Retire and buy a boat now?

[Barabus]

Work and get a boat. As someone mentioned, take a few years to get the boat the way you want it, be able to single hand a blue water capable boat will require some special skills. Not sure about that part. Me personally, I would not go along the coast in anything other than a relatively newish heavy trawler. Pick your flavor, but my personal flavor would be something like Nordhaven 52 for me or some other 90K+ lbs displacement plus stabilized with back up systems. I am assuming you are not a sailor, but could be wrong.

 

[Comodave]

Welcome aboard. Busted Flush is from the John D. macDonald Travis Magee series. The other one I don’t know.

 

[rsn48]

I am thinking you might be better off with something like a motor sailer boat. With this type of boat you can sail long distances yet have motoring abilities if you decide to go up to Alaska. Sailboats with open cockpits are not the best boat for those Alaskan bound as the areas north of Vancouver Island get hit with a lot of rain even in the summer. But in a motor sailer you are protected from the elements while under power.

The other reason sailboats aren't the best vessel for Alaskan bound journeys is that while in inlets, fjords, sounds and channels, you would have to tack so frequently that you'd go nuts in narrow locations. Where as in a power boat you just push on through in a straight line.

So here is a beauty I have found for you for only $50,000 but note you will spend a great deal of your remaining life maintaining all the beautiful wood - but there are worse fates.

https://www.yachtworld.com/boats/1979/endurance-44-3235033/?refSource=enhanced listing

 

[Jackhulse]

Pick up Passage Maker magazine and Soundings. You will find number of seaworthy trawler style vessels or well under $500,000. If you are cruising the west coast and have plans for the far north you will want a sturdy vessel. Most modern trawlers will have autopilots, gps, depth, etc so you can single hand, it you still have watchkeeping to consider. Good question from another post: how much offshore experience do you have?? Whatever the boat, better figure some 5-10 % per year for maintenance, insurance, fuel, etc.
Good luck.

 

[Brusky1000]

The gentleman did not give us any info about a "mate" or whatever you would call one. I have my boat in the Estuary in Alameda at the Grand Marina and go back and forth to Floriduh to my condo located at hooterville (Stuart FL) every 3 weeks or so. As an independent expert witness/consulting engineer who never plans to retire (maybe die on the witness stand or at the helm, I enjoy the action. I'm not sure I want to go off on an expedition yet (2 700 gal. diesel tanks), but think a lady on board for a week or so before you send her back to check on her cats would be the cats meow. She could return in a month or so...maybe. That is my kind or cruising.

 

[Simi 60]

Work and get a boat. As someone mentioned, take a few years to get the boat the way you want it, be able to single hand a blue water capable boat will require some special skills. Not sure about that part. Me personally, I would not go along the coast in anything other than a relatively newish heavy trawler. Pick your flavor, but my personal flavor would be something like Nordhaven 52 for me or some other 90K+ lbs displacement plus stabilized with back up systems. I am assuming you are not a sailor, but could be wrong.

So you suggest he keep working to SAVE another million+ dollars before going boating?

 

[Snapdragon III]

My advice is pretty contrary to most others here. I would say use the next 6 or 7 years to use the heck out of the boat you have now. When you retire in 5 years, put it on a trailer and bring it up to Puget Sound and spend the summer in the US and up into Canada. I don't know Mexico, but if possible bring it down there for a winter. This advice would only work if you don't have a wife, as I doubt she would stand for this nonsense. You would save a ton of money, probably have more fun/advanture, and would have a much clearer idea of what you really want when the time comes to buy a bigger boat. Full discloser I would probably not follow this advice because I have a problem and am a boat addict.
I currently have a 40' trawler that has been to all the places you mentioned (Previous owners) and I would be comfortable taking it back there. It is a fairly manageable size to single hand, and plenty of space for my family of three for at least a month at a time. I could comfortably live aboard if single. If I was going to single hand anything much larger I would want at least bow, and preferably bow and stern thrusters. I would look for something with some kind of stabilizers for transiting the West coast. Mine has outriggers and fish, which I am very happy with, but the fancy hydraulic ones would be sweet too.

 

[READY]

I am on boat# 7 or maybe 8-9. Been boating since age 16, now reverse those digits. The boats were all quite different. Some just were a better fit for the "mission" at that time while others were just choices made without having the experience. But all were heavily used and enjoyed by myself, family and friends with priceless memories. I now have a 32ft NOrdic Tug. Perfect now we are empty handed but suitable for Mexico to Alaska in suitable conditions. We can have a couple sleep onboard for a night or two but it very rarely happens. Single engine, nice pilot house to make cruising more comfortable and incredibly easy to single hand.

