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Old 09-09-2019, 08:56 PM   #1
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Retire and buy a boat now?

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.
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Old 09-09-2019, 09:00 PM   #2
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If your boat buying budget is $500k, you've got plenty in the boat buying budget. The real question, I'd imagine, is how long the income can hold up at a level you'd like it to. The military retirement is nice in that it doesn't go away (but does get devalued). But, 30, 40, even 50 years is a long time.

I guess what I'm saying is the question is probably less about the boat than retirement, in general.
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Old 09-09-2019, 09:03 PM   #3
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Depends on your age, the amount of retirement, how much you have saved, etc. For us, we want to be able to have the money to buy outright. That doesn't mean we will, if investing will give us a greater return, but we won't borrow if the interest earned isn't out pacing the interest paid by a decent amount. No one can answer your question for you. Only you can do that.
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Old 09-09-2019, 09:05 PM   #4
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Quote:
Originally Posted by kwalling View Post
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.
Who will be on board, indicated by the "need" for three state rooms, (actually what we call cabins)?

What experience do you have of off shore and blue water cruising?
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Old 09-09-2019, 09:07 PM   #5
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All boats come with 2 price tags... The buy price is the price of admission only. The second price is everything else and that is determined by what you bought.Size,complexity of systems, area of mooring and use.
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Old 09-09-2019, 09:20 PM   #6
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Best advice, dont buy a boat.... Rent a stateroom on a world cruise then, die just before you make the final port of call. LOL
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Old 09-09-2019, 09:29 PM   #7
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Best advice, dont buy a boat.... Rent a stateroom on a world cruise then, die just before you make the final port of call. LOL
Thats old lady/old man lifestyle. The guy wants some adventure!
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Old 09-09-2019, 09:32 PM   #8
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Come on guys, help a man out!
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Old 09-09-2019, 09:44 PM   #9
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Personally I would do it. You never know what can happen. Oh and welcome aboard.
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Old 09-09-2019, 09:49 PM   #10
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Retire and buy a boat now?

I vote for retire now, but rent the boat.
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Old 09-09-2019, 09:54 PM   #11
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Think how long you can cruise on a ship as opposed to buying, the upgrading and maintaining a boat. CHUCKLE
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Old 09-09-2019, 10:09 PM   #12
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Go now.
You can get a decent boat for half that coin, even less and have the other half in the slushfund for diesel and maintenance.
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Old 09-09-2019, 10:12 PM   #13
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It will take you about 1-2 years to set up and become proficient with your new boat in order to do blue water cruising.
So maybe keep working for another 5 years, but get serious about a boat in the next 2-3 years. Then if you think your ready to take off once the boat is outfitted the way you want it, go!
This is sort of how we approached it. We enjoy the cruising a lot and have close to 15K NM so far. We are on our way to Mexico now.
By the way, you say you want 3 staterooms or cabins, but want to be able to single handle her. Our experience is that the guests you think will come, wont. The guests you dont expect will. Bow and stern thrusters are wonderful (I highly recommend them) for single handling.
BTW, I’m retired Military/businesss owner also. But dont wait too long!
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Old 09-09-2019, 10:18 PM   #14
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Think how long you can cruise on a ship as opposed to buying, the upgrading and maintaining a boat. CHUCKLE
Not long.
At $2000/week++ PP that's $200k/year for 2 people.
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Old 09-09-2019, 10:24 PM   #15
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Retire and buy a boat now?

Since you will have the option to pay cash in a short time, I vote for that. In the meantime you can charter while you are still working. You will be thankful for not having a boat loan as well as all of the other costs of ownership. At least I am. And I am also on a pension.
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Old 09-09-2019, 10:54 PM   #16
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There was a older woman who decided to live on the Queen Mary for 10 mos/yr. The other two months were spent visiting family. She said it was significantly cheaper than a retirement home (and way more interesting).
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Old 09-09-2019, 11:12 PM   #17
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There was a older woman who decided to live on the Queen Mary for 10 mos/yr. The other two months were spent visiting family. She said it was significantly cheaper than a retirement home (and way more interesting).
Must have been a flash retirement home.
$2000/week ++ pp on most decent cruise ships
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Old 09-09-2019, 11:15 PM   #18
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They may have given her a cut rate if she stayed there long term. But some homes are in the $5 to 7K range per month if you are paying. My mother in law is in a home that costs $425 per day.
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Old 09-09-2019, 11:30 PM   #19
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They may have given her a cut rate if she stayed there long term. But some homes are in the $5 to 7K range per month if you are paying. My mother in law is in a home that costs $425 per day.
Wow, my grandmother, recently passed was in a nursing home on the Gold Coast near the beach and parklands, well staffed, modern, nice grounds and surrounds, pretty much like staying in a decent hotel.

Single room with ensuite and all meals for $60/day


https://www.bluecare.org.au/aged-car...&utm_content=c
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Old 09-10-2019, 12:15 AM   #20
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Must have been a flash retirement home.
$2000/week ++ pp on most decent cruise ships
A fancy retirement home like ones I've seen comparable to what you'd get on the QMII in regards to furnishings, food, private room, activities, etc. is probably going to run you US$6K/mo at the very least. Often they have a move in fee of a couple of hundred thousand $ just to get in the place.

A Medicare paid facility is not going to be anywhere like even the lowest class accommodation on a cruise ship (except for maybe the size of the bathroom) and is still likely to cost hundreds per day for a semi private room. My FIL was in a nursing home and once had to spend the night in the hospital. It still cost him over $200/day for the nursing home room even though he wasn't there and used no services.
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