Retirement boat question...
- Thread starter Baker
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OP
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Bingo!!! And thanks to everyone for their contribution to this thread. Y'all understood my question loudly and clearly. The boat I have right now really is a wonderful boat. It serves my pre retirement boating needs perfectly. Could I retire and cruise this boat??? Absolutely!!! If I was "forced" into retirement (by a health issue), I would likely keep this boat and make some (attitude) adjustments and be just fine. What got me thinking was that Carver that had sold...knowing I would've likely bought it on the spot because it was such a great deal. And also being tempted to label it "the boat" simply because I think those boats would make a great power cruiser for what most people use do when cruising under power. It was an amazing feeling when I thought such a boat could be had for such a great price and be able to provide a platform for the dreams I have always had. It was somewhat of an epiphany. And it was me coming to the realization that I am getting close to retirement and the cheaper the boat, the sooner I retire.
All of your responses are amazing and exactly the discussion I was looking for. Thanks again and keep it coming!!!
Wifey B: You'll know. You'll know when it's the boat. When it's time. Just grab hold with both hands when it is. We're doing well to know what tomorrow brings, much less five years. The key is always remaining ready to take advantage of whatever it offers and dreaming. Dreaming constantly of what the future might hold. I think retirement is like a super dream and goal. We were always really enjoying our lives but thinking ahead to that day. We had hopes when it would come. Thoughts of where we'd be and what boat. But we were loving our boat and life on the lake meanwhile. As to retirement, it didn't come when we thought it would, it didn't lead us where we thought it would. It was like suddenly here's your chance, you can do this, and we said "H..l yeah, let's do it."
Meanwhile I think everyone should be striving for more leisure time, more family time. Retirement is just gobs of it. But life is for living. The biggest change that came into my life when I grabbed my hubby and held on forever was I started dreaming. Suddenly, I was a dreamer and so was he. Didn't matter the dream, just that we always knew there was something ahead to look forward to. We dream of the loop, of Europe, of more of the Caribbean.
At this time of year too we have those dreams that seem so freaking futile sometimes. We dream of all kids having a reason to celebrate. We dream of no more pain and suffering of families, of homeless, of the elderly. We dream of tomorrow a little tiny bit better than today. We dream of peace on earth, goodwill toward men. Some days our dreams seem hopeless and shattered but we'll never stop dreaming. When I was a kid I didn't think so much of mankind. Ok, to most here I'm still a kid. I mean a really young kid like 18. Sometimes I still don't think a lot of mankind in a collective sense, but then I think of the people I know and have met. Good people everywhere, all around us. Think young people aren't good, then get off your butt and go meet some and befriend them. You'll find they're pretty super. The world is so messed up, but it's still filled with a lot of great people. Just keep dreaming.
Sorry I got off topic, but in some ways it's not. We live life day by day. We dream of the future, but we don't miss out on the present meanwhile. If it's the boat and it's time, we jump on it. But until then we just enjoy the heck out of what we've got. We dreamed of cruising the TN River. And we still will one day, just ocean popped up first. But we enjoyed every day we could get out in our runabout on the small lake we lived on.
drb1025
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I was in the same position four years ago, unsure about when to buy a retirement boat. I had two years until retirement. Then a boat came on the market that was too good to pass on, so I bought it. It was owned in an LLC (no sales tax), three years old, 80 hours, two year old electronics, a dinghy that was never in the water, 20hp Honda, etc. The owner's health was failing and was unable to further enjoy the boat, forcing the sale at a very large discount to a similarly equipped new boat. Unfortunately, he had waited too long to get into boating. I have never regretted the timing of the purchase, but would have waited had this opportunity not been available.
ksanders
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Right there you defined the challenge.
Do you retire earlier with a more modest boat, or do you spring for the dream boat and then have to trade years of your life paying for it.
This concept applies whether you pay cash or borrow the money, it is still a time Vs the rewards that a new boat would bring.
Story time...
I was boat hunting years ago and called on a FSBO boat in Washington state. A gentleman answered the phone and told me his story.
He said he was a surgeon and had a dream of taking his boat to Alaska. He bought the boat in question and fitted it out for the trip. He said the best of everything, sparing no expense.
He said that unfortunately he waited too long, and that he had a stroke before he could make the trip. He was very sad about this, you could tell from his voice that it wrenched his heart.
Whatever you do, whatever your dreams, do not be that man.
cardude01
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Ouch. Yeah. I don't want to be that guy.
I'm 50 and still have one kid to get off to college in two years, but after that I plan to do some cruising and live on the boat for a month or so at a time.
The wife really wants to get a bigger "retirement boat", but I would like to give my smallish, simple boat a go if possible because I have it pretty well sorted out and it's easy to handle.
I'm 50 and still have one kid to get off to college in two years, but after that I plan to do some cruising and live on the boat for a month or so at a time.
