For the more than 36 million Americans who will turn 65 in the coming decade, the best cities and towns to retire in now have a much higher bar to clear: They can't just be great places -- they have to be affordable. Each week, SmartMoney.com tours a different state to find less-expensive alternatives to the most well-known golden year destinations.
Think Maine and you'll probably conjure up presidential dynasties and America's old-money elite. After all, the Rockefellers, who favor Mount Desert Island, the Bushes, who frequent Kennebunkport and thousands of uber-rich American families summer and retire on the Maine coast. The Pine Tree State's exclusive enclaves have prices to match. The cost of living in Kennebunkport, for example, is 50% higher than the national average and the median home costs $455,600. And that doesn't come close to the seven-figure price tags that waterfront properties often fetch.
Also SeeRetire Here, Not There: State-by-State Forget your parents' retirement destinations. These less-known gems offer lower prices and peppy economies.
But residents and advisers say that snobby facade is misleading. This mostly humble New England state offers plenty of good deals and coastal charms. In fact, Maine is a study in topographic contrasts, with jagged coastline, rolling, snow-capped mountains and dense forests cut by crisp waterways. That means plenty of sailing, kayaking, swimming, hiking, skiing and snowshoeing. "There's no shortage of things to do to stay active," says Michael Goldman, managing member of Wealth Gathering in Portland, Maine. Plus, the state as a whole offers a reasonable cost of living (it's just 0.5% higher than the national average, according to Sperling's Best Places), down-to-earth Yankee neighbors and safe cities and towns, he adds.
Maine does have some downsides. The state also levies an income tax as high as 8.5% and advisers say the property taxes can be significant. And obviously, the state can't match the year-round pleasures of some other retirement hotspots. Temperatures in winter often hold steady in the 20s and even during the dog days of August, the ocean can be, well, bracing.
Still, residents say the state's pluses outweigh the negatives for retirees. Here are four towns they recommend checking out.
Portland: For the aging hippieLike the Oregon city by the same name, this town broadcasts a decidedly bohemian vibe, including urban farming, locavore restaurants, and left-leaning politics. Consider, for instance, that this is the hometown of John Eder, the nation's highest-level elected member of the Green Party. (He served on the Maine Legislature for two terms in the early- and mid-2000s and is still working to advance environmental and social justice.) And it's the kind of place where abandoned buildings are turned into eco-friendly spas, where restaurants serve food grown out back and where residents are all about live music, local poets and conservation. In short, Portland is perfect for the retiring baby boomer who wants to stay hip and keep changing the world.
By the numbers- Population: 62,131
- Median home cost: $215,000
- Cost of living: 10% higher than average
- Unemployment: 6.5%
- Source: Sperling's Best Places
Retirees wishing to keep working or reinvent themselves with a second career should take note of the Portland area's low 6.5% unemployment rate. Employers such as the Maine Medical Center and L.L. Bean as well as ample small business opportunities help keep joblessness in check. Portland natives like to frequent local businesses rather than chains, which is one of the reasons this town is good for small business owners, says Ally Goddard, the public relations and special events manager for the Greater Portland Convention & Visitors Bureau.
Many of Portland's entrepreneurs and residents are drawn to the city's thriving restaurant scene. When Bon Appetit named Portland one of the "foodiest small towns in America" in 2009, the culinary magazine confirmed what locals already knew: Portland serves up some great eats. "Almost all of the restaurants are privately owned -- a lot of them by chefs -- and so they are all unique," says Goddard. Currently, there's a big push towards restaurants serving reasonably-priced and locally-sourced foods, so you'll eat seafood right out of the Atlantic and veggies from nearby gardens and farms, says Goddard.
Furthermore, Portland is very close to Sebago Lake and dozens of coastal islands, which draw residents and tourists alike. Two large hospitals and a major airport serve the area.
Getty Images Bangor: For the adventurous art loverOne stroll through Bangor and visitors immediately understand where part-time resident and best-selling novelist Stephen King gets his haunting inspiration. There are a smattering of Gothic-style churches that date back to the 1800s, abandoned remnants of the once-thriving lumber industry and a distinct chilliness in the air. Bangor is located smack in the middle of the state on the Penobscot River, just three hours from Canada.
By the numbers- Population: 32,004
- Median home cost: $131,900
- Cost of living: 2.2% lower than average
- Unemployment: 7.6%
- Source: Sperling's Best Places
Creepy or not, this town is devoted to arts, letters and culture. Retirees enjoy year-round concerts by the Bangor Symphony Orchestra, live drama at the Penobscot Theater and the University of Maine's Collins Center and art exhibits at the University of Maine Museum of Art, which has a permanent collection of more than 6,000 pieces. The city also hosts the American Folk Festival and the Bangor Book Festival each year, as well as several art walks during spring and summer in which galleries around the city open their doors to residents and visitors. While the city attracts mainstream artists such as Reba McEntire and the Beach Boys to its headline events, it also celebrates lesser-known and sometimes oddball talent: For example, the mission of the KahBang Music & Art Festival, a nine-day summer shindig, is dedicated to showcasing independent artists in music, art and film. The festival hosts viral video stars and lesser known musical acts like the Gay Blades and Killing Moon.
