Is Massachusetts a Good Place to Retire?
If you enjoy walkable cities that offer plenty of entertainment opportunities, Massachusetts might be a good fit for you. The state’s waterfront, mountains, and forests also offer many outdoor opportunities.
In this article, we’ll provide you with more details about the benefits and drawbacks of retiring in Massachusetts so you can decide if it might be a good fit for your lifestyle.
Key Takeaways
Massachusetts has a higher cost of living, and housing prices can be especially competitive in urban areas.
Summers can be hot and humid, and winters cold and snowy. If you prefer a more moderate climate, Massachusetts might not be a good fit.
Whether you enjoy exploring museums or prefer spending time outdoors, there’s a lot to do to keep you busy.
What to expect from retiring in Massachusetts
Cold, snowy winters and hot, humid summers are typical in Massachusetts. This presents plenty of opportunities to ski or snowboard at one of Massachusetts’ 13 ski resorts. In the summer, you can cool off at one of Massachusetts’ many beaches or partake in paddling or fishing. Hiking, biking, and golfing are other popular outdoor activities in the area.
If you’re a foodie, Massachusetts has plenty to offer you. Fresh seafood is featured in dishes like New England clam chowder and lobster rolls. Thanks to Massachusetts’ diversity, it’s also easy to find international cuisine. Italian is popular in Boston’s North End and traditional Irish food is offered in local pubs.
Massachusetts’ rich history means that there’s no shortage of places to explore, from the Freedom Trail to the historic home of the Salem Witch Trials. The state fair, regular parades, and festivals give Massachusetts a bit of a small-town feel in an urban environment.
The pros and cons of retiring in Massachusetts
In this section, we’ll take a look at some more specific details about the pros and cons of retiring in Massachusetts.
Pros:
Massachusetts offers tax savings for seniors, such as no taxes on Social Security.
There are lots of opportunities to explore the outdoors, including beaches, state parks, and mountains. Activities like hiking, biking, fishing, and skiing are popular.
Massachusetts has a rich cultural history and engaging walkable cities.
Cons:
Massachusetts has a higher cost of living. The housing market is especially expensive and competitive around major cities like Boston.
Winters can be cold and snowy, which can be harsh for those not used to this type of weather.
Summers can be hot and humid. The bugs can also be a nuisance!
Traffic and parking can be an issue, especially in larger cities like Boston.
How retirement taxes work in Massachusetts
While Massachusetts has some tax advantages for seniors, there are some drawbacks as well.
No Social Security tax: Social Security is not taxed in Massachusetts.
Retirement income taxes: Public pensions are exempt from taxes in Massachusetts. However, retirement income from non-public pensions is not.
Property tax credits: Circuit Breaker Property Tax credits are available in Massachusetts. The maximum credit amount for 2024 was $2,730.
Estate taxes: There are estate taxes in Massachusetts on estates that are valued at $2 million or higher, which is some of the lowest in the country.
No inheritance tax: There is no inheritance tax in Massachusetts.
Property taxes: The average effective property tax rate in Massachusetts is 1.15%. The median annual payment is $5,584.
Is it expensive to live in Massachusetts?
Massachusetts is a more expensive state to live in. The cost of living is 44% higher than the national average. Housing prices are 106% higher than the national average, with the average cost of a home being around $658,000. The average rent is $3,300. However, costs can be less expensive in more rural areas.
Housing and cost of living in Massachusetts
While housing tends to be more expensive in Massachusetts, there are some more affordable locations. For example, the average cost of a house in Pittsfield is about $336,000 and about $290,000 in Springfield. Meanwhile, condos in Boston can be $1 million, and homes in prestigious areas like Nantucket can be $3 million.
Utilities are significantly more than the national average, and grocery prices are slightly higher. Massachusetts’ sales tax is a flat 6.25%, with prescription medications and medical devices being exempt from tax.
How does retiring in Massachusetts compare to New Hampshire or Connecticut?
Massachusetts is a more expensive state to live in, but New Hampshire can be more affordable. Rural Connecticut can also be a more affordable area to live.
