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retirement and job
01-15-2014, 05:18 PM
Post: #1
retirement and job
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
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01-16-2014, 05:40 AM
Post: #2
RE: retirement and job
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.
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01-16-2014, 09:52 AM
Post: #3
RE: retirement and job
Would you be able to tell me what the taxes are like in Hawaii?
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01-16-2014, 11:05 AM
Post: #4
RE: retirement and job
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?
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01-16-2014, 02:24 PM
Post: #5
RE: retirement and job
Ok thank you very much. Im sure i will have more questions about my move
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