This article takes a look at the 15 best places to retire in Maryland. If you wish to skip our detailed analysis on navigating retirement living in the US, you may go to 5 Best Places to Retire in Maryland.

The Trouble with Social Security

In America’s retirement landscape, a key component is Social Security. According to an AARP research study, Social Security retirement benefits impact millions of Americans across the country, allowing more than 16 million senior citizens to stay above the poverty line. Citizen sentiments are in line with this, with 71% of Americans regarding Social Security as among the most important running government initiatives.

However, not all agree at the political level. Republican Senator Tommy Tuberville from Alabama recently expressed his concerns about Social Security during a Senate Health, Education, Labor, and Pensions Committee hearing.

“There’s going to be about 150 million people coming up here saying, ‘Where’s our damn money that we paid in? I could have put my Social Security money, 40 years in tax, in [stock] the market and probably be worth $8-to-$10 million today but the federal government wasted it.”

-Tommy Tuberville, Republican Senator from Alabama

While a sum of $8 million may be a reach, there’s no hiding that the Social Security system is financially fraught. There are several reasons for this. For one, life expectancy is now longer. Go back some 90 years to 1935 – the year of the Social Security Act – and UC Berkeley reported life expectancy to stand at 63.9 and 59.9 for women and men, respectively. Today, the Centers for Disease Control and Prevention say that this number has grown to 79.3 and 73.5 for women and men, respectively. These significant growths in life expectancy – while positive – means that Social Security now absorbs and requires more finances than before.

In fact, America’s Social Security system is in a state of deficit – that is, it spends more on benefits and upkeep than it receives in income via interest and taxes.

“Since 2010, Social Security has paid out more in benefits and expenses than it has collected in taxes and other non-interest income.”

-Mark J. Warshawsky, Former Deputy Commissioner for Retirement and Disability Policy at the Social Security Administration

In 2022, the deficit numbered $22.1 billion and this outlook is expected to be the same throughout the 75-year projection period. Over the course of this period, the total funding shortfall is estimated to reach a massive $22.4 trillion.

The Social Security Administration aside, many citizens themselves are unaware of how to maximize their Social Security benefits. Within America’s retirement discourse, there is a big information gap when it comes to Social Security. A recent AARP survey illustrated these findings. Of Americans aged 25 to 66, a sizeable 59% do not possess knowledge about the workings behind Social Security benefits. Many others are not clear on collecting benefits as the dependent spouse of a living individual, as a widower, or as a divorcee. This lack of knowledge often means that deserving individuals are not fully realizing their Social Security benefits, and instead look towards other, corporate means to make do.

As a result, many companies in the corporate world are embracing an older workforce. Companies such as Amazon.com, Inc. (NASDAQ:AMZN) and The Boeing Company (NYSE:BA) are some of the biggest companies that are part of this movement. More specifically, The Boeing Company (NYSE:BA) offers a 12-week Return Flight program that is a paid, return-to-work initiative, whereas Amazon.com, Inc. (NASDAQ:AMZN) has a 16-week paid Returnship with much the same goals.

With the uncertainty regarding Social Security and the rising costs of living, retirees are often divided into two groups – those who can afford a lavish lifestyle, and those who make do on smaller budgets. While most places are labeled welcoming to one or the other, there are some states that hold the best of both – giving each type of retiree something to look forward to. The state of Maryland, for instance, is one such example. Not only does that state pack picturesque landscapes, but it also holds a variety of towns and cities that cover all parts of the scale when it comes to the cost of living. So, whether you’re looking for a budgeted retirement or a more flexible one, you’ll find yourself saying yes to the question ‘Is Maryland a good place for retirees?’

To facilitate present and potential retirees in navigating the move to Maryland state, we have compiled a list of the 15 best places to retire in Maryland.

Methodology

To compile this list of the 15 best places to retire in Maryland, we consulted several sources including our lists of 16 East Coast Cities to Retire on $3000 a Month or Less, 25 Best Places in the US to Retire on $5000 a Month, 20 Best Kept Secret Places to Retire in USA, Acts Retirement-Life Communities, Niche, Movoto, WorldAtlas, and Planswell.

Once a list of places was compiled, we ranked them across multiple factors, namely, cost of living, livability scores, and median house price. For this article, livability scores were taken from Area Vibes, median house prices were taken from Redfin Corporation (NASDAQ:RDFN), and the cost of living index was our own. To ensure that the recommended places were of a suitable living standard and not overly expensive, we removed places with a livability score below 60 and a cost of living index higher than 120. A cumulative score was then assigned – livability scores were given a double weightage – with the 15 highest-scoring places making our list of the 15 best places to retire in Maryland.

For places that gained an equal score, their cost of living index was used as a tie-breaker. The resulting list is presented in ascending order.

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Here are the 15 best places to retire in Maryland:

15. Sykesville

Insider Monkey Score: 60

Livability: 66

Cost of Living Index: 115.7

Median House Price: $327,704

Starting off our list of the best places to retire in Maryland is none other than the Carroll County town of Sykesville. A small town with a population of less than 4,400 as per the last United States Census, Sykesville is the perfect retirement retreat for senior citizens who want to take a break from the city. While the town carries a higher cost of living, its access to nature – particularly the springs – makes the cost well worth it. Residents can visit Millard Cooper Park, catch up on history at The Gate House Museum, or grab lunch at the locally famed Big Belly Deli sandwich shop.

