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V O L . X X I X N O. X X I § 2 SEPTEMBER 18, 2023 12 SeniorSmart Let us help you write your next chapter. For the life you choose. At Norway Savings Asset Management Group, it's not necessarily the size of your nest egg we care about — it's the story behind it. Your planning decisions are a reflection of your values and your future. They're about the choices you've made to get here, and your vision for what comes next. We take the responsibility of protecting your financial future incredibly seriously. We make sure your story lives on. 207.482.7920 norwaysavings.bank N ot F DIC I n su red • N o B a n k G ua ra ntee • M ay Lose Va lue F or people mulling a move to Maine for retirement, there are some financial consider- ations that might not come up in other states. Here's a brief overview of some of the things you can expect mov- ing to Maine. As far as choosing a city or town, AARP Maine State Director Noël Bonam suggests that people con- sider one of Maine's designated age- friendly communities, "where there is an existing local effort to help peo- ple age and thrive in place." "Additionally, look for commu- nities that provide opportunities for civic engagement, which does add much value to one's quality of life," he says. e AARP lists 733 age-friendly states and communities nationwide. Maine has more than 80 cities and towns designated as age-friendly. As far as taxes are concerned, Jill Hibyan of F.L.Putnam Investment Management Co. suggests the fol- lowing to avoid being taxed in two states after relocating: Assert res- idency by changing your driver's license, updating your car registra- tion, registering to vote and cancel- ing your voter registration in your former state once you're in Maine. "High tax states including Cali- fornia, Connecticut and New York can be aggressive with resident audits and may challenge changes to an individual's legal and tax home (also known as a domicile) if they believe the individual still has ties to their former state," she warns. Rebecca Burchill, managing direc- tor of financial planning at Lebel & Harriman in Falmouth, notes that nursing care can be pricier in Maine, "which can increase the potential benefit of long-term care insurance." For financial planning, Burchill suggests working with a Maine- based estate attorney familiar with the state's laws and tax codes since requirements vary widely by state. Mic hel le Romano, L ebel & Harriman managing director of investments, adds, "Higher taxes and a more expensive cost of living could be potential minuses but with proper financial planning this could be addressed. e changes people make today could help to overcome these hurdles to realize the dream of moving to Maine." Maine has a few unexpected expenses that should be considered as well. "ere are many states where you don't have to get your car inspected, so that 's an added expense," says Mackenzie Arsenault, principal at Cornerstone Financial Planning in Portland. People coming from warmer climates should also be pre- pared for heating and snow-plow bills — "all those fun things you have to do in Maine," she says. R e n e e C o r d e s , M a i n e b i z s e n i o r w r ite r, c an be r ea ched at r cor de s @ m a i n e b i z . b i z a n d @ r s c o r d e s Moving to Maine for retirement: A few pointers B y R e n e e C o r d e s