Hawaii is ‘the perfect place to retire on the beach,’ says the millionaire—but there are 3 big downsides.

In the year In 2012, at the age of 34, I quit my investment banking job and retired with $3 million. I currently live in San Francisco with my husband and two young children.

But since 1977, I have been traveling regularly to Hawaii, where my parents have been retired for 15 years. With a modest budget, they live a simple life off retirement savings and government pensions – thanks to three decades in the US Foreign Service.

Seeing my parents live their dreams, we want to follow the same path. Our plan is to move to Hawaii in 2025. Between my parents’ experience and my own, I’ve learned a lot about retiring in Hawaii.

Our consensus is that the beach is the perfect place to retire – although there are still a few downsides to consider.

How much money do you need to retire in Hawaii?

The downsides of retiring in Hawaii

Benefits of Retiring in Hawaii

Yes, it is expensive. But if you want to know what retirement in Hawaii can be like, here are some amazing benefits

1. Less stress and higher health care

Hawaii ranks second in Hassett and Safety. 2021 study from healthcare company Sharecare.

My parents worked in Washington DC, Paris, Guangzhou, Kobe, Taipei and other big cities before retiring in Honolulu. Compared to other cities they’ve lived in, they find their Hawaiian lifestyle surprisingly relaxing.

2. Top rated health care

The United Health Foundation also ranks Hawaii as the third healthiest state in the nation. And according to US News’ list of the best states for health care, Hawaii ranks first.

I’m not surprised. Hawaii has beautiful year-round weather, public beaches and parks, a variety of locally grown and raised foods, and great access to preventive medicine and dental care.

If you’re looking for a more healthy and active lifestyle, you can definitely find it in Hawaii.

3. ‘Ohana’ means family.

An important part of Hawaiian culture is the care and nurturing of family and friends, or “ohana.” Almost everywhere you go, whether it’s a restaurant or a shopping mall, I see that things are set up to be family-friendly.

Also, it’s not uncommon to have multiple generations under one roof in Hawaii.. My wife, kids, and I probably won’t live in my parents’ house, we’re hoping to rent or buy nearby.

4. A lot of diversity

According to data from the U.S. Census Bureau, Hawaii ranks as the nation’s most diverse state, ahead of California and Nevada.

5. Good tax benefits

Hawaii has one of the lowest property tax rates in the country, averaging just 0.28%. If you have a federal pension, it is exempt from state income tax. And the sales tax rate is reasonable at 4% to 4.5%, as opposed to 7.25% to 8.25% in California.

However, Hawaii has one of the highest state income tax rates at 11% if you earn over $200,000. If you make between $48,001 and $150,000, you’ll pay a state income tax rate of 8.25 percent.

Why do I want to retire in Honolulu?

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