retirement

Why Easton, Md., Is a Great Place to Retire

In Easton, you don't have to own waterfront property to enjoy the majestic Chesapeake Bay.

Population: 16,500

Nearest large cities: Baltimore; Washington, D.C.

What $300,000 will buy: 3-bedroom, 2.5-bath renovated farmhouse with wood floors, updated kitchen

The median home price in Talbot County is about $290,000, and the median annual property tax is $1,905, one of the lowest in Maryland. Prices here haven’t shot up, and there are plenty of homes on the market. In the Messners’ community, prices range from $300,000 to nearly $400,000. Homes along the sought-after Oxford Road corridor, including Cooke’s Hope, a planned community, run from the $500s to $1.2 million. Waterfront properties start at about $550,000. Vacation-home owners from Washington, D.C., and Baltimore, each about an hour and a half’s drive away, often move here full-time in retirement, but the area is increasingly attracting retirees from the Northeast, too, says Chuck Mangold, a real estate agent.

And you don’t have to own waterfront property to own a boat. The county has about 20 marinas, where a slip will cost from $2,000 to $6,000 annually. Or skip the expense of a boat altogether. “The most important thing is to have friends with a boat, not to have a boat,” says Cassandra Vanhooser, director of Economic Development and Tourism for Talbot County.

The local health care system is anchored by the not-for-profit University of Maryland Shore Regional Health. Although you can find any specialist you need locally, residents can also get care at the Johns Hopkins Medicine health system in Baltimore or the MedStar Georgetown and George Washington hospitals in D.C. Locals typically fly out of Baltimore-Washington International Airport, and they can get there easily via the BayRunner shuttle.

Maryland doesn’t tax Social Security benefits, but its income tax rate maxes out at 5.75%. Seniors may qualify for a pension exclusion, which is worth up to $29,000. Maryland imposes a tax on estates exceeding $3 million for 2017; the threshold will rise to $4 million in 2018. The state also has an inheritance tax, but spouses, children and siblings are exempt.

Most Popular

Tax Wrinkles for Work-at-Home Employees During COVID-19
taxes

Tax Wrinkles for Work-at-Home Employees During COVID-19

Are your home office expenses deductible? How does going out of state to work for a while affect your tax picture? There are some interesting wrinkles…
November 9, 2020
Retirement: It All Starts with a Budget
personal finance

Retirement: It All Starts with a Budget

When you’re meeting with your financial planner, do you talk about your budget? If not, you should.
November 10, 2020
Will Joe Biden Raise YOUR Taxes?
taxes

Will Joe Biden Raise YOUR Taxes?

During the campaign, Joe Biden promised that he would raise taxes for some people. Will you be one of them?
November 10, 2020

Recommended

The Best T. Rowe Price Funds for 401(k) Retirement Savers
Kiplinger's Investing Outlook

The Best T. Rowe Price Funds for 401(k) Retirement Savers

A dozen T. Rowe Price mutual funds also have a place among the nation's most popular 401(k) retirement products. Find out which funds belong in your r…
November 27, 2020
The Best Fidelity Funds for 401(k) Retirement Savers
Investing for Income

The Best Fidelity Funds for 401(k) Retirement Savers

Fidelity funds are renowned for their managers' stock-picking prowess. We rate Fidelity's best actively managed funds that are popular in 401(k) plans…
November 27, 2020
The Best Vanguard Funds for 401(k) Retirement Savers
mutual funds

The Best Vanguard Funds for 401(k) Retirement Savers

Vanguard funds account for a third of the 100 most popular 401(k) retirement products. We rank Vanguard's best actively managed funds, including its t…
November 27, 2020
How to Turn Your Retirement Savings into Retirement Income
retirement

How to Turn Your Retirement Savings into Retirement Income

Your retirement income plan starts with a primer on Income Allocation planning, my method of creating a reliable stream of income big enough and stead…
November 27, 2020