Vermont vs Maine for Retirement (Gorham, Bethel: sales, rent, buying a home)

[RobSg]

Hi all,
I have been asking questions on the Vermont Forum, and the responses I'm getting are quite negative for living in Vermont, and mostly it relates to the very high taxes on just about everything. I love the countryside, but you really pay for it in taxes, and I just wonder if it is all worth it.

I have spent most of my life teaching in international schools overseas, and I now wish to settle in the States, but it's rather important that I be very near Montreal, Canada, as I have very close (almost family) friends there. I know Northern Maine borders Canada, and I see that as possible locations to semiretire and work. I'll be upfront about my finances, and I'd appreciate any comments positive or negative concerning taxes, taxes on my retirement income, property taxes, cost of living, and part-time work possibilities.

I have a retirement plan that will give me $62,000+ with a 2% COLA, but I will most likely start lower at $50,000 so that in my later years I get a lot more by reinvesting the difference between $50,000 and $62,000. I have maybe $80,000 in the bank to invest in a home. I'm a very qualified science teacher, and really want only part-time work, even out of the education field. I'd spend most likely 6 months in Northern Maine and the rest in Montreal, making frequent trips up there.

What do you think of this? Thank you very much for any comments.

Regards, Rob

[flycessna]

I do not know much about VT except that "along" with Maine...it is rated pretty bad for taxes. I do know that in Maine however you can shop around for towns with lower taxes and that with that kind of an income you shouldn't be too bad for income taxes.

There are always many opportunities for teaching here....at least there have been. I believe in particular there is a shortage for science teachers so I wouldn't be suprised that that part time job subing ..you wouldn't have the opportunity to do it full time.

My personal advise would to get a hold of an state income tax form for each state and fill it out to see what the difference would be. I also would NOT reccomend buying a home right away......The market is real slow in either state......and its always good to just rent for a year so you really get a feel if you like it. good luck

[Mainer61]

Wow..my husband retired from teaching (after 37 years) and gets half that. That's Maine for you.

[mollysmiles]

Rob I think there is a math and science high school in Limestone that may be interested in hearing from you!
Maine Magnet School
This link is for a news release that I found interesting.

Northern Maine, "The County", is a beautiful area. For information on taxes and such for that area the member Bydand would be a great resource. He's on here quite regularly

Good luck with everything and welcome to the Maine forum!

[BacktoNE]

Molly beat me to it, so I'll just say "ditto". I think you will do very well in Maine.

Good luck, and welcome!

[Northern Maine Land Man]

Check out the Kingfield and Bethel, Maine areas. They are as close to Montreal as you'll get in Maine. From Bethel you just head up through Grafton Notch and down into West Stewartstown, NH. Cross into Canada just across the Connecticut River and zip up to Sherbrooke. A quick trip across the Autoroute and you are in Montreal. I used to work up there.

[forest beekeeper]

Originally Posted by RobSg

Hi all, I have been asking questions on the Vermont Forum, and the responses I'm getting are quite negative for living in Vermont, and mostly it relates to the very high taxes on just about everything.

Those Vermont taxes will get to a person. A guy must be aware of those high tax states.

I am retired military. My last duty station was Napoli Italia. We moved to Maine and we are really enjoying it.

Welcome to the Maine sub-forum, I am sure that if you poke around in the threads you will find a wide variety of opinions about Maine. Feel free to bump any of them up and open any can of worms you find.

We are pretty open about our opinions here.

Galen

[kellysmith]

Why not upper New Hampshire? Gorham or Berlin area are just a hop and a skip from Canada. No state tax and no sales tax are two reasons to look there.

[moughie]

New Hampshire is a great suggestion!
Northern New Hampshire is quite similar in many ways to inland Maine and, as kellysmith said no state tax nor sales tax.

[RobSg]

Hi again,
I have been looking at the one website, and I am amazed at the difference in(Taxes by State) tax rates. I honestly believe that I would be somewhat foolish to semi-retire in Vermont based on what I read. For example, my retirement income will be anywhere from $50,000 to $62,000+ depending on my needs. If I retired in Vermont, all of that retirement income is taxed at at least 5%, or maybe even more. In New Hampshire, retirement income is not taxed. In Maine, they exempt $6,000, and the rest is taxed. That's not the greatest incentive to retire in Maine based on taxes. In New York, the state exempts $20,000 from your retirement income.

Maybe the 5% or so is the price you need to pay to live in a beautiful state like Vermont or Maine, but I believe that New Hampshire is just as beautiful. That 5%++ I would be paying for state taxes can be used to travel and save, so I wonder if it is a big deal.

The interesting thing about New Hampshire from what I read is that all income is not taxed, which means the property taxes must be incredibly high. Where does the state gets it's income from? I will read about that, but just wondering now. In Maine, I assume your property yaxes may be a bot lower/

Regards,
Rob