Hawaii is the sixth-worst state for retirement, largely because it has the nation’s highest cost of living and has high taxes, according to a new Bankrate.com report.
On the plus side, Gallup-Healthways gave Hawaii the highest score in the country for personal well-being for the second straight year, and crime was rated low.
The study examined six key factors: cost of living, taxes, health care, weather, crime and residents’ overall well-being.
Wyoming was rated the best state for retirement, followed by Wyoming’s neighbors South Dakota, Colorado and Utah. The region boasts strong well-being scores, and it also offers a low cost of living and below-average crime.
New York is the worst state for retirement, mostly due to the nation’s highest tax burden and a very high overall cost of living. West Virginia, Oregon, Arkansas and Louisiana comprise the rest of the bottom five. Hawaii ranked 45th.
“There are a lot of factors that go into how well retirees will do in a state,” said Claes Bell, a senior analyst at Bankrate.com. “While features like pleasant weather and nearby amenities are important, nuts-and-bolts considerations like cost of living and the local tax burden may have a bigger impact on your overall quality of life. Many retirees live on a fixed income, and it’s hard to have a pleasant retirement if you’re constantly under financial pressure.”
In the report, Bankrate said that “initially, the biggest problem you might have here is choosing which of Hawaii’s six gorgeous islands to retire on. The second biggest problem you’ll have is paying for it.”
Bankrate said Honolulu is the second most expensive place to live, with homes that average about $925,922 — triple the average price in the U.S., according to the Council for Community and Economic Research. New York ranked first.
The survey also noted that in Honolulu a trip to the eye doctor runs about $152 — about double the national average — and a pizza costs $12.53, about 34 percent more than it does in most other places.
Residents of Hawaii pay an individual income tax rate of 11 percent, second highest in the U.S., the survey said.
To view the report, go to bit.ly/1VPk97k.
Hawaiian Airlines investor leaves board
Zac Hirzel, who at one time last year was the largest shareholder of Hawaiian Airlines’ parent company, has resigned from the board, effectively immediately.
Hirzel, founder and president of Dallas-based investment firm Hirzel Capital Management LLC, has completed selling off his shares after making more than $100 million from his investment. He was elected to the board in February 2014 after becoming the largest shareholder, and at one time owned 11 percent of the company.
He began purchasing stock at an average price of $6, spending roughly $27.2 million, in 2013, when the airline industry was depressed and oil prices were much higher than they are now. The stock was trading at nearly seven times that amount when he sold off his remaining stake of Hawaiian Holdings Inc. at just over $41 on Feb. 23. Hawaiian’s stock closed at $43.96 on Tuesday.
“Zac is a valued colleague and a staunch believer in Hawaiian Airlines’ singular brand and potential for continued growth,” Hawaiian Holdings Chairman Lawrence Hershfield said. “We have appreciated his insights and are grateful for his service to the board.”
Hirzel said, “It has been my privilege to be a board member and shareholder at Hawaiian during the past few years.”
Current board members who are to be proposed for re-election in May are Hershfield, President and CEO Mark Dunkerley, Randall Jenson, Crystal Rose and Richard Zwern. The board also includes union representatives Duane Woerth (Air Line Pilots Association), William Swelbar (Association of Flight Attendants) and, effective in May, Joseph Guerrieri Jr. (International Association of Machinists).
Matson boosted charitable giving in 2015
Hawaii’s largest ocean cargo transportation firm, Matson Inc., significantly expanded its charitable giving last year.
The Honolulu-based company said it donated $2.2 million in cash, goods and services last year, up from $1.6 million the year before. The increase came in a year in which Matson earned a record $103 million profit which was 46 percent higher than its $70.8 million profit in 2014.
Most of the donations, 66 percent of the total, representing $1.2 million, went to charitable organizations and community efforts in Hawaii. Donations, which are made through the Matson Foundation, also were made in Guam, Micronesia and the South Pacific, and on the mainland, where Matson operates. In all, about 650 organizations received a donation.
Matson said it provided $1.8 million in cash and $443,325 in goods and services that included $386,000 in shipping services and $48,800 in donated containers.
On the Move
Gartner, an information technology research and advisory company, has hired the following two individuals for the company’s sales in Hawaii:
>> Robyn Wolfe has been specializing in business transformation for five years. Wolfe worked with Hawaii executives in various industries while supporting revenue growth initiatives as well as large-scale implementations.
>> Nell Loomis has seven years in digital marketing, mobile, social and emerging channels space as well as Web analytics. Some of the enterprises Loomis worked with include retail, health care, high-tech and education.
Coldwell Banker Pacific Properties has announced that Melody H. Pevateaux has rejoined the Honolulu office as an independent agent. Prior to rejoining the firm, Pevateaux was a Realtor with Hawaii Life Real Estate Brokers; she has 10 years’ experience selling residential real estate.
