I’m A Retired Boomer: Why I Decided To Retire In Hawaii
Written by
J. Arky
Edited by
Amen Oyiboke
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Hawaii is a truly magical place. The island state has majestic beauty, a rich culture, and plenty of things to keep you busy and entertained. It’s no wonder so many people dream of living in Hawaii after they retire. However, that fantasy is harder to realize in reality, since Hawaii is consistently named one of, if not the most, expensive state in America.
Being retired also means that you usually have a fixed income to work with, budgeting out the cost of living expenses through a mixture of Social Security, retirement plans and pensions, and any savings you might have accrued. However, some retirees still aspire to live in the tropical state of Hawaii.
To live comfortably in Hawaii, you’d need to plan to spend about $107,746 every year, plus have a 20% comfort buffer of $21,549, amounting to an annual cost of living in the Aloha State to be $129,296. That number can come as a sticker shock to anyone, but particularly someone from the boomer generation who is trying to make ends meet during retirement.
GOBankingRates got in touch with Susan McKinney Raymond, a retired baby boomer, living in Hawaii to get her reasons why she chose to call Hawaii home in her post-work life. When it comes to her typical budget for Hawaii, the biggest cost-of-living expense month to month is keeping a roof over her head. “Our mortgage,” Raymond said about what she spends the most amount of money on. “Housing is very expensive in Hawaii for a house that is comparably the same size as ours was in Salt Lake City.”
“Our Social Security is used for our monthly expenses outside of our mortgage to include less utility expenses and eating like a ‘local’ to save on food,” explained Raymond. “We live in the country where there are very few restaurants so we have to cook daily and buy as much as we can from local farmers.”
Taking advantage of the reduction in property taxes for full-time residents was the hardest learning curve to retiring in Hawaii. “We didn’t learn that we could apply for this reduction until two years after we bought the house and timing is everything. It still hasn’t been put into effect.”
Before retiring, Raymond and her husband worked full time with an airline, and she as a teacher. In terms of benefits for retirement, Raymond’s husband’s “… 401(k) paid the down payment on our Hawaii home and my retirement pays our monthly mortgage. Because he retired with his flight benefits intact, we can travel to the mainland without flight costs to visit our children and grandchildren and my siblings.”
Despite the high cost of living, Raymond enjoys calling Hawaii home due to moderate temperatures year-round, no snow or “cold weather,” and the island state’s lifestyle and scenery.
“We chose Hawaii because I had lived here as a child and as an adult for a few years but my husband was born and raised here and most of his family lives here on both his father’s and mother’s side,” said Raymond.
All of which makes Raymond’s retirement in Hawaii well worth the cost.
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