Push me over the edge

[Hoosiersailor]

So I have been a member here is 2015 and have been dreaming of cruising for years. My wife and I have taken several bareboat trips in the BVI and she is onboard with living on a sailboat full time but in all honesty, this is my dream not hers. So here we are; 52 years old and my 401K is in good shape and barring anything terrible happening in the market will be plenty when we reach retirement age at 65. If we sell our house we could have somewhere in the neighborhood of 450-500K. After buying a boat we could have 375 - 400 when we leave the dock. Can we go now or should we wait a few more years and save some more? My thought is prepare and get everything sold by next spring and depart. We really only plan to winter in the Bahamas/Florida and spend the summers in NC/Chesapeake. Maybe venture down to Mexico. We could try it for a year or 2 and if it doesn't work out go back to work. But I am concerned we don't have enough saved to get us by for 10-12 years if we like it and it is hard just to quit a good job. Also we are both in good health with no issues but health insurance scares me and I can't really nail down what that will cost us monthly. Just looking for some advice. Thanks...

[goboatingnow]

Always go as soon as you can , life throws curve balls all the time.

[Rucksta]

Save more keep some real estate.

[Deep Blue Water]

As a safety net, can you afford to keep your house and rent it out? That would provide you with an income stream.

[grantmc]

Perhaps better to discuss with family, friends and a financial advisor before taking heed of a bunch of keyboard sailors on the internet.
And you been posting for several years and must have read that question and the divergent answers many times before. In reality whatever you think is enough money is enough money. To add if it isn't her dream too then you're heading for the single life or you both need to find a mutual dream.

Perhaps worth try to put some meat on the bone too. What does 'cruising life' actually mean to you?

[Cpt Mark]

Tough call. Yes, it sounds like you are good now financially but as was said above... life throws curve balls. In y case, a total of 15 years was unable to work due to accidents, surgeries, rehab. The 3 big ones happened in a blink of an eye. Finances devastated. You just don't know.

Another thought is your age and job. You say yo have a good job now which is great. Trying to find another of those jobs and income with age discrimination may not be possible. I know quite a few people over 50 who are very qualified and can't get a job. 1 buddy has been trying for 4 years to replicate his income to no avail. And he works at it every day.

If you leave in a year, come back in a year and can't find a job close to what you're making now, what then?

This is a very personal choice you and your wife need to make. Good luck.

[Mlp48]

I did my great distance boating when I was much younger than I am now. I can't do the same things now physically -- so my push would be to GO NOW before you can't ! There's also a vast difference also between what I saw in the past and what there is now. We used to catch and see more fish, also less people, and enjoyed cheaper food, water and rum !

[jim King]

I'm with Deep Blue. Hold on to your house if you can. Especially if you have some one close and reliable to manage it for you. It will give you a stream of income and will continue to appreciate in value. You never know when you may need to return to land and its good to have a secure anchor there when you do.
Cheers, and see you on the water.

[ralph hewitt]

1. Do not ask family & Friends
2. Do not ask "financial person", if they were smart they would do it.
3. Good health, go for it... learn to take a risk. DON'T NEED insurance
4. If you like your day job, will you like working on boat everyday?
5. When are you going to DIE... do it NOW while you can. Stop planning.

Questions, ask away. Every one doing it will tell you they wish they had done it years before.
Most of the people giving you advice here have never experienced anything out side their comfort zone.

[Auklet]

Hi. I share your dream much of the time. But some vacation time in the BVIs on charter is not representative of the full-time cruising life, as you will discover. Age 52 is too young to make such a leap if not planning to return to work. If one cannot afford to keep the house plus buy the boat, then I’d say not yet there. You’ll want that house if cruising proves not the cup of tea it appears. Go cruising for two yr first, then sell out if you find it’s really what and your wife want for the indefinite future. The trip back (to landslide) is usually harder financially than the one out.

[DEAN2140]

Keep and rent the house. You are 52. Wait three more years, you will still be young enough and have more in the bank. Make sure the wife is on board. Has she done any bluewater sailing in 25 knots+? It's harder than you think.

[SteveSadler]

Boats depreciate, real estate doesn't. I bought mine with a line of credit which the tenants pay. !0 yrs later the house had doubled in value. I'm not sure that will repeat 10 yrs from now as the market is peaking, but interest rates are so low it's better to put your cash into stocks and earn 2-3 times more than you pay. $400k is a lot of money for a cruising boat. If you're concerned about finances, I'd suggest looking at 50' monos 10-15 yrs old for less than 1/2 that amount that won't depreciate as much. Cruising can be as cheap or expensive as you make it. Do you live in a harbor or anchor out? Eat and drink on board or in restaurants? Fly home often? Run a genset for AC? Do most of your own work? Definately go now while young and healthy

[Sailor647]

We quit our jobs, sold the house, and started cruising when we were 58 and 53. Both green as hell to sailing, but very competent in taking care of the boat and being independent. We are both so glad we didn't wait. Cruising is challenging - physically, emotionally, and mentally. We can't imagine starting this big adventure now, only 7 years older. Cruising is a lot of work, but we love it.

Our money is invested well and our portfolio has increased nicely in value since we quit work, including what we live off every month. When you quit working, you might consider rolling over your 401K into an IRA and hiring a reputable financial advising firm. (I'm not a financial advisor, only an opinion.)

As far as medical insurance goes, we are insured by IMGlobal. https://www.imglobal.com/

Because stuff does happen and we don't want to be wiped out financially. The only caveat for our policy is that we spend less than 6 months per year in the US, which has not been a problem. We can, however, fly back for medical treatment in the US if needed and it will be covered. We've each had one claim on the policy and they paid as written. World wide Gold+ coverage for both of us is significantly cheaper than policies in the US, but is covered by United Health Care. It is accident and catastrophic illness coverage, not a HMO. Be prepared to be your own doctor onboard to an extent and carry an extensive medical kit.

Good luck!

[picklesandjesse]

In the words of The Pardey's..... Go small, Go simple, Go now. Glad I did 50 years ago. You'll never be as strong again as you are now, life on a boat can help delay the inevitable.

[Auklet]

Originally Posted by picklesandjesse

In the words of The Pardey's..... Go small, Go simple, Go now. Glad I did 50 years ago. You'll never be as strong again as you are now, life on a boat can help delay the inevitable.

I would guess that the folks for whom Pardey’s philosophy all worked out would say that. But those not are likely no longer participating in these forums, if ever did. It’s pretty well reported that many yachts pile up at destinations, up for sale by owners who flew home, etc. Maybe that is hype too; I dunno.