retirement

[outbound_308]

No, and sabbatical is not a possibility, though I do get a month and a half off every year currently.

As far as people dyeing right after retiring, yes I have seen that happen. first off that is a low statistical possibility, it's kind of like shark attacks. We all know about the 11 or so people killed by sharks last year mean while 10's of thousands of people were in the ocean, its not a thing I'm worried about or living in fear of. The only solution for that fear is not to retire which is kind of pointless.

250k is definitely not required which is why I asked everybody what they would do. never said you had to spend it all, but it seems like most people would. You can't take it with you. I would definitely be interested in someone's opinion or experience where they just wouldn't need that much for what they are doing.

[thomm225]

Originally Posted by outbound_308

250k is definitely not required which is why I asked everybody what they would do. never said you had to spend it all, but it seems like most people would. You can't take it with you. I would definitely be interested in someone's opinion or experience where they just wouldn't need that much for what they are doing.

I'm not sure why someone would spend that much money to buy a boat for cruising without knowing first what they are getting themselves into.

I've owned at least 12 boats with 5 of them being sailboats if you count the 4 beach cats I owned and raced and only one was for cruising so even with all my experience on the water there was a learning curve that I'm still working on.

I do get to sail a lot though living within a mile of the Chesapeake Bay and maybe 4 miles from the Atlantic Ocean

The most I ever paid for a boat was for my 2001 Nacra 17 Beach Cat which was $10,700 then spent another maybe $6,500 on spare mainsail, optional jib, spare spinnaker and replacement carbon fiber mast after I broke the first one.

The small cruising boat I have now a 1974 Bristol 27 I bought for $2,000 and have spent around another $10,000 over the last 11 years for new mainsail, autopilots, replacement Dodger and mainsail cover, solar panels and controllers, VHF w/AIS/GPS, Raspberry Pi 4 Computers to build a Chart Plotter, paint and related equipment, outboard, old diesel, custom settee cushions, LED Cabin Lamps, Shades, Alps Sleeping Pads, fans, etc.

Some have circumnavigated on Bristol 27's so it's a good boat for the price although I still need to replace the rigging and add an AIS Transponder and maybe active XS Radar Reflector with "paint" alarm.

[outbound_308]

@thomm225
it all depends on what you want to do and where you want to go. If you want to travel on your boat then you need one for that task, but a lot of boats will do that task well under budget. Once again I didn't say what you had to spend, just asked what you would do with that budget. Maybe you would give it all up and go live on a farm some where. Fair enough I guess.

Funny how no one has listed all the places they would go and see or upgrades to go some place a little further out because now they had to the budget to do it.

[letsgetsailing3]

Originally Posted by outbound_308

@leecea
Exactly, definitely think I will stay in the used market, my thinking there is when I'm ready to go, I want to go I don't want to be waiting on a boat build. Someone correct me if my logic is incorrect there.

Sure, but you have 5 years, no? You have plenty of time to order whatever it is you think you want.

Or not.

The world's your oyster.

One wonders why, with your ample resources, you'd wait 5 years. Again, your call, but why? Stuff happens to the best of plans. If this is what you want to do, and you have the resources, don't forget that time also is a resource.

You could be sailing the coast this summer.

[outbound_308]

@letsgetsailing3
I apologize there may have been a misunderstanding 5 million was an example for taxes etc from another poster.

Most of my income will be in three separate pensions, a 401k, and investment income.
about 300 in assets will be liquidated upon retirement. I work in IT and lived in a one bedroom apartment for 14 years after my divorce saving everything I could.

So while I travel and charter quite a bit now, I won't be making a major purchase until then. It needs to serve the purpose or be capable to go anywhere, as mentioned I may decide I love the first place I end up but would like the flexibility of going anywhere. You ever heard of a place for the first time and thought

"well lets check that out and see what that's like"

[outbound_308]

@jmaav
I looked at Jboats a few years back at Annapolis, I forget which one. It had the utility room aft of the head to port which I really liked, felt like that was a better use of space. I didn't get to go out on it though but I'm sure it sailed like a dream. Fit and finish seemed to be great to my untrained eye.

[dannc]

Originally Posted by outbound_308

...

As far as people dyeing right after retiring, yes I have seen that happen. first off that is a low statistical possibility...

Yes and no. Decades ago, when I was in school, I worked for a very large, international company in the Personnel department. It was a long time ago if the word Personnel was used. The average time that a person lived from retirement to death was 18 months or so.

Now, that was a different time and a far different company, where the company was family and a big part of many employee's identity. That does not exist today, but having said that, there are occupations where people's identity gets wrapped up in The Job. When these people retire, or leave The Job, they can have a very difficult time, including dying early.

There are a bunch of factors in play regarding retirement and death, but it is real issue, and one of the top ten stressors in life.

Oddly enough, I was talking to a health care practitioner about this issue recently.

