retirement and job

[russell1957]

Hi. I have been reading about how much money it takes to live in Hawaii. I can retire now if i choose to. And my pension would be around 4000.00 a month gross. Im looking into working also with Island Air. I know it doesnt pay much around 2500.00 a month gross. I was wondering if making about 6000.00 gross a month i would be able to live on oahu? Its only me so my taxes might be high. Is Hawaii state taxes high? Thank you for your help

[eleakai]

Hi Russell and welcome to our forum! It depends on what standard of living you're used to. You'll definitely be able to live on $6,000/month gross if you have average expectations. But even this word "average" is relative. According to the National Low Income Housing Coalition, the current fair market rent of a 2-bedroom apartment on Oahu is $1,833. To afford this, you need an income of $73,320/year. Since it's just you, you could get a smaller 1-bedroom apartment. But they are not much cheaper. How much money you need also depends on other factors, for example if you need a car, if you want to go on vacations, if you need money for other luxuries, etc. But generally speaking, with an income of $6,000 you'd be able to live comfortably.

[russell1957]

Would you be able to tell me what the taxes are like in Hawaii?

[eleakai]

I don't know what percentage of taxes you'd have to pay. Why don't you check the Hawaii N-11 tax table? Fill out a N-11 using your federal total income and then see in the Hawaii tax table how much you'd have to pay?

[russell1957]

Ok thank you very much. Im sure i will have more questions about my move