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Old 06-24-2020, 04:20 PM   #1
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Do It NOW, Don't Wait!!

I wince every time I read a post starting with.."We will be buying a boat and retiring on it in Five, or Ten Years..." Or "We will be doing the Loop in Five years, when we buy a boat".

Don't Wait..Do it Now!!

Retirement is great but there are several drawbacks to waiting until then to buy your boat. Some are really BIG..

You will be really, really busy once you retire. There may not be time to enjoy your boat. Your parents will be quite old, maybe in the final stages of their life. You will want to be near them.

Your kids will probably be beginning to provide you with grandkids, you will want to be able to spend time with them. Often they are some distance away.

You will be beginning to experience some health issues. Both you and your spouse will probably require at least one new knee, hip or shoulder. Each of these joint replacements will kill a season of boating. (That is as many as 12 joints and 12 seasons partially ruined)

Your own siblings will be older also. Some as many as ten years older than you and beginning to make their own final journey. Some of you may find yourselves as executer of wills or estates, a very timley undertaking.

Certain things about boating require a bit of a learning curve. Better to do this learning in your 50's than late 60's.

IMHO, the true "Golden Years" of your life fall somewhere between ages of 50 and 70. You generally have more time than later into retirement, money is generally pretty plentiful, your mind is sharp and your body still does what you want it to do.

DO IT NOW! BUY IT NOW! If you are fortunate enough that none of the above limitations effect you you will have gained about ten years of boating memories over those who wait.

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Old 06-24-2020, 04:39 PM   #2
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+1. I agree completely.
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Old 06-24-2020, 04:42 PM   #3
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I'm with you, Pete. The clock is ticking, boating time is finite. Go for the gusto!
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Old 06-24-2020, 04:43 PM   #4
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Spend your kids inheritance!

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Old 06-24-2020, 04:47 PM   #5
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+2!!!!
Great advice Pete. A story if I may. When I was a young man, my dentist was talking about retirement. His wife passed away suddenly, so he put off his retirement. Then he fell in love again, and was talking about taking his new lady travelling in a year or so. Yeah, he died suddenly as well. Up til then, he was very active and in good health for his age.

That taught me a lesson that I still live by: Don't put all your eggs in the "tomorrow" basket (you still need to plan for it though), cause life does not offer guarantees!
My Mom used to say: "You have to be tough to get old". She was right!
Go boating, have fun!
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Old 06-24-2020, 05:03 PM   #6
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Five years ago we had a family Skype meeting with all the kids and their spouses. I presented the following PowerPoint presentation: “Where your inheritance is going”. (At the time it was a 44 Tolly). Other than the actual boat (now a 4788) nothing has changed. Of course we’ve been blessed with good physical and financial health along the way... So yes, follow the advice on our friend’s 2012 Porsche Turbo Cabriolet custom license plate: “DOITNOW”.
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Old 06-24-2020, 05:13 PM   #7
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When each of my kids were of a proper age (generally around their late teens), I offered this advice:

"Never look back 10 years from now and say "I wish I had did ______""

This thread is sage advice- we all hope we'll be around for the long term, but the reality is that we simply don't know. So, live life when you're amongst the living and don't regret a moment of it...
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Old 06-24-2020, 05:44 PM   #8
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I retired at 59.

The issue a lot of people have is that they can't walk away from the money, especially if they are on a high level of variable comp like stock options and RSUs.

I decided I had made more than I could spend and likely had enough to leave the children some, so walked.

I have plenty of colleagues my age and older who are still punching the clock, and I know how much they are hauling in. For some it may be the job, but I know for many they just can't leave the money on the table.

Life is too short especially when you get to around retirement age.
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Old 06-24-2020, 06:11 PM   #9
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I retired at 59.

The issue a lot of people have is that they can't walk away from the money, especially if they are on a high level of variable comp like stock options and RSUs.

I decided I had made more than I could spend and likely had enough to leave the children some, so walked.

I have plenty of colleagues my age and older who are still punching the clock, and I know how much they are hauling in. For some it may be the job, but I know for many they just can't leave the money on the table.

Life is too short especially when you get to around retirement age.

I agree completely. It normally takes some foresight, though.

We retired 2 years ago at 58/55. We had saved "enough". Yes, if we continued working until "normal" retirement, we could easily have tripled our net worth. But why? We had saved "enough". Who knows how long each of us had to enjoy the remainder?

However, in order to do this, we lived way, WAY below our "means" for our entire 35 year working careers. We made the decision to do this from day 1. Living in 1200 sqft houses and driving Nissans while our co-workers had 5 bedroom palaces and drove BMWs. It was that whole delayed gratification thing ---- 35 years worth!

I would add another angle to the OP. For us, trying to maintain and upgrade a boat while (granted, overburdened) working, was just too much to bite off for the absolute "go now" recommendation. We chose to trailer-boat (sail, power) while working, and then go "all-in" when we retired -- with all of the experience we had gained along the way -- and had the ability to focus 100% on the boat/cruising. There is something to be said for that, also.
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Old 06-24-2020, 06:22 PM   #10
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I have a question, my wife and I both agree that we would love to retire early but what does everyone do about Medical insurance once you leave the 9 to 5 life? Paying two medical Insurance premiums seems like it's going to take a large chunk of our cruising budget.
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Old 06-24-2020, 06:27 PM   #11
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I have a question, my wife and I both agree that we would love to retire early but what does everyone do about Medical insurance once you leave the 9 to 5 life? Paying two medical Insurance premiums seems like it's going to take a large chunk of our cruising budget.
I have coverage through my employer. Then when I get to 65 they are the back up coverage to Medicare.
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Old 06-24-2020, 06:27 PM   #12
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I have a question, my wife and I both agree that we would love to retire early but what does everyone do about Medical insurance once you leave the 9 to 5 life? Paying two medical Insurance premiums seems like it's going to take a large chunk of our cruising budget.
Yes. Our first year we paid through the nose for medical - yes, two premiums - a significant amount. The second (and hopefully subsequent) year, our declared income was low enough to get some Obamacare subsidies that helped A LOT.

