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Old 17-07-2017, 05:23   #61
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Re: Retirement and boat purchase dilemma

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The SSA and others have online calculators that can tell you the median age expected for death for people born on the same day you were. But one of my old friends was clinically dead three times before high school, and he's beaten what all the doctors predicted for him by 100%...
See, that's the thing. The life expectancy calculators are all well and good, but they are only a slightly scientific, wild-ass guess.

If the calculators tell you that you are going to die at 85, but... OOPS! you "accidentally" live to be 95, what are you going to do? If you spent all of your money by 85 then you had better hope that your friends and family are REALLY generous in your old age. And you'd better be happy living on beans and cabbage in a trailer house somewhere.

I would much rather die with some extra money in the bank than live my last years (or even decades!) in abject poverty, depending on the kindness of others to sustain me. Which doesn't mean that I have to give up on any of my dreams.

You don't have to give up your dreams to be prudent with your money. You only have to be realistic about how you accomplish your dreams.

I know this flies in the face of all those who say "forget about all that and just go now!" That's okay with me. This is the attitude that makes me and my wife happy. We are living our dream now, preparing for more and different dreams in the future.

Just to offer a somewhat different perspective.
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Old 17-07-2017, 06:29   #62
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Re: Retirement and boat purchase dilemma

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Skip the pros. Read books!
Lol! "But I did stay at a Holiday Inn Express last night."
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Old 17-07-2017, 09:29   #63
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Re: Retirement and boat purchase dilemma

I've done a lot of reading and feel that perhaps the best advice for new cruisers is to buy a boat that was used for cruising. Being properly outfitted, to a degree, will save a lot of money and headache.

Your wife is OK with lakes? Perhaps she would be OK with the Sea of Cortez? Jacques Cousteau called it the worlds aquarium I think. It is also possible that her threshold of comfort will grow over time. Of course the opposite possibility presents.
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Old 17-07-2017, 09:56   #64
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Re: Retirement and boat purchase dilemma

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Originally Posted by denverd0n View Post
See, that's the thing. The life expectancy calculators are all well and good, but they are only a slightly scientific, wild-ass guess.

If the calculators tell you that you are going to die at 85, but... OOPS! you "accidentally" live to be 95, what are you going to do? If you spent all of your money by 85 then you had better hope that your friends and family are REALLY generous in your old age. And you'd better be happy living on beans and cabbage in a trailer house somewhere.

I would much rather die with some extra money in the bank than live my last years (or even decades!) in abject poverty, depending on the kindness of others to sustain me. Which doesn't mean that I have to give up on any of my dreams.

You don't have to give up your dreams to be prudent with your money. You only have to be realistic about how you accomplish your dreams.

I know this flies in the face of all those who say "forget about all that and just go now!" That's okay with me. This is the attitude that makes me and my wife happy. We are living our dream now, preparing for more and different dreams in the future.

Just to offer a somewhat different perspective.
It is better to die with a large breasted nurse leaning over to whisper that your last check bounced I think.
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Old 17-07-2017, 10:16   #65
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Re: Retirement and boat purchase dilemma

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Waiting until age 70 to begin taking Social Security payments, will only guarantee that someday one might be sitting pretty in a more plush adult diaper. The government ponzi scheme really doesn't give you any more money if you sit down and do the math, the crossover point is 18 years before you receive your first extra penny... if social security will even still exist at that time... and that's only if you're still alive... if you didn't invest properly.... and if the government doesn't make changes and if you don't get sick.

A lot of ifs.

Those who wait until age 70, don't receive any extra money until age 88. Run the numbers if you don't believe me.
The average age of death for a man in the USA is 76yrs old....plan accordingly and go cruising before you become a statistic. 4 out of 5 cruisers surveyed wish they would have cast off cruising earlier!!
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Old 17-07-2017, 10:20   #66
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Re: Retirement and boat purchase dilemma

I have run the SS numbers and it makes no sense to me to wait. Better money in my pocket now then nothing later. I had a coworker who waiting till he was 65 so he could get medicare. He died 9 months later without ever using it. If he had retired at 62 he would have lived almost 4 years doing something other than working... was a shame. I have seen it more than a few times. As a registered nurse for over 32 years I have seen many people die before their time. Few live to 90. No one in my family lived past 75 that I know of.
I have reduced my risk factors by a lot but will not gamble with the genetic factor. If I am wrong, its ok. I will figure it out. I always have.
The sea of Cortez would be a great place to spend a year but would not want to stay there. Or anywhere for that matter for a extended period. To many places to see. Time will tell though. I am not that concerned about health insurance. Wife can put me on her plan for $200 US a month. In 3 years I can go on medicare. But I figure most of the times will pay out of pocket in other countries. Which costs about what a copay here costs. Only use the insurance for big issues. And get DAN (divers alert network insurance ) to help cover a evacuation if truly needed. (I hope)
I am reading the Annie Hill book "voyaging on a small income" right now. Interesting read.
My biggest gripe is the fact that the gov will take a large part of my hard earned retirement savings... and I am in no way seeking to defraud the government of that said money, cause they are not to be messed with... but wish it was otherwise. But I will suck it up and pay it.