Your situation probably is unlike mine or any other poster but a lot of the advice applies:
1) few buy their forever boat first time so you should not expect to either.
2) if you plan to work a few more years no reason not to buy a simple, reliable and smaller boat now, as you learn and circumstances change you have less at risk to sell and find your next boat.
3) lots of people may join you for a day cruise or perhaps a weekend but VERY few will sign up and follow through on an extended cruise. Thus you really need to get a boat you can easily handle yourself. When I was in my 40s I single handed a Hatteras 58 but only for San Fran or Delta cruising and occasional San Fran to Santa Cruz/Monterrey trips. Great family boat at the time but in your situation I would just suggest you don't want or need more than a single stateroom with a convertible sleeping space or maybe 2 staterooms max. There are almost always hotels available if you need more space. Plus consider the practical human limits. Any cruising beyond about 12 hours means you likely will need backup. I helped a friend and his wife bring a 40ft power boater from SF to SD. 62 hours on the ocean. We made a few fuel stops just in the abundance of caution but we were all tired. But we would have been fine with only a single stateroom and couch. I would have paid a lot of money to have had a pilot house! It was June but the wind and cold on the flybridge was brutal and even a 3-4 hour shift seemed like eternity. A lot of folks love flybridges and I have had boats with both but if I could only get one it would hands down be the pilot house.
4)if you get a smaller boat with a single engine you will have an easier time working in the engine room can learn to keep it in impeccable condition. Stock good spares and pay for good towing service and you should do fine. The only time I lost an engine at sea I lost BOTH within minutes. Fuel related and I had redundant fuel filters so I was able to quickly get going. On myself single engine boat I STILL HAVE dual Racors with a valve to changeover on the fly and carry many spare filters. Sometimes you can gain a lot by having other redundancies other than the main engines.

So in summary do the math on your retirement plans but focus on a quality first boat that can be a solid stepping stone if you decide on grander plans in the future. I would love to have a large Nordhavn but when I really process it it no way would I pop onto that boat Friday after work and catch a concert on the water ((San Diego) or take a customer out for a lunch cruise. Many of those larger and certainly more capable boats spend a lot more time at the dock than does my little NT32. In just over 1 year I have made 2 trips to Catalina and up the coast to Dana and Long Beach. I am never going to want to take any boat across the pacific as I have been in some rough weather on both east and west coasts and I just don't need that stress. I looked at a 41 diesel duck Sunday that is asking $260k and there is a better deal in Fl on a 50 footer for $180k. Point being even if you do want to start with an true blue water boat you don't need to spend $500k.

 

[Jackhulse]

I've been following this site for a while, and have been going to yacht shows up and down the West Coast for three years. My goal is to buy a boat that I can single-hand but big enough for at least 3 staterooms. I want to be able to go from Alaska to Mexico and beyond, and live on the boat most of the year. Here is the question, and I think I know what many of you will say. Should I get a boat loan and buy a good boat now, or work five more years and buy a great boat with mostly cash? I have a good income from my military retirement, and about a $500k budget either way. I'm just getting tired of working and spending a few weekends a year on my small Rinker. And... I just turned 50.

Take a look at this Trawler posting,noting a fully restored Willard 36 for sale for $38,000 due to death of owner. Ocean capable trawler. If not, look at issues of Passage Maker and Soundings magazines, lots of seaworthy vessels for sale well below $500 k. You will need to allow at least 5_10 % per year for maintenance, fuel, insurance, etc.
How much ocean experience do you have? If not a lot, better start out with shorter cruises

 

[FlyWright]

I've been following this site for a while, and have been going to yacht shows up and down the West Coast for three years. My goal is to buy a boat that I can single-hand but big enough for at least 3 staterooms. I want to be able to go from Alaska to Mexico and beyond, and live on the boat most of the year. Here is the question, and I think I know what many of you will say. Should I get a boat loan and buy a good boat now, or work five more years and buy a great boat with mostly cash? I have a good income from my military retirement, and about a $500k budget either way. I'm just getting tired of working and spending a few weekends a year on my small Rinker. And... I just turned 50.

I would buy the boat right now, and use it.

Build skills, and outfit your boat the way you want it.

Then when you retire you can choose what to do, and you will have had fun on your boat, and become a competent captain along the way.

I bought my “retirement” boat at 49 on a 10 year loan that is quickly nearing it’s end. Less than 24 months to go. At that point I can comfortably retire.

During that time I have through use driven needs outfitted the boat for long term cruising, which is really long term staying aboard. I have also learned large boat and open ocean skills.