The wife really wants to get a bigger "retirement boat", but I would like to give my smallish, simple boat a go if possible because I have it pretty well sorted out and it's easy to handle.
OP
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That's a pretty damn neat boat you have there!!!!!
Here in Galveston Bay, there is an island called Redfish Island. It lays along the Houston Ship Channel and was created by the spoil from dredging the channel. The Channel itself acts as a (mental) barrier to most and the vast majority of the boating around here is bordered by Redfish Island and the HSC....so much so that I refer to the HSC as "the edge of the world"...because nobody really goes beyond it...they go right up to it and turn around/tack and go back the other way. Well I friend and songwriter wrote a song about this and I will post two verses below as well as the chorus in between. It definitely brings home the point about timing and our mortality....
She's a good boat and she's sturdy
And I know she'd pass the test
I've fitted her out perfectly
I know she's the best
And patiently she waits for me
She's ready I can tell
But her body's never felt the ocean swell
It's a long way from Redfish to the Islands
It could take a week or more
And there could be a storm
No I don't wanna die on Redfish Island
So just push me to the Gulf and set me free
'Cause that's the only way I'll live my dream
It was Saturday they told me
About Jimmy down the dock
How a heart attack had stopped him dead
I thought about our talk
He swore that in a year he planned
To lay his lawbooks down
Now his boat's for sale and Jimmy's in the ground
Trawler on,
John
Al
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Did anyone ever say that a "retirement boat" means one that the person is going to live on full time? Is that what the term "retirement boat" means?
Or is it just a boat that you own in your retirement years and have available for use for day trips or longer cruises?[/QUOTE]
Exactly!! We consider our boat as a part, not the main of our retirement. Living in our natural local constructed log house on the beach,burning a wood fire there are times that choosing between the boat or a glass of wine on the deck is a real challenge, one we truly enjoy. Now think how wonderful retirement is when we take that wine out on the boat and enjoy those voyages with the same settings from a different anchorage. We think our attitude allows having many different 'toys' the boat being a main one.
It is a case of living within your means and allocating assests to retirement joys!!
Al-Ketchikan
Sun set from our deck.
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Or is it just a boat that you own in your retirement years and have available for use for day trips or longer cruises?[/QUOTE]
Exactly!! We consider our boat as a part, not the main of our retirement. Living in our natural local constructed log house on the beach,burning a wood fire there are times that choosing between the boat or a glass of wine on the deck is a real challenge, one we truly enjoy. Now think how wonderful retirement is when we take that wine out on the boat and enjoy those voyages with the same settings from a different anchorage. We think our attitude allows having many different 'toys' the boat being a main one.
It is a case of living within your means and allocating assests to retirement joys!!
Al-Ketchikan
Sun set from our deck.
For our road trips through B.C.Canada/golfing outings
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We spend 2/3 of our time cruising and about 260-280 days a year doing something on the water. We are making our annual Christmas trip by car tomorrow but we don't go on vacations or sightseeing by car. Each figures out what they enjoy and labels and definitions only complicate things.
kthoennes
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I don't mean to beat the finance/pay-cash thing to death because we've covered it pretty well, but the other thing that crosses my mind -- you know we often have discussions here about the cost of fuel, fuel burn rates, etc. I remember we recently got into a thread about some boaters who don't seem to think the cost of fuel is a big deal in light of the overall cost of boat ownership. Heck, boats cost an arm and a leg, fuel is a negligible fraction of the overall cost, don't let it drive your boat choice, etc. While that's not my thinking and I watch fuel burn like a hawk, when it comes to interest payments on a boat loan, that really is a tiny fraction. In fact -- where's the calculator -- yes, we spent more on fuel than we paid in boat loan interest last year. (Come to think of it, we'll spend more on new canvas and strataglass this year than we will on interest. Heck, one year's haul-out and winterization and launch is about triple the annual interest, although we do have a relatively small loan with a low rate and short term.)
OP
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Exactly!! We consider our boat as a part, not the main of our retirement. Living in our natural local constructed log house on the beach,burning a wood fire there are times that choosing between the boat or a glass of wine on the deck is a real challenge, one we truly enjoy. Now think how wonderful retirement is when we take that wine out on the boat and enjoy those voyages with the same settings from a different anchorage. We think our attitude allows having many different 'toys' the boat being a main one.
It is a case of living within your means and allocating assests to retirement joys!!
Al-Ketchikan
Sun set from our deck.
For our road trips through B.C.Canada/golfing outings
[/URL][/IMG]
Al, to define "retirement boat" for this discussion....it would be a boat to cruise full time on. That was the intent of my post. If I was just going to live on land and take the boat out when the mood strikes, I'd keep the boat I have. Because that is exactly how I am living life currently...although not retired. I am averaging about 300 hours a year with a full time job.
