When servicemen and women retire from their military careers, they can be as young as their early 40s. This can create a difficult adjustment period, due to the fact that many end up moving into the workforce in one way or another. According to
WalletHub, Hawaii is the 12th best place for veterans to retire in the United States. Hawaii may sound like an ideal location, so you might be considering taking the plunge and living out your golden years in Hawaii. Before you start packing those boxes, consider a few of the facts and statistics related to veterans' retirement options in Hawaii.
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- Join the Workforce or Complete Retirement?
Should you decide to re-enter the workforce or even work part-time, Hawaii has benefits that will help you. According to the State of Hawaii's Office of Veterans Services "Preference is given to veterans and service-connected disabled veterans and their widow(er)s for civil service positions, training programs, job counseling, and referrals to civilian jobs by the Workforce Development Division, Department of Labor & Industrial Relations."
- Tax Exemptions and Living Expenses
- While personal income tax is very high in Hawaii, retirement and military exemptions are some of the best in the country, ranking in the top five. This means less money out of your pocket and more to spend on your high-priced lifestyle in Hawaii. While tax exemptions are great, the cost of living is still much higher in Hawaii than most U.S. cities. The median home price will set you back $413,100 and, according the MarketWatch, on Maui, the median home prices reach more than $900,000.
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- Get Accustomed to the Lifestyle and Culture
- While many military personnel have traveled the world, Hawaii can still be a huge culture shock if you're not prepared. Retiring on one of the smaller islands can bring you face to face with challenges you may not see on the big islands and, therefore, acquainting yourself with how each island works will be an important step in planning your move.
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