Oh, I’ve had a BUNCH of fun along the way!

As far as long duration cruising, the plan is to try it. You never know, I may love it, and maybe not so much. You just never know until you try it. My boat could theoretically end up as a local cruising winter condo moored in San Diego. You just never know what direction life will take you.

To me, buying a boat with either cash or a loan is not the first step. You should really get some experience on different types and sizes of boats. I.e. charter, airbnb, build a boater friend network, that kind of thing.

The chances of getting "just the right boat" on your first try (when moving into the 3 stateroom boat class).. I don't like those odds.

I ended up with a very different boat than what I first imagined. Very happy we chartered and figured that out, rather than having purchased what I thought was going to work.

Like all things boating, buying/selling is expensive. You will pay the broker, surveys, sales tax, it goes on and on. The best advice I got was "buy your second boat first."

That will take some time and thus you'll save more and borrow less. All the best to you.

Great perspectives, Kevin and Bob. Getting it right on the first attempt is not likely without some level of knowledge and experience.

kwalling, I faced a similar question in my life when I was 50 and 5 years from retirement. I think you have more options than you're considering since all decisions are not so black and white. My style is to avoid taking the fork in the road until I NEED to take the fork in the road...keeping my options open for as long as possible without serious financial or operational penalty.

Why only consider: 1) Buy now with a loan or 2) Buy 5 years from now with cash? How about a partial loan to buy the RIGHT boat as soon as you find it (maybe 1 year or so down the road?) while keeping your other options open. If you like it, you've got a multi-year head start on learning your dream boat and customizing her to your wants and needs. If you don't like it or it isn't the "just right" boat for you, you still have time to correct it.

I bought my 1977 34 LRC in 2007 with plans to retire in 2012 after my daughters graduated college and sufficient reserves were in place for future expenses. I took out a loan, something I normally resist doing, so I could get a jump start on the projects and boat life. I diverted my final years of 401K "gravy" contributions to my new boat life. (As it turned out, it was fortuitous timing as I avoided the stock market crash and still have the boat!!) It allowed me some "disposable" income for boat operation, slip/insurance, maintenance and upgrades that would be the focus if the first 5 years of ownership. I had 5 great years with the boat as my career entered its sunset years.

As I approached my retirement date, I continued to assess my finances and expected expenditures and decided it was time to pay off the remainder of the loan. When I retired, or shortly thereafter, I owned the boat free and clear. I also now had 5 years of knowledge and experience that assured me that it was the right life for me.

I agree with those who basically say "Carpe Diem" because you never know what tomorrow may bring. But it's also true than if you decide too quickly without considering all options, you'll increase your chances of error.

My best advice would be to carefully consider and balance the risk and the benefits for YOU and consider all your options before you leap.

Boating ain't cheap or for the faint of heart.

 

[BandB]

You've gotten a lot of responses. Consider them all. Then, only you can decide which advice fits you best. It's not just your age or situation in life or how long until retirement, but it's your experience and your personality even. Ultimately, we can all only tell you what we'd recommend or what was right for us, but only you can figure out what is right for you. Thankfully, you've gotten varying advice, not everyone saying the same thing.

 

[Irish Rambler]

Welcome aboard.
Lots of advice.
If I may add in my penn'orth.

Have you any experience or are you still at the thinking stage ?

1st, You're getting older, most people keeps boats for years (I kept my last one 27 yrs, my current one is for the rest of my life, I love it to bits and wouldn't part with it for all the tea in China)), so look at boat designs for your later on life.

2nd, Choose your intended cruising ground as that will influence your shape/ hull choice.

3rd, Are you a competent DIY'er.

4th Family circumstances will change, as someone said buy it for your own safety and comfort not the occasional visitor, if they don't like it they can stay ashore.

I have a book on Amazon called 'How To Cruise Into Retirement' by Geoff Woolley which I wrote to help others in the same conundrum.
The paper back version is being up-dated and reprinted due to popular demand and will be back in print in 3 weeks. Buy the Kindle version if you're in a rush.


Meantime get an A4 clipboard and begin to write down all the things you'd like on a boat.
Just watch how it adds up, and narrows down the type of boat you want.

 

[wkearney99]

Meantime get an A4 clipboard and begin to write down all the things you'd like on a boat.

And add a column of things you DON'T want. I've often found it's better to have a list of known deal-breakers than anything else.

Some folks want a door at the side of the helm, lacking that would cut out of a number of boats regardless of whatever other 'must have' features were present. Or method to get to the flybridge (ladder or stairs), engine room accessibility, etc.