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Yes, Yes... But, But! Interest on a loan is a cost that would be completely eliminated if cash were used for all initial purchase expense. So... utilizing my silly little calculator mind set... unless you can make more $$$ than the interest cost by having cash\money remaining on hand due to having that loan, or, unless you simply do not have enough cash to begin with and require a loan - there is little to no reason to have a loan on a pleasure-boat that is simply a play toy. Of course, if it's used as business expense, then write-offs can come into play and loans may perform well in overall context!
If you have pretty clearly defined the boat you want (size, layout, ergonomics, etc.) and have the financing/payment issues in hand, boat availability is more important to me than timing in relation to actual retirement. In our case, we pretty much knew we would fully retire when our daughter heads off to college in the Fall of 2017. We realized that back in about 2009/2010. We also had a pretty good idea as to what we wanted in a boat. So, we started looking. By 2011, we found a deal we felt was unlikely to be matched any time in the relatively near future, so after a lot of thought, we went ahead and bought our "retirement" boat, about 6 years before retirement and before we had anticipated buying. Don't regret it for a single minute. The boat has turned to be all that we expected plus some. By now, it needs nothing other than fuel and supplies to take off, and we need nothing in the way of learning the boat, anticipating maintenance and the like. And, our thoughts at the time that the deal was too good to turn down have been borne out. While we are comfortable financially with the boat, we could not afford to duplicate now what we did then. So, in our case, buying when we found "The Boat" rather than worrying about the timing has worked out well. Not to mention the past 4 years of enjoyment on the boat!
kthoennes
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... unless you can make more $$$ than the interest cost by having cash\money remaining on hand due to having that loan, or, unless you simply do not have enough cash to begin with and require a loan - there is little to no reason to have a loan on a pleasure-boat that is simply a play toy. Of course, if it's used as business expense, then write-offs can come into play and loans may perform well in overall context!
Well, let's see -- I do write off the interest as a second home on our taxes -- barely makes a difference on our annual balance sheet but it's a few bucks (buys half a tank of gas maybe). And then I left state employment in Alaska in 1999 with a chunk on money in a benefits program where I could choose from a menu of investment options. I chose mostly S&P. Deduct management fees (I had no choice, bad program, but a huge future income hit if I had cashed out and moved it) and inflation, and the cost of taxation when I take the distribution, and now 16 years later I have almost exactly the same amount in there now that I did in 1999, so that particular investment has been flat as a board long term. Yes, interest may be burning money in one sense, but to me it's the price I pay for current enjoyment over deferred enjoyment that I may or may not ever live to see. And most investment rates of return have been so ridiculously low in recent years that the net lost income for financing the boat is -- well, again, less than the cost of the new canvas on the flybridge this spring.
I actually worry far more about covering the skyrocketing property taxes on my house after retirement than I do about a few bucks in boat loan interest for the next three years. The little town of Sioux Falls, SD is half a BILLION dollars in debt. The boat is nothing compared to that potential tax escalation.
OP
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Generally..they just stay for the day. There might be a few stragglers that overnight.
The explanation of that song is that Redfish had been there forever and then in the early 90s it disappeared due to heavy ship traffic. It has since been rebuilt to about 1/3 the size it used to be. It WAS a very good anchorage. It really isn't that great anymore due to its orientation to prevailing winds and its smaller size.
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Couldn't agree more. get out there and do it asap is the way to go, as one does not know quite what the future will hold. I bought our boat with cash, but as a lower cost fixer-upper, when I was 55, planning to do her up slowly as we could afford, so when I retired she would be just right, and we'd have more time to use her.
Well, as we have heard from others, health issues and other unexpected things, like financial set-backs eg, can sometimes throw a huge spanner in the works, and we now find ourselves in the position of having to sell the boat in order to be able to retire. Not what I had hoped for, but hey - we have had 13 yrs of fun out of her which if we had waited for retirement we would not have had.
So...Baker's original query being...what is the best way to plan for your retirement boat? My advice is get the best time you can out of what you can get now, and decide on the retirement boat when you are actually there..!
After all, some may well find, even if money no object, that after doing this thing for a period, world travel is more fun than zooming round your local pond, however big that pond is...just sayin'
Al
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Exactly!! We consider our boat as a part, not the main of our retirement. Living in our natural local constructed log house on the beach,burning a wood fire there are times that choosing between the boat or a glass of wine on the deck is a real challenge, one we truly enjoy. Now think how wonderful retirement is when we take that wine out on the boat and enjoy those voyages with the same settings from a different anchorage. We think our attitude allows having many different 'toys' the boat being a main one.
It is a case of living within your means and allocating assests to retirement joys!!
Al-Ketchikan
Sun set from our deck.
[/URL][/IMG]
Al, to define "retirement boat" for this discussion....it would be a boat to cruise full time on. That was the intent of my post. If I was just going to live on land and take the boat out when the mood strikes, I'd keep the boat I have. Because that is exactly how I am living life currently...although not retired. I am averaging about 300 hours a year with a full time job.