14. Westminster

Insider Monkey Score: 63

Livability: 67

Cost of Living Index: 110.5

Median House Price: $380,000

Our second pick – the city of Westminster – is also located in Carroll County. A college town, Westminster is home to McDaniel College as well as Carroll Community College, making it a great place for retirees who may want to spend their Golden Years near to family. The city boasts all the basic amenities including a hospital, parks, a public swimming pool, access to fresh produce, and a variety of eateries including favorite spots such as Panera Bread and IHOP.

13. Elkton

Insider Monkey Score: 67

Livability: 65

Cost of Living Index: 101.7 

Median House Price: $282,500

Formerly Head of Elk, Elkton is a town in Cecil County. The town is known as the ‘Gretna Green of the East’ and is a popular spot that eloping couples travel to. The town’s reasonable cost of living along with its range of indoor and outdoor activities also make it an ideal retirement spot for older couples or individuals. Some of Elkton’s best features include the Elkton Golf & Batting Center, Detwiler’s Farm Market, and the Elk River Brewing Company brewery.

12. Timonium

Insider Monkey Score: 68

Livability: 75

Cost of Living Index: 105.8

Median House Price: $529,950

If a happening retirement is on your list, then Timonium in Baltimore County is a place worth exploring. Although a small area, Timonium offers retirees the perfect mix of peaceful living and access to activities to fill their days. It is home to the annual Maryland State Fair which is known for its attractions including horse races, dog shows, and concerts. Timonium also has a range of dining options to offer, including the Bluestone Restaurant which specializes in seafood, and the Mezcal Mexican Restaurant & Bar.

11. Ocean City

Insider Monkey Score: 68

Livability: 72

Cost of Living Index: 103.7

Median House Price: $415,000

Up next is one of the best places to retire in Maryland for retirees – the resort town known as Ocean City. Located between the Isle of Wight Bay and the Atlantic Ocean, Ocean City is the perfect spot for senior citizens who desire a waterside retirement. Residents can experience breathtaking coastal beauty and can engage in activities such as kayaking, fishing, and boating. They can also visit the Jolly Roger Amusement Park and the Ripley’s Believe It or Not museum for some much-needed fun.

10. Chestertown

Insider Monkey Score: 69

Livability: 65

Cost of Living Index: 98.1

Median House Price: $258,000

A historic port town, Chestertown is set at Chester River’s head and gets its name from the waterbody. Located in Kent County, about 26.5% of the town’s population falls in the 65 and above age category. Not only does this make it easy for potential retirees to fit into the community, but the town’s peaceful and laid-back nature also makes for pleasant living. There’s lots for residents to busy themselves with, including a farmer’s market, art gallery, and performing arts theater.

9. Easton

Insider Monkey Score: 70

Livability: 73

Cost of Living Index: 103

Median House Price: $425,000

Located in Talbot County, Easton takes the ninth spot on our list. With many advantages to its name, one of Easton’s best qualities is its mix of small-town living with easy access to cities such as Annapolis, Baltimore, and Wilmington. Retirees who require regular care for their health can also rest assured as the town is home to the University of Maryland Shore Medical Center at Easton. Some of the town’s best leisure spots include the Academy Art Museum, the Avalon Foundation Inc performing arts theatre, and Idlewild Park.

8. Salisbury

Insider Monkey Score: 72

Livability: 60

Cost of Living Index: 89.4

Median House Price: $229,000

With a cost of living that is 10.6% lower than the national average, the city of Salisbury is one of the most affordable places to retire in Maryland. The city’s affordable nature is by no means an indication of its quality of living, as Salisbury boasts plenty of activity outlets and amenities that make for a memorable retirement experience. Residents can visit the Salisbury Zoological Park, The Ward Museum of Wildfowl Art, and The Centre At Salisbury shopping mall to satisfy all their retail wants.

7. Cambridge

Insider Monkey Score: 77

Livability: 66

Cost of Living Index: 88.2

Median House Price: $238,272

Cambridge joins the likes of Elkton, Salisbury, and Easton as some of the most populous places in the Eastern Shore region of the state of Maryland. The city is renowned for its arts scene, architecture, and unique retail and dining options, making it one of the best places to retire in Maryland. The cherry on top is the city’s affordability – Cambridge carries a cost of living that is 11.8% lower than the national average.

6. Berlin

Insider Monkey Score: 79

Livability: 77

Cost of Living Index: 102.2

Median House Price: $376,000

With a sparse suburban feel and reasonable cost of living, the town of Berlin is a considerable retirement option. Located in Worcester County, the town has long been seen as an idyllic place – a fact cemented by it being the shooting location of two films, namely, Runaway Bride and Tuck Everlasting. Retirees who choose to make Berlin their forever home will be pleasantly surprised by the town’s offerings. Residents can visit the Burley Oak Brewing Company brewery, The Mermaid Museum, and the Windmill Creek Vineyard & Winery.

Click to continue reading and see the 5 Best Places to Retire in Maryland. 

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Disclosure: none. 15 Best Places to Retire in Maryland is originally published on Insider Monkey.