Later,
Dan

[outbound_308]

Yes and we have that here from time to time but you can't predict it and I'm pretty sure you can't predict if it's going to happen to you, all you can do as take care of your mental and physical health the best you can.

still makes no sense to not retire because you are scared you might die.

[thomm225]

Originally Posted by outbound_308

@thomm225
it all depends on what you want to do and where you want to go. If you want to travel on your boat then you need one for that task, but a lot of boats will do that task well under budget. Once again I didn't say what you had to spend, just asked what you would do with that budget. Maybe you would give it all up and go live on a farm some where. Fair enough I guess.

Funny how no one has listed all the places they would go and see or upgrades to go some place a little further out because now they had to the budget to do it.

I can do that and sail also. My home is in a very small town near the family farm. I'm in an apartment in the city near the boat at this time.

It's nice to have options.

[Rimica]

I am retired and bought my sailboat new 2 weeks after end of work and never looked back. We have been cruising on it for 5 years now. We are world cruiser. We sailed as Far East as Greece and as far west as French Polynesia where I write this note from. Our biggest yearly expenses are:

Insurance boat 25k
Insurance health 5k
Boat maintenance 20k ( I do not do a lot myself)
Marina fee 5k

The rest is as on land (food, fuel, clothe)

Not included here are specials such as Panama Canal fee.

Do yourself a favour à just go. Your budget is fine to live that dream.

[Networker]

Originally Posted by outbound_308

No, and sabbatical is not a possibility, though I do get a month and a half off every year currently.

As far as people dyeing right after retiring, yes I have seen that happen. first off that is a low statistical possibility, it's kind of like shark attacks. We all know about the 11 or so people killed by sharks last year mean while 10's of thousands of people were in the ocean, its not a thing I'm worried about or living in fear of. The only solution for that fear is not to retire which is kind of pointless.

250k is definitely not required which is why I asked everybody what they would do. never said you had to spend it all, but it seems like most people would. You can't take it with you. I would definitely be interested in someone's opinion or experience where they just wouldn't need that much for what they are doing.

You don’t have to spend all $250k/year, why not get a decent boat that is comfortable to live in and sail for the places your going, upgrade it (say spending $250-300k and upgrade it for $150k max) and spend $6-8k/month. Living on a sailboat, even at marina at $2k/month vs living on the hook, insurance, fuel, etc won’t cost you more than $2500. Then food, unless you’re just wasting money, I can’t see spending more than $3k/month, say $5k just to be wasteful. Internet, $250-500/month. Health insurance, maybe $1.5k? What else do you need? Plane tickets, travel home, if you start traveling to interior of countries and rent cars, say that’s $3k more. You’re still under $12.5k and this is really trying to spend money.

[PaulCrawhorn]

Originally Posted by outbound_308

The only solution for that fear is not to retire which is kind of pointless.

250k is definitely not required

Originally Posted by outbound_308

still makes no sense to not retire because you are scared you might die.

No one is saying that.

You asked what we would do.

For me the biggest answer is to get out of tge rat race NOW, what possible reason would you have for sticking to it wasting 5 years?

And of course my point about the 250K is, I can't see your reason being just financial, and I can't imagine any other.

[outbound_308]

Sorry I get what your getting at now,
that's the earliest I can retire, it would be cool to just go now, or for that matter gone younger in life but this is where I am. I have set myself up through my career after a pretty devastating divorce for security. So that's when my pensions start and the earliest I can take them. I understand everyone's situation is different and pensions aren't really a thing any more, so I should have been more clear in the original post that the retirement/financial situation is not flexible.

[dannc]

Originally Posted by outbound_308

Yes and we have that here from time to time but you can't predict it and I'm pretty sure you can't predict if it's going to happen to you, all you can do as take care of your mental and physical health the best you can.

still makes no sense to not retire because you are scared you might die.

I don't think many people would say you should not retire because you might die. But one should be aware of the stressors of retirement, it is real for many people, and make sure one is not going to be a negative statistic.

If a person's identity is tied to their job, they should recognize that, and work out how that will not negatively impact them in retirement. My suspicion is that most of the people on this website already have plans on being active in retirement or already are active in retirement. People who retire to their recliner aren't going to live long.

Later,
Dan

[dannc]

Originally Posted by outbound_308

Sorry I get what your getting at now,
that's the earliest I can retire, it would be cool to just go now, or for that matter gone younger in life but this is where I am.

....I understand everyone's situation is different and pensions aren't really a thing any more, so I should have been more clear in the original post that the retirement/financial situation is not flexible.

Exactly. In these conversations, it is often stated that one should go NOW. Well, that is nice if on CAN go now. While we would love to go NOW, we have family issues that anchor us to land. Going NOW would be irresponsible and selfless. People have different situations to handle and what works for some will not work for others.

Life often intervenes in one's plans. You plan as best you can but then the a bolt from the blue changes the plans. Tis life. I have seen it with too many people. Sometimes the dream just gets derailed, which is why go NOW, is often said, but one can't always do what one wants, when they want.

Later,
Dan