Is This Realistic - Retire To Maui?

[mauialoha]

Well I have the same dream and we already have bought a condo and hope to retire on Maui.

We would have more income than you but also have a $900 mortgage payment. Actually, we will probably end up just making our condo a vacation rental and spending a lot more time on Maui. My wife is not at retirement age and the remote job she could get would be too big a pay cut. So I think we'll wait 5 years or so to really move over full time
Dave

[Amadrid]

Well we are not getting any younger...we are both in our 50's. we've talked about moving to Hawaii for the past 13 years but we stayed on the mainland due to family. We've decided not to wait any ne'er and are planning to make the move within the next 12 months. We will be planning to go to the BI though I think just because of the seize and diversity of climate and cost to buy a home

[rya96797]

In reality, the retirement consideration for hawaii isn't really any different than any other location in the US after you adjust for pricing of goods and housing.

That being said, I do think that $40k combined is low unless you have substantial savings you aren't mentioning. I'd probably say the same for most high COL areas in the country. I suppose it's possible if you have a modest lifestyle, and you're buying the condo outright. Even then, you're still looking at spending a chunk of your yearly income on maintenance fees, utilities, and property tax. $1k/month on these types of expenses would not be unusual.

You'll also need to consider cost of medical and other issues as you get older.

It's far cheaper and easier to simply continue taking vacations.

[davephan]

Originally Posted by visitingagain

Is this realistic, to be able to retire on Maui?

Details:
- Me, 65, wife, 62
- Will buy 1 bedroom lower-mid level condo in West Maui for cash
- Will buy used car for cash
- will have $48,000 year income (Soc. Sec.)
- will have small cash reserve
- no debt

Visited Maui about 14 times over past 30 years ... love it!

Concerned whether SS income is enough?

Comments?

Mahalo!

It's been 4 years since you proposed moving to Maui. What happened? Did you ever move to Maui?

[MauiTony]

Originally Posted by davephan

It's been 4 years since you proposed moving to Maui. What happened? Did you ever move to Maui?

yes, I am interested in your move.

[visitingagain]

Yep, it's been awhile, plans not cancelled, just delayed. Did not move yet ... but wife & I have a trip booked in January to look for condos.