Retire in Camden

Affordability

Find out how much it costs to live in Camden.

Cost of Living

It's a northeastern town, so you should immediately keep low tax expectations in check. While it doesn't have the worst tax situation partially due to no social security tax, the situation in Maine certainly isn't great either thanks to the high state income taxes and estate taxes. Couple that with the high cost of living in Camden, and you'll probably need to save just a bit more when retiring in Camden.

Kiplinger Rating:

Not Tax Friendly

State Income Tax:

6.5-7.95%

Social Security Tax?

None

County + State Sales Tax

5.5%

Property Tax Rate *

1.1%

Property Tax Ranking (County Property Tax rank out of 2,773, higher rank=lower rate) *

1033

* 2008-2010

Cost of Living Index (100=average):

115.8

Housing + transportation costs as % of income:

58%

Tax Details

State Sales Tax Breaks for Seniors:

None

Pensions Taxed?

Mixed

Tax burden: % income going to state and local taxes:

10.2%

Inheritance and estate taxes (per Kiplinger):

Maine has no inheritance tax. In 2013, the estate tax exemption level rose to $2 million, and estate tax rates range from 8% to 12%.

Taxing of other retirement income (per Kiplinger):

Mixed

Property Tax Break for Seniors (per Kiplinger):

A veterans' exemption of $6,000 is available to those who served during a recognized war period, are 62 or older, are receiving 100% disability as a veteran or became 100% disabled while serving. Paraplegic veterans who received a federal grant for a specially adapted housing unit may receive a $50,000 exemption._x000D__x000D_Those age 65 or older who qualify for the Maine Residents Property Tax Fairness Credit can receive a credit of up to $900, $300 more than those younger than 65._x000D__x000D_A senior citizen property tax credit for volunteer service is available. A municipality may adopt an ordinance to allow resident homeowners who are at least 60 years old to earn up to $750 in benefits by volunteering to provide services to the municipality. The benefits are not subject to Maine income tax.

 

For more detailed tax information from Kiplinger, visit www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/

Real Estate

eRetirements has partnered with a network of over 12,500 top performing Realtors covering 91% of the United States. These Realtors will show you around town, assist you in viewing properties, and provide you with local info that would be nearly impossible to discover on your own.

Real Estate overview not available for Camden

To learn more about real estate in Camden book a visit and we'll help you find the right place to live.

Work Potential

While Camden doesn't appear to be growing at a fast rate, working seems to be in fashion for those in their retirement years. Almost 25% of those over 65 are employed full or part-time.

  • Area
  • National Average

5 Largest Companies

GDP Growth Last 3 Years

6.5%

Income Growth Last 3 Years

11.9%

Employment Growth Last 3 Years

2.7%

Top Industries Hiring

  • Manufacturing
  • Accommodation and food services
  • Professional, scientific, and technical services
  • Other services, except public administration
  • Forestry, fishing, and related activities

Breakdown Fulltime vs Part Time over 65 (%)

  • Part Time over 65
  • Full Time Over 65

Occupation Breakdown (%)

  • Management, Business, Science & Arts (MBSA)
  • Natural Resources, Contruction & Maintenance (NRCM)
  • Production, Transportation, Materials & Moving (PTMM)
  • Sales & Office (S&O)
  • Service

Didn't find what you're looking for? Ask the community a question.