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Good to know about the employer contributions not being taxed (401k & 403b) in Hawaii though my own contributions are way more than employers’. I also have an employer funded pension from a private healthcare company/hospital.
I wonder how does the state separate the employer contributions from one’s own contributions on 401k & 403k, going back many years?
Plumeria20
The employer funded pension will be completely trax-free in Hawaii.
The state does not separate the employer/employee portions for 401k / 403b. Like most tax reporting, it is up to you to do the accounting, and keep records in case you are audited.
In my case, my previous employer kept a breakdown of account value based on employer and employee contributions. I took a snapshot of that when i retired.
You report the percentage of employer/employee account values the first time you file taxes with withdrawals. Then use the same percentile on any subsequent return.
The employer funded pension will be completely trax-free in Hawaii.
The state does not separate the employer/employee portions for 401k / 403b. Like most tax reporting, it is up to you to do the accounting, and keep records in case you are audited.
In my case, my previous employer kept a breakdown of account value based on employer and employee contributions. I took a snapshot of that when i retired.
You report the percentage of employer/employee account values the first time you file taxes with withdrawals. Then use the same percentile on any subsequent return.
KohalaTransplant,
You are very helpful
As I understand, the state of Hawaii do not tax on social security income, so I’m happy to know that employer-funded pension and social security will be safe from taxation.
You are very helpful
As I understand, the state of Hawaii do not tax on social security income, so I’m happy to know that employer-funded pension and social security will be safe from taxation.
Mahalo!
Plumeria20
Now, if you can just figure out how to avoid the "Paradise Tax", please let us all know...
The cost of living is extremely high in the Hawaiian Islands. Also keep in mind that medical care on islands besides Oahu is not up to mainland standards for the most part. Great place to visit, though.
The cost of living is extremely high in the Hawaiian Islands. Also keep in mind that medical care on islands besides Oahu is not up to mainland standards for the most part. Great place to visit, though.
Not even Oahu is up to mainland standards - a friend has cancer and they won't attempt to treat it on Oahu (surgery) - like literally won't even consider it - and is on the waiting list for various hospitals on the mainland.
Not even Oahu is up to mainland standards - a friend has cancer and they won't attempt to treat it on Oahu (surgery) - like literally won't even consider it - and is on the waiting list for various hospitals on the mainland.
Its not like the "mainland" is one single place.
The outer islands are like many rural parts of the country, with limited capabilities
The medical care on Oahu is likely comparable to many cities of similar size on the mainland.
Its not like every rural town has a world class hospital, and very few cities have cancer centers of the caliber of MD Anderson, Sloan-Kettering, etc.
Oahu has a larger population than Seattle, San Francisco, and Denver. It should have better healthcare.
Seattle, San Francisco, and Denver are each only parts of much larger metro areas than Honolulu / Oahu. Much larger. And further connected more easily / accessibly to yet more population centers. No comparison.
Oahu has a larger population than Seattle, San Francisco, and Denver. It should have better healthcare.
The greater Seattle area has over 4m population.
Oahu has about 1M
Seattle itself is twice the size of Honolulu.
As for quality of healthcare, it is difficult to get objective measures. About the only reliable source i have seen is the Medicare (CMS) Quality initiative.
If you search for hospitals in the greater Seattle area and filter by 4 and 5 star rated hospitals, you will find 8 of them.
If you do the same for Honolulu, you get 6 of them.
Given the relative size of the two areas, that seems pretty good.
An anecdote does not seem a very good way to judge the overall availability of quality care.
Not even Oahu is up to mainland standards - a friend has cancer and they won't attempt to treat it on Oahu (surgery) - like literally won't even consider it - and is on the waiting list for various hospitals on the mainland.
If you are unfortunate enough to require services that aren't available on Oahu (due to rare illness/cancer, etc), yes it would be a major hassle to have to travel long distances to get those services rendered. But I would suspect this would also be the case in most other cities.
Anecdotally speaking; based on my personal experience as well as family and friends' experience that have both grown up here or have moved here from the mainland, the healthcare here on Oahu is considered very good. Your insurer also plays a significant role in its ability to provide affordable access to the healthcare you need. There are good doctors and hospital facilities here but there is no guarantee your insurance will provide easy or inexpensive access to them.
Outside of the anecdotes, most surveys and reports rank Hawaii high on the list for access to excellent healthcare.
Straub/HPH and Queen's are both undergoing massive and historic expansion of their facilities. Queens is spending $1.4 billion over 10 years to ultimately quadruple the size of its current downtown campus.
With these new facilities coming online over the coming decade or so, healthcare should continue to modernize and improve on Oahu.
Last edited by pj737; 03-06-2023 at 08:06 PM..
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