America 2020

Affordable small towns aren't necessarily the best places to live for everyone, but each cheap small town on our list has its charms.
August 6, 2020