• Skip to main content

Nick Kawakami

Real Estate Service Powered by Innovation

  • Home
  • Articles
  • Buy
  • Selling
    • How Much Is My House Worth?
  • Island Living
    • Omiyage Directory
    • Oahu Zoning and Tax Map
    • Honolulu Rail Map
    • Oahu Realtor Neighborhood Map
    • Hawaii School Data & Reports
  • About Me
    • Bio
    • Commissions for Change
    • YouTube Channel
    • Reviews
    • Mission Statement
  • Contact

How Much Will You Need To Retire?

October 14, 2015 By Nick Kawakami

The good folks over at SmartAsset have recently posted interesting infographics regarding the most & least expensive cities to retire in. Not surprisingly, high-end metropolis’ dominate the expensive list, while more urban cities dominate the least expensive list. Where does Honolulu rank?

retirement_2_most

#2! Yay! And good luck Mom & Dad! Unfortunately, because of the high-cost of living, senior citizens are going to need a lot of income in order to retire comfortably on the island.

“Endless summer, beautiful sandy beaches and delicious food: Honolulu is the ideal place to retire – if you can afford to do so. SmartAsset found that retirement in Hawaii would require $65,822 annually in disposable income, and (given Hawaii’s relatively high income taxes) pre-tax income of $91,451. Over $70,000 of which would need to come out of your retirement savings every year, meaning you would need $1,663,195 at retirement for your savings to last for 30 years.

Why is Hawaii so expensive? Housing is one major reason. SmartAsset found that a senior living in Honolulu would need to spend about $28,000 annually to keep a roof over her head. Food is also a big cost, taking an $8,200 bite out of a Honolulu retiree’s budget each year.”

You can read about how they figured out these numbers, and while they are shocking, this number mostly would apply to those looking to move here to retire. A good portion of Honolulu’s elderly have paid off their mortgages and have family that they can rely on for other costs. If they don’t, the best place to move would be McAllen, Texas! Yeehaw!

retirement_1_least

[SmartAsset]

Filed Under: Island Living, Real Estate Tagged With: elderly, expensive, infographic, living, retirement

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter

Copyright © 2023 · Nick Kawakami, AVP, Marcus Realty
Licensed in the State of Hawaii, RS-76713

All information contained in this website is not guaranteed, and any questions should be directed to your trusted real estate agent (hopefully me!).
All media is property of Above The Stream LLC, and all opinions are my own.
All listings are properties of the owners, and requests for removal can be made using the contact page.