History buffs delight in the 19th century architecture that lines the city -- a relic of Bangor's once-booming days as a lumber giant. There are volunteer opportunities in the arts and in the community in general, says Jessica Donahue, the director of marketing and promotions at the Greater Bangor Convention & Visitors Bureau. Retirees can volunteer to help with events such as the annual Wheels on the Waterfront antique and modern car show or they can become a Maine Troop Greeter. (The Bangor Airport is often the first touch-down point for the troops returning from war).
Bangor is also known as the gateway to the Maine Highlands Region due to its close proximity to the renowned Acadia National Park and Baxter State Park, both of which are just 90 minutes away. The town is nestled amid a dense crop of trees and sits on the banks of the Penobscot River. The surrounding areas are known for quality snowmobiling, snow-shoeing, cross country skiing, dog-sledding and snow-tubing. The latter, in which one slides down a snowy chute in an inner tube is great for the grandkids. Warmer weather brings a birdwatchers' paradise. A variety of species including the red-winged blackbird, the bobolink and the bluebird can be spotted at the nearby Field Pond Audubon Center, the West Penjajawoc Grasslands, the Hirundo Wildlife Refuge and Sunkhaze Meadows National Wildlife Refuge. The town has a small airport, which offers direct flights to only a few major cities. But it does have a major hospital.
Wikimedia CommonsDowntown Bangor
Bath: For the Maritime loverOffering the quintessential New England living, Bath, known as the "City of Ships," has a centuries-long maritime legacy. Located on the Kennebec River, this port town was one of the leading shipbuilding areas in 19th century America -- in fact, a small number of ships are still built in this town. Bath did an excellent job preserving its 19th century architecture and it has a number of notable maritime landmarks. In 2005, the National Trust for Historic Preservation named Bath one of "America's Dozen Distinctive Destinations" and this year, it is a top-five finalist for the organization's "Great American Main Street Award." The Bath Iron Works, the most famous shipyard in the area, and the Bath Maritime Museum, are popular with residents and tourists alike.
By the numbers- Population: 8,807
- Median home cost: $156,000
- Cost of living: 1.1% higher than average
- Unemployment: 7.7%
- Source: Sperling's Best Places
Maritime history buffs will find plenty of outlets, says Jennifer Geiger, the director of Main Street Bath, which promotes tourism in the area. The Maritime Museum offers a volunteer docent program and volunteers for the Sagadahoc Preservation organization work to preserve the historic buildings in the area. Retirees also like Bath's proximity to Bowdoin College, which hosts speakers and cultural events anyone can attend. Bath is also a perfect jumping off point to explore Maine's coastline, says Geiger. Reid State Park and Popham State park, which have some of the best beaches in the state, are both only 25 minutes away.
The downsides? The nearest major airport is 45 minutes away in Portland. The area does have a hospital, but residents may need to travel to Portland to see a specialist.
Bethel: For the down-to-earth outdoors typeThis town has the polar opposite vibe of the wealthy coastal enclaves like Ogunquit and York. Located in the Mahoosuc Mountains of western Maine, along the Androscoggin River, here it's all about hiking boots, fishing poles, skis and taking in the crisp air. In winter, the big outdoor attraction is the Sunday River ski area, which has 128 trails. The rest of the year is a toss-up between canoeing, kayaking, fishing and hiking.
By the numbers- Population: 2,700
- Median home cost: $157,800
- Cost of living: 1.5% higher than average
- Unemployment: 11.3%
- Source: Sperling's Best Places
"We have quite a few retirees who have moved here in the past 15 years or so," says Robin Zinchuk, the executive director of the Bethel-Area Chamber of Commerce. "They come for the active lifestyle but also because they come from places that are hectic and busy and they want the community feeling that Bethel offers." Indeed, in this tiny town "people gather at the post office and grocery store, they know one another's names and they say hello," she adds. The Western Mountain Senior College offers continuing education to hundreds of retirees in the area. And seniors also like to volunteer for one of the area's many conservation initiatives such as the Mahoosuc Land Trust, an undeveloped track of land with protected species of plant and wildlife.
A word of caution: Homes right near the Sunday River Ski Resort cost far more than usual small-town prices, easily topping $500,000. And as for the town itself, it's tiny. A single red-blinking light reminds people to slow down to pass just two chain stores -- a small Dunkin Donuts and a Rite-Aid. The nearest Wal-Mart is 35 miles away. The remote location makes flying into and out of the area tough. The nearest major airport is in Augusta, Maine, 50 miles away.
Getty ImagesSkiing at Sunday River Ski Resort in Bethel
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