For many people, retiring in Hawaii is a huge goal. However, there are many challenges that come with moving to this beautiful island. Here’s what older adults should keep in mind before retiring to Hawaii.
Although Hawaii has plenty of perks, it’s also an incredibly expensive place to live. You’ll need to make sure that you have enough savings and a realistic retirement budget before committing to living here. Honolulu is one of the most expensive cities in the country, both to rent and to buy property.
Even if you live outside of the city, your daily expenses are also going to be higher than they would be in the continental US. For example, the cost of things like gasoline or groceries is much higher in Hawaii than it is in other US states. In order to afford retirement in Hawaii, you’ll need to have a very robust source of retirement income.
Your location within Hawaii is a very important consideration when moving there. While Honolulu has the conveniences of a large city, there are many small towns that have plenty of charm and access to nature, as well as more affordable property. If you love surfing, hiking, or other outdoor activities, you’ll find plenty to do in these small towns. However, it’s important to note that living in a small town means you’ll need to drive further to run errands. No matter where you live, you’ll be able to take advantage of Hawaii’s beautiful sunny weather.
Although Hawaii is expensive, there are some tax benefits for those who retire there. Specifically, social security income isn’t taxed in Hawaii, although private pensions and other sources of retirement income are.
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Another financial advantage of living in Hawaii is that healthcare costs are some of the most affordable in the country. Older adults who move to Hawaii should take the time to find a doctor that they like and trust to provide essential care.
Most adults over the age of 65 in Hawaii can qualify for Medicare coverage. Original Medicare provides coverage for inpatient hospital stays through Part A, as well as coverage for some outpatient services through Part B. Those who qualify can also supplement their coverage with a Medigap plan or a Part D plan, or choose to purchase a private Medicare Advantage plan.
Hawaii is a beautiful place to retire, but there are important factors for older adults to consider before moving there. If you’re interested in learning more about your Hawaii Medicare options, contact Time For 65’s licensed partnered agents today. Fill out this form or give us a call to learn more about how we can help.
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