Knowing what DON'T want is often better than discovering it after the sale.

 

[Irish Rambler]

I kinda took that as a given.

 

[Michael Fahrenthold]

Get a boat loan. As a veteran you are eligible for a loan at USAA. That's what I did. Very low interest rate and long term financing. My payment is only $430.00 a month. I can cruise now rather than wait until I have the cash.

 

[JDCAVE]

We were in your same shoes 7 years ago and was pretty much a complete novice. I have 4 pieces of advice.

1) Bareboat charter first. At least 2. This will help answer 2 questions: is this something you really want to do? And 3) what sorts of features do you want on your boat?

2) Get on lots of boats. I question the need for 3 staterooms, but you should certainly go for 2. Remember that 3 stateroom comes at sacrificing living space elsewhere on the boat.

3) Most important of all. Be honest with yourself. From your past is this something you will actually follow through on, or does your past include hobbies that you have started gang busters on and then dropped. This is a big decision.

4) Maintenance is a big deal. You either need lots of money to throw at it or have the interest and capability to do yourself. Figure on 10% of the value of your boat for maintenance and operating costs. It’s probably double that if you outsource. It’s been the biggest surprise and learning experience for me.

I didn’t read all the threads: do you have a partner? That obviously factors into things.

Jim

 

[READY]

One other suggestion...go to the Ft. Lauderdale boat show and plan to spend 3 full days. Well worth it and you probably will not find west coast shows very attractive in the future. I live in San Diego and make the FLBS about every third year. All I can say is it is incredible. The boats you can see and the experience you will gain should be invaluable.

 

[OldDan1943]

One other suggestion...go to the Ft. Lauderdale boat show and plan to spend 3 full days. Well worth it and you probably will not find west coast shows very attractive in the future. I live in San Diego and make the FLBS about every third year. All I can say is it is incredible. The boats you can see and the experience you will gain should be invaluable.

Many years ago, I was told a boat loan was the way to go. At the time, seldom did people keep their boat for more than 5 years (I think). Plus, even now in the US, a boat can be considered a 2nd home if it fits the criteria. That means, you can write off the interest and you do not need to disturb other assets. Of course, if you sell off your home and wish, you can bury the capital gains and invest it in a boat.
WARNING: I am not a financial advisor and I do not play a financial advisor on TV. Check with your own CPA. Mine got excited, not in a good way, when I talked about paying off the boat loan. It is my only write off. SHRUG

 

[FIRE]

Welcome aboard. Busted Flush is from the John D. macDonald Travis Magee series. The other one I don’t know.

Thanks for the welcome! Good to be in a community as diverse as this with a wealth of information. Right you are on the Travis McGee series...My grandmother recommended one of the books to my brother who passed them down to me. 30 years later my 21 year old son just read through everyone while he lifeguarded. "Foamfollower comes from an excellent Trilogy beginning with Lord Fouls Bane by Stephen Donaldson. Anyone liking the Lord of The Rings will appreciate this author.

 

[ddw36]

Thanks for the welcome! Good to be in a community as diverse as this with a wealth of information. Right you are on the Travis McGee series...My grandmother recommended one of the books to my brother who passed them down to me. 30 years later my 21 year old son just read through everyone while he lifeguarded. "Foamfollower comes from an excellent Trilogy beginning with Lord Fouls Bane by Stephen Donaldson. Anyone liking the Lord of The Rings will appreciate this author.

Risking more OT, many of you have probably heard of or seen the movie, "Master and Commander," w/ Russell Crowe. It was a fine movie, so I looked it up and discovered "M&C" was the 1st of a series of novels by Patrick O'Brien, set during the Napoleonic Wars of the late 18th Century, a war pitting Britain vs. France.


It details remarkably the fictitious adventures of Capt. Aubrey & shows how sea conflicts between the two countries ranged across the world, some claiming it was the actual first world war. I'll stop. Here's the series if you're interested, but it is amazing the erudition O'Brien exhibits here of the British Royal Navy after the American Revolution. Great reading for long passages or downtime while cruising:


https://www.amazon.com/Book-Set-Com...&s=gateway&sprefix=patrick+o',aps,462&sr=8-41

 

[Irish Rambler]

Michael.
One of the things I admire in your country is the treatment of your veterans.
We noticed on our visits to the US you have airport lounges for serving and vets, as you say you can access cheaper finance which is a great help. I admire that, well done.
In the UK if you serve up to 15 years you simply hand in your kit and get shown the door no matter how much active service and medals you've earned, after 15 you are entitled to a relatively small pension.
Some support comes from a voluntary group called the Royal British Legion which is done through social fund raising.