Overall cost differences between Maine and NH when retiring. (Brewer: new home, layoffs)

[Submariner]

Originally Posted by toddack

... Maine is going to end up having higher tax rates on your retirement as Maine simply doesn’t have the companies in the state as NH does. Maine has to make its revenue from somewhere.

I moved to Maine in 2005, since moving to Maine I have not had a high enough income to qualify to pay Maine income taxes. Then a couple years ago our governor made military pensions tax-free in Maine.

[90077]

Of the four ‘tax friendliness’ categories on this site, NH ranks higher than ME:
https://smartasset.com/retirement/retirement-taxes

Here, ME (31) is listed well below NH (4) in retiree tax friendliness:
https://www.gobankingrates.com/retir...tirement-taxes

Detailed info to compare:
https://www.retirementliving.com/tax...sas-new-mexico

Beyond taxes, NH still tops ME overall:
https://www.bankrate.com/retirement/...for-retirement

Maine does have a big advantage over NM in coastline, but only 7% of it is publicly owned:
State of the Beach/State Reports/ME/Beach Access - Beachapedia

You may want to ask your question on the NH forum also to get their take on the subject.

[G1..]

Great thread but one thing I did not see address was health care and the availability of it?

[90077]

Originally Posted by G1..

Great thread but one thing I did not see address was health care and the availability of it?

Rankings vary considerably, but NH tops ME in these lists:

NH at #4 and ME at #5:
https://www.bankrate.com/retirement/...for-retirement

NH at 13, ME at 22:
https://www.usnews.com/news/best-sta...gs/health-care

NH 4, ME 15 (healthcare rank):
https://www.businessinsider.com/best...8-2#8-idaho-43

Gotta take lists like these w/ a grain of salt, of course. YMMV.

[mainer2020]

The higher property taxes in NH vs. lower property taxes in Maine but being taxed on my pension seem to be about equal amounts. Is there something signigant I am missing regarding other taxes in either state? The annual car tax is something I gave never experienced -- does it decrease each year as the value of your car decreases? I'm leaning towards coastal Maine at this point. maybe around the Harpswell area. Thanks

[Submariner]

I feel that my property taxes are very low. Most of my land is in 'treegrowth' and it is taxed $1.05 per acre. My 2400 sq ft house is taxed ~$600/year. The last few years our property taxes have been dropping slightly each year.

My pension is exempted from income taxes.

[ratm136]

Originally Posted by Submariner

My pension is exempted from income taxes.

Is this becuse of the amount or the profession?

[Submariner]

Originally Posted by ratm136

Is this becuse of the amount or the profession?

When I moved to Maine in 2005, I was on military pension. An E6 pension is low enough that it takes very few write-offs to bring your Adjusted Gross Income down below the tripwire to become taxed. We have had some farm income, though usually not very much. A couple years ago LePage made military pensions tax-free in Maine.

For me, being tax-free in Maine has been due to two factors. One is that my pension is low, the other factor is that my pension is now tax-free.

[Northern Maine Land Man]

An economical house keeps your taxes low also. If you are healthy enough to burn your own wood that's a big saving.

[2ner]

Berlin, NH is super cheap in terms of real estate. Bargains across the board. It's at the foot of the White Mountains... and it has a Walmart! Once you get away from the coast, the border with Massachusetts, the Concord area, and Dartmouth College, NH suddenly becomes cost effective vis-à-vis Maine, especially given NH's favorable tax policy.

It is smart to have an energy efficient home. It makes all the difference in winter.