Sorry, Didn't mean to be dissing the forum subject. Will back off and allow a more serious discussion on the specific merits of your original post. Forgive me for intruding. It was of my first attempts to post photos to
Al-Ketchikan
Baker
You are way too early to know what boat you will need in your retirement.
It may be the one you have already. It may be larger, it may be smaller. It may be what you would now not even go to look at.
My point is, get retired first. Use your present boat to its max. See what you like about it. See what you don't like about it. See how much money you actually spend doing the lifestyle you see as your retirement lifestyle, then see how much you actually have for boating, including capital and ongoing costs.
You will be surprised at how different your retirement will be from what you envision now, both in what you can actually afford and in your attitude towards the cost of things that will make your retirement more enjoyable.
A year or two after you retire, report back. We need to know how it all works out.
Good luck!
You are way too early to know what boat you will need in your retirement.
It may be the one you have already. It may be larger, it may be smaller. It may be what you would now not even go to look at.
My point is, get retired first. Use your present boat to its max. See what you like about it. See what you don't like about it. See how much money you actually spend doing the lifestyle you see as your retirement lifestyle, then see how much you actually have for boating, including capital and ongoing costs.
You will be surprised at how different your retirement will be from what you envision now, both in what you can actually afford and in your attitude towards the cost of things that will make your retirement more enjoyable.
A year or two after you retire, report back. We need to know how it all works out.
Good luck!
Frankly, John, I think what Ken (I assume the "k" in koliver is Ken but maybe not
) wrote in his previous post is the best answer to your query in this thread. You're a smart guy or you wouldn't have succeeded in the career you've pursued so I suspect you would have figured all this out on your own. But Ken just gave you the best picture of reality on this topic I've seen yet. I wish I could have written something so clearly and succinctly.
So print that one out and stick it in your Jeppesen approach plate/SID/STAR book unless the planes you fly have EFBs or your stuff is all on an iPad and read it every now and then.
Al
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Baker, On second read- "Or is it just a boat that you own in your retirement years and have available for use for day trips or longer cruises?" a segment of your original post.Would seem to fit the response regarding part time use over full time living given in my post. Not to belittle the matter, just to clarify that the 'opening'
was there, With that I will again retreat from the discussion
Al-Ketchikan
OP
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Would seem to fit the response regarding part time use over full time living given in my post. Not to belittle the matter, just to clarify that the 'opening'
was there, With that I will again retreat from the discussion
Al-Ketchikan
No need to retreat, Al. Your contributions have equal weight and merit!!! Much appreciated!!
OP
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Frankly, John, I think what Ken (I assume the "k" in koliver is Ken but maybe not
But Ken just gave you the best picture of reality on this topic I've seen yet. I wish I could have written something so clearly and succinctly.
So print that one out and stick it in your Jeppesen approach plate/SID/STAR book unless the planes you fly have EFBs or your stuff is all on an iPad and read it every now and then.
Well maybe.... But, like someone said, their boat found them before retirement...and everything worked out well. But I do understand the point here. I will likely get a boat(or maybe use the one I have) and just untie and go!!!...
You can work on a boat anywhere!!! And you may as well do it somewhere warm and sunny(or in your case...cold and gloomy).And yep, no more manuals or approach plates. Just an iPad. What an amazing blessing that thing is. It has improved my job 1000%.
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:
I also saw your post as perfectly appropriate Al! We also bought a smallish boat just after retirement...Realizing we had access to a beautiful area, and having been away from boating for years. We Day-trip and do short cruises. We won't ever be liveaboards. The convenience of having a boat we can easily handle, a short hop from our Dirt house works for us.
Alaskan Sea-Duction
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The Admiral has an expensive bottle wine we will crack open when we cross over from BC to Alaska....
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We celebrated with great delight the first time we crossed the Dixon Entrance into Alaska, almost twenty years ago now, just before I retired. It was quite a milestone for us. In a dozen more times since, it never ceases to delight - Highly recommended!The Admiral has an expensive bottle wine we will crack open when we cross over from BC to Alaska....
Already planning the itinerary for this coming summer. The days are getting longer!
Al
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The Admiral has an expensive bottle wine we will crack open when we cross over from BC to Alaska....
Hummmmm, As fast as you are, and if 'Dixon' like in 'Entrance" were agreeable, knowing you were in route it would be awesome to putt putt down towards say, Foggy Bay and share a drop of the grape. One never knows.
Al-Ketchikan
I will likely get a boat(or maybe use the one I have) and just untie and go!!!...
That seems the best course of action to me. We never know what will happen until it does. And what I've found over a long time of doing a huge variety of things all over the planet is that usually the thing you think will happen is the one thing that doesn't.
