<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=744595045652628&amp;ev=PageView&amp;noscript=1"> Start Your Dream Retirement Planning In Portland, Maine

Start Your Dream Retirement Planning In Portland, Maine

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ThinkstockPhotos-186285988-048465-editedPlanning for retirement is about more than budgets and logistics. Finding the ideal retirement location to fit your dream lifestyle is important, too. You want a city that provides your ideal lifestyle, without breaking your retirement budget.

Look to Portland, Maine for a retirement city that offers tremendous benefits to its residents.

What Are The Benefits?

Portland has a lot to offer any visitor, not just retirees. When you choose southern Maine for your future retirement spot, look forward to reaping two major benefits.

1) Location: More than just a tourist destination, Portland offers a safe haven of natural beauty. On the scenic coastlines, you’ll experience some of the best ocean views in the country, a great way to entice your family to visit. And as Maine’s largest city, Portland features a lively cultural scene, complete with an arts district, top restaurants and unique shopping. Any retiree would have a busy social calendar in Portland.
 
If you have Portland in mind for your retirement planning, look forward to easy traveling. Many retired Portlanders vacation both nationally and internationally, leaving from Portland International Jetport. Using your retirement income for leisure isn’t hard in this bustling location. 
 
2) Expenses: When you’re planning for retirement, expenses weigh heavily on your mind. You want to choose a location for retirement that marries reasonable living costs and your dream leisure spot.
 
That goal isn’t as hard as you may think. Whether you’re scoping out your dream home on the coast or looking for a comfortable spot in town, it’s easy to find affordable real estate options in and around Portland. Plus, there are opportunities for consulting or pursuing a second career to supplement your retirement income.
 
Although real estate is reasonably priced and there are opportunities for work, you may face a few challenges when retiring in Portland. If you’re coming from out-of-state, budget for higher taxes in your retirement plan. Maine has higher personal income tax rates than many states. However, proposed tax reforms could make life easier on Maine’s retirees in the future.

How Do You Make It Happen?

If you’re asking how to retire in a place like Portland, and how to retire early, you’re not alone. The city has a population of more than 66,000 people, while the metro area has around a half-million residents. Use these steps to determine if Portland is the right location for your retirement.

Step 1: Do your research. If you’re not a local, research is one of the most important parts of your retirement planning. Don’t just research Portland itself. Research important financial markers, like your projected cost of living and taxes. Doing the legwork before you move helps you create a better budget and understand the logistics of moving. With extensive research into the local area, its costs and its culture, you’ll be prepared to attain your dream retirement lifestyle in a new location.

Step 2: Make extended visits. While a place might look good on paper, falling in love with a location requires that you visit it. Plan a visit to Portland, and stay for more than just a weekend. Your visit should be about more than finding nice restaurants and familiarizing yourself with street names. It’s your opportunity to decide if Portland is the right fit for your retirement home. Also, be sure to visit Portland during different seasons. A mild summer may suit you well, but you don’t want to be surprised by harsh winters.

Step 3: Get to know the locals. View your long visit as an opportunity to create business and social connections with locals. From your real estate agent to your banker and local business owners, the more connections you make, the more seamless your transition to Portland becomes. Build those connections and take advantage of their knowledge of the financial climate and community in Portland.

Planning for retirement requires more than crunching numbers to make your retirement income work. It includes finding the best fit for your dream retirement lifestyle, both culturally and financially.

Are you thinking about retiring in Portland, Maine? Speak with a Richard Brothers financial professional now to start your retirement planning.

Free Retirement Planning Consultation 

Richard Brothers Financial Advisors

Topics: Retirement, Retirement Plan, Maine