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Retirement Planning in Somerset County, ME

What does it take to retire comfortably in Somerset County? Here are the numbers.

Median Income

$53,527

Retirement Income (80%)

$42,822

Est. Nest Egg Needed

$602,200

Cost of Living Index

82

Retirement Income Analysis

Income Needs (Annual)

Target Income (80% rule)$42,822
Est. Social Security$18,734
Annual Income Gap$24,088

Housing Costs

Median Rent$849/mo
Annual Housing$10,188
Property Tax Rate1.2%
Median Home Value$150,500

About Somerset County, Maine

Somerset County in Maine has a median household income of $53,527 and a homeownership rate of 76.8%. Using the 4% rule, retirees in this county would need approximately $602,200 in savings to cover the gap between Social Security and their target retirement income.

These are estimates based on county-level medians. Your actual retirement needs depend on your specific income, expenses, healthcare costs, Social Security benefits, and investment portfolio. Use our calculator for a personalized Monte Carlo analysis.

Plan Your Retirement in Somerset County

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Other Counties in Maine

Cumberland CountyYork CountyPenobscot CountyKennebec CountyAndroscoggin CountyAroostook CountyOxford CountyHancock County

County-level data from U.S. Census Bureau American Community Survey (ACS) 2022 5-Year Estimates. Additional sources: SSA, BLS. Estimates based on county-level medians and the 4% withdrawal rule. This is not financial advice.