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Old 02-23-2016, 01:54 PM   #1
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Question... Are you working for your boat???

This is a big question... Is the reason you are still working to pay for your boating hobby???

That's my situation, and I suspect others are in the same "boat".

I feel very fortunate that at 53 years old I could retire if it weren't for my boating hobby. We have a business that we run from the house that provides more than enough income to live on, including medical, travel, etc... But the boat puts us over the edge, so I still hold down a full time job. (Abet I only work 26 weeks a year).

In four years and 1 month I reach normal retirement age and can draw my pension, and my boat gets paid off as well. A year and a half later I can start withdrawing from my tax deferred savings.


Right now I am working for my boat.

Anybody else in that situation? Are you working for your boat?

Kevin Sanders
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Seward, Alaska
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Old 02-23-2016, 02:16 PM   #2
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I have been going through the retirement planning exercise myself the last couple of months. My wife wants to retire early (at about age 59 with 33+ years of teaching). Part of the equation is how we are going to pay for the next boat. The only way to do that (without making other financial sacrifices that she is unwilling to make) is for me to keep working. It is amazing the number of years that I have to keep working to pay for the purchase, use, and upkeep of the boat that we want.

I don't have any type of retirement being self-employed but I am fortunate that I will be able to gradually work less and take more time off over the next 10 years.


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Old 02-23-2016, 02:39 PM   #3
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Yes and no. I am 13 years and 5 months away from full retirement age currently (that is if the rules do not change ) - but who is counting

My bride is 6 years younger than I and I would not want to retire without her being able to come along anyway so HiHo HiHo, it's off to work I go

I guess that means technically I am not still working because of the boat, but it doesn't help the budget any either

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Old 02-23-2016, 02:58 PM   #4
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I'm 55 and our daughter is in grade it turns out my earliest retirement date for a full pension is less than a year after she graduates high school.

Everything we have is bought & payed for, so payments aren't an issue. We've been putting money aside for retirement and for post secondary education (or travel/exploration if that's what she'd rather do) so hopefully that's squared away.

The fixed costs of our boat are what I used to spend on cigarettes and booze, so it hasn't effected our life at all, financially that is!!!!

We pay into a spousal RRSP and the plan is to use income tax return monies to finance the upgrades Badger will need for us to comfortably travel BC's north coast for months at a time.

After retirement we'll keep Badger in good condition without major upgrades, and pad the retirement saving by selling our photographs.

Such is the plan...reality may intervene...
"The most interesting path between two points is not a straight line" Murray Minchin
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Old 02-23-2016, 03:22 PM   #5
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Short answer is no. If we didn't have the boat I'd still be working.

I do see the possibility of one day delegating more of what I do and working part time from the boat wherever we happen to be cruising, but that's I'd guess 10 years in the future or more.
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Old 02-23-2016, 03:56 PM   #6
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I retired at 55 and am now 80. Just sorry I couldn't afford to retire sooner. Beats the hell out of workin' that's for sure.
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Old 02-23-2016, 04:02 PM   #7
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I happened to meet with a financial planner yesterday, a sailing friend of long acquaintance. After discussing finances, we started to discuss one of the reasons for financial decisions, boats. As it turns out, he is currently repowering his sailboat because as he said "hard to sell a boat without an engine".

He and his wife, as it turns out, are doing the same thing we are, looking to transition to a trawler. One of the boats on their short list is the same as ours, a NT37. Much like me, he would be happy with a NT32-34, but his wife wants a second stateroom for kids to come along, exactly like my wife.

At least my financial advisor "gets it" as I try to pay for the boating habit.

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Old 02-23-2016, 04:04 PM   #8
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Nope. I am fortunate enough not to have anything better to do (than work, which I actually enjoy) and I want to set a good example for my kids (two in college, one in high school, all hard workers).
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Old 02-23-2016, 04:47 PM   #9
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Nope, I am fortunate enough to be fully retired (9 years ago at 52). I too want to set a good example for my kids. Work hard and you too can retire early and go cruising!
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Old 02-23-2016, 05:03 PM   #10
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Still working at 60 . Hardwood lumber . I go in everyday . Although I sell more lumber when I'm at the boat . I tell my boss it's all about attitude .
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Old 02-23-2016, 05:19 PM   #11
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My retirement date is so far astern it's gone below the horizon. Work, what is that? I'm 69, retired just over 5 years ago. So did my wife who is 60.

So no, I'm not working for the boat, I'm not working for anything except my wife. My Honey-Do list never seems to get shorter, but what the heck, what else would I do?
Mike and Tina
Beachcomber 1995 Sea Ray 550 Sedan Bridge
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Old 02-23-2016, 05:27 PM   #12
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I am 64 and not sure what retirement means. I wake up every morning looking forward to what I do. Ihesitate to call what I do "working" and doubt I'll ever stop "working" after all I hang around boats all day, get to drive many different boats (sea trials and deliveries) all the time and then people give me money
If you can live with the consequences, go for it - wg
Y'am what y'am an' thats' all that y'am - Popeye
I had an allergic reality - Jillie the Bean
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Old 02-23-2016, 05:34 PM   #13
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Had a customer who was a retired butcher for a large grocery store chain. Got into scuba diving; started diving a lot. Had to get a part time job with his son's mechanical contracting business to afford his diving habit. Used to tell people on the boat, "I'm diving paycheck to paycheck ".

I'm tired of fast moves, I've got a slow groove, on my mind.....
I want to spend some time, Not come and go in a heated rush.....
"Slow Hand" by The Pointer Sisters
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Old 02-23-2016, 06:07 PM   #14
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No. I retired in June. Angelina has been paid off for over a decade.
Al Johnson
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Old 02-23-2016, 06:20 PM   #15
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I am retired and have been retired for over ten years. When I saw my current boat, I called my financial planner and asked if I could afford it. She said "Yes."
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Old 02-23-2016, 06:30 PM   #16
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Retired for the second and last time, 11 months ago. Not gonna go back to work, retirement is work enough!

Hope to see some of you in the coming months up North!
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Old 02-23-2016, 06:42 PM   #17
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I retired in 1992 at the age of 51. I'll be 75 next month and haven't missed working one damn bit! I'm at the boat at least 5 days a week, spending money on projects that aren't even necessary. I look at taking care of my boat as if it's a 57 Chevy.....which I always lusted for but never had.
Codger 1941.. Constant pursuit of the ultimate SoCal Cruising boat.
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Old 02-23-2016, 06:47 PM   #18
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I retired 3 years ago this coming June. I'm keeping up with the boat maintenance but we,spend everything I earn on retirement, including a drawn on the dividend income from the RRSP. I just picked up a couple of contracts which will help things a bit.

I am working for the boat. I'm doing many of the projects myself. For example, I rebedded all 7 Pilothouse windows and replace 4 panes that had clouded around the edges. Total materials were just under $700. I talked to another owner of a KK42 and he paid a shipwright $4,000 to do only the 3 forward windows and his completed work didn't look any different than mine. I figured I saved $8,600.

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Old 02-23-2016, 07:41 PM   #19
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I retired and paid cash for the boat and extensive refit. The latter was pretty much all yard work and cost way too much. But time is too valuable for me to have done all that work myself - it would have been a multi-year saga.
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Old 02-23-2016, 07:47 PM   #20
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Didn't purchase my boat until after (1) the kids' college expenses ended when they graduated, (2) paid off all debts including house mortgage, and (3) retired.

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