We planned for both of these in our "budget" forecasts when deciding when/if we could retire. Some of it involved lowering our planned lifestyle still further until medicare age. It hurts, but it is a fact of life and we just had to suck it up and pay.

Would do it again in a heartbeat, BTW......

EDIT: BTW, go to http://www.early-retirement.org and spend as many hours as you can stand READING. Then start again, and read some more. When you think you have had enough - read some more. There are some REALLY smart people on those forums......
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Old 06-24-2020, 07:12 PM   #13
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Reality is most boats are under used.

Life is a jigsaw puzzle and no one can fit your life pieces better than you.

While some advice to start small, start early has its merits..buying a retirement boat 5 years before retirement and using a boat little to none isn't good for it or the stress it can put on you.

Usually a good 3-5 hour shoot the bull/ face to face session with someone who has lived aboard for a decade or more and has been actively boating/cruising....6 months a year or more.....and is a knowledgeable and honest type will probably help more than anything.
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Old 06-24-2020, 07:21 PM   #14
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Memory banks are more important than money banks.

I'm very close to signing my retirement papers at work. Like Ray, we lived within our means and saved for the future so I could retire 5 years shy of a full pension.

We plan on exploring BC's north and central coasts, including romps up mountains and bush whacking up valleys, so if our health holds, we should be much more physically active between 60 to 65 than 65 to 70.

We bought our boat 8 years ago because my wife's shoulder got wrecked in a car accident and we couldn't sea kayak any more. It also allowed us to share with our young daughter how amazing it is 'out there'.

Looking forward to go on 2 month boating trips instead of 3 week holidays from work!

When the boat is too much to handle we'll swallow the anchor and switch to land based adventures.

Dare to Dream!!!!
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Old 06-24-2020, 07:42 PM   #15
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We made the decision to get a larger boat when we both had health and could enjoy the marine life. Have seen too many relatives say they are going to wait till they retire and then not have the ability to enjoy it. I already have regrets for not taking advantage of some life adventures as work was more important. I realize now it is not. Donít overspend or overextend but take advantage of the window you have to enjoy life.
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Old 06-24-2020, 07:48 PM   #16
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Quote:
Originally Posted by Capitaine R View Post
I have a question, my wife and I both agree that we would love to retire early but what does everyone do about Medical insurance once you leave the 9 to 5 life? Paying two medical Insurance premiums seems like it's going to take a large chunk of our cruising budget.
My simple answer was to retire at 59 and my wife will work till about 66. My wife's work (university dean) has been the source of health care for the last 15 years. So she needs to work. In full disclosure, her current position has an incredible compensation package. Working till 66 gets her a very nice pension. When you factor working 4 more years, with the compensation, nearly free healthcare, and the pension value, versus paying healthcare for 3+ years, you're looking at a seven figure difference. I have a very logical wife.

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Old 06-24-2020, 07:51 PM   #17
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If you do buy early, then take the time...that's the one thing the VAST majority of people DON'T do.

They work even harder and longer those last 5 years and the boat sits, confidence in using it wanes.....not good.

So yes there are two paths....one as is mostly described here and the one of reality as you walk down docks and see way too many green covered boats that sit mostly unused.
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Old 06-24-2020, 08:15 PM   #18
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We're 31 and 30 and don't expect to retire. Ever. Period. If social security lasts, it will be a miracle. Additionally, we're both in "fun" fields and can do most of our work, or similar, when we're old and feeble. What we can't do, when we're ancient, is go scuba diving, overnight transits, etc etc etc. So we boat a boat instead of a house, twice.
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Old 06-24-2020, 08:24 PM   #19
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+1 We cleared out our savings and took off age 49 & 54. Enjoyed 4 brilliant years, crossed the Atlantic twice and lived our dream in the Mediterranean and Caribbean. Came home age 54/59 and worked a few years. Now retired for second time at 63/68 and just bought a comfortable large MY which will be the perfect vehicle to enjoy with our children and grandchildren.

We were planning on more than 4 years - but then the grandchildren arrived and heartstrings called us home from the Med. The OP is absolutely correct in his assessment. Get out and do it if and when you can. Dont wait for the perfect time. The perfect time is now. We were far from the youngest we met in our travels.......
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Old 06-24-2020, 09:28 PM   #20
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I’m 58 and staring it in the eye.

I can retire at any time but agreed to work until my 60th birthday to make my wife comfortable.. I only work part time now at about 135 days a year so it’s not like I’m full time anyway.

My advice is to buy your cruising boat while you are working and can fit it out, and learn. DO NOT wait till you retire, Yes do it now.

Then choose a retirement date while enjoying your boating lifestyle that works for your lifestyle choices and post retirement income. That is a individual decision with no right and no wrong.

The big thing is to buy the boat now, and enjoy boating. Retirement cruising will happen in due time.

Some, probably some here can be happy on a income that I would starve on. Some also would require a income that I would find lavish. Again, that is a individual decision based on YOUR choices.
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