However, if you’re looking for a more urban environment with lots of activities to keep you busy, Massachusetts can be a good choice. The more urban environment also makes it easier to access quality healthcare services. On the other hand, if you’re looking for a quieter lifestyle, New Hampshire can be a good choice. Connecticut offers a mix; while there are smaller towns, it’s also a short drive away from the amenities offered in New York.
Best places to retire in Massachusetts
Although Massachusetts can be more expensive, there are also some more affordable places to call home. If you’re looking for a more luxurious retirement, you might consider:
Newton: Known as “The Garden City”, Newton offers a great mix between green spaces and a more urban lifestyle. The city also places a strong focus on offering different activities for seniors.
Cambridge: A walkable city with easy access to Harvard and MIT for learning opportunities. There are also good transit services in the city.
Yarmouth: Located on Cape Cod, Yarmouth offers gorgeous beaches along Cape Cod Bay and Nantucket Sound. Golf courses and hiking trails provide many opportunities to stay active.
If you’re looking for more affordable options that still offer the same engaging lifestyle, options include:
Pittsfield: A small city with a strong community, Pittsfield offers more affordable housing prices. But, the city is still walkable and offers amenities like museums.
Westfield: If you’re looking for a quieter place to call home with larger cities nearby, Westfield can be a good choice. There’s a lower cost of living and easy access to outdoor activities.
North Adams: Located in the Berkshire Mountains, North Adams has picturesque views and a number of hiking trails. It’s also home to one of the largest contemporary arts centers in the country, the Massachusetts Museum of Contemporary Art.
Retirement communities in Massachusetts
If you’re looking for a built-in social community with easy access to amenities and healthcare, you might consider a retirement community. Some popular options include:
Briarwood: If you’re looking to live an active lifestyle, Briarwood’s state-of-the-art wellness center, complete with an indoor pool, sauna & spa, and pickleball courts, will likely appeal to you. Activities like concerts, shopping trips, and craft clubs can help fill out your day. Assisted living and memory care are also available.
Fox Hill Village: Located in Westwood, Fox Hill Village offers a 110-acre campus, complete with hiking trails, resident gardens, a putting green, and a dog park. There are three separate dining areas and plenty of recreational opportunities, including an art studio, floral room, woodworking shop, and a golf simulator. The Health and Wellness Center offers extra support for those with additional health needs.
Brightview: With several locations around the Boston area, Brightview has been reviewed by the U.S. News & World Report as a Best in Senior Living recipient. The facilities offer chef-prepared meals and happy hours, and there are lots of activities to fill your day with, including cooking classes, crafting sessions, game nights, and fitness classes. Assisted living, memory care, and advanced care are also available.
Senior health in Massachusetts
Massachusetts is ranked as the 8th healthiest state in America’s Health Rankings’ Senior Report. The state has a number of highly ranked medical facilities that are easy to access.
Quality of healthcare in Massachusetts
Massachusetts has a number of high-performing healthcare facilities that provide specialized care. These include Massachusetts General Hospital, Brigham and Women’s Hospital, and UMass Memorial Medical Center.
Massachusetts has 24 Aging Services Access Points (ASAP), which can help seniors access services like home care, nutrition programs, and Options Counseling. MassOptions can also help connect you with services.
Medicare in Massachusetts
There are about 1.3 million Medicare beneficiaries in Massachusetts, which make up about 18% of the state’s population. About 71% of these beneficiaries remain on Original Medicare, while 29% have switched to a MA Medicare Advantage plan.
Massachusetts offers Senior Care Options (SCO) for Medicaid-eligible seniors, a health plan that covers the same services as Medicare and Medicaid with no copays. The state also has a Prescription Advantage program, which can help provide prescription drug coverage for individuals who meet certain conditions. This program can work alongside Medicare.
If you want to learn more about Medicare In Massachusetts, speak with a Chapter Medicare Advisor. Call us at (855) 900-2427 or schedule a free consultation.
Retiring in Massachusetts
If you enjoy an urban environment and lots to do, Massachusetts can be a good fit for your retirement. There are also lots of outdoor activities to enjoy thanks to the state’s beaches and mountains.