Oh and as a nurse myself, I do not want to die in a hospital, large breasted nurse or not. Would rather go quietly at anchor after a good meal, a fantastic sunset, and the sound of the waves lapping at the hull, while the full moon slowly rose, the fresh smell of land on the evening breeze.
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Old 17-07-2017, 11:53   #67
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Re: Retirement and boat purchase dilemma

Most of these discussions don't mention the potential financial penalty of taking SS "early" at age 62.

If you do that and you continue to make money then it is possible that your monthly benefits can be reduced $1 for every $2 above X that you make.

At "full retirement age" which is 66 or so for most of us, there is no income restriction.

Also keep in mind that up to half of your SS benefits can be taxed by making over X. I believe right now that both of those X's are around 14k/15k.

This is where a real pro can be very helpful analyzing both you and your spouses particular details.
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Old 17-07-2017, 12:26   #68
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Re: Retirement and boat purchase dilemma

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I have run the SS numbers and it makes no sense to me to wait. Better money in my pocket now then nothing later. I had a coworker who waiting till he was 65 so he could get medicare. He died 9 months later without ever using it. If he had retired at 62 he would have lived almost 4 years doing something other than working... was a shame.........

Oh and as a nurse myself, I do not want to die in a hospital, large breasted nurse or not. Would rather go quietly at anchor after a good meal, a fantastic sunset, and the sound of the waves lapping at the hull, while the full moon slowly rose, the fresh smell of land on the evening breeze.
Oh, and as a registered nurse myself, I'm telling you it can be done brother, (unlike the naysayers). I'm laying here anchored off the Croatia coast (forget about Mexico, screw Mexico... go first world it's cheaper), just finished a good meal, the moon just rose up over the horizon, the fresh smell of land and sea in the air, waves lapping at the boat which are making me rock a little more than I prefer (shoulda put out the second stabilizer), will be in Montenegro tomorrow.

Feel free to send me a pm.

Cheers

Ken
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Old 17-07-2017, 12:30   #69
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Re: Retirement and boat purchase dilemma

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Originally Posted by sailpower View Post
Most of these discussions don't mention the potential financial penalty of taking SS "early" at age 62.

If you do that and you continue to make money then it is possible that your monthly benefits can be reduced $1 for every $2 above X that you make.

At "full retirement age" which is 66 or so for most of us, there is no income restriction.

Also keep in mind that up to half of your SS benefits can be taxed by making over X. I believe right now that both of those X's are around 14k/15k.

This is where a real pro can be very helpful analyzing both you and your spouses particular details.
Sounds like you've been suckered into the ponzi scheme. Do what you think best.... meanwhile, I'm cruising.

If a person listens to a "pro" and waits until after age 66, chances are they will never leave the couch.
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Old 17-07-2017, 13:13   #70
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Re: Retirement and boat purchase dilemma

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Originally Posted by Kenomac View Post
Sounds like you've been suckered into the ponzi scheme. Do what you think best.... meanwhile, I'm cruising.

If a person listens to a "pro" and waits until after age 66, chances are they will never leave the couch.
I believe after a curtain age you can make as much as you want. The hammer is it makes your SS taxable as regular income if over a specific amount. We went from paying no tax to $127,000 from selling some property. Capital gains should have been about 80k state and federal on a $400K gain. I had the CPA figure it since I didn't want a year end surprise. Be careful.
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Old 17-07-2017, 13:17   #71
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Re: Retirement and boat purchase dilemma

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Sounds like you've been suckered into the ponzi scheme. Do what you think best.... meanwhile, I'm cruising.

If a person listens to a "pro" and waits until after age 66, chances are they will never leave the couch.
Actually, I am not talking about me. I offered additional information that could be very helpful to know. I didn't recommend any course of action.

Anyone who "runs the numbers" without considering tax implications isn't getting the full picture of their potential income which could be disastrous for them.

Sounds like you are good to go either way. Excellent but not necessarily true for all as the $500/month-$5k/month threads demonstrate. What about the person who figures out they can marginally get by on X per month and so goes ahead and retires only to discover that X is actually W?

No doubt that SS is a government run Ponzi scheme but to someone that needs it and is counting on it, that doesn't matter much when it comes time for financial planning over one or two years before taking it.

Enjoy.

Sounds like your planning worked out just right for you.
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Old 17-07-2017, 13:53   #72
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Re: Retirement and boat purchase dilemma

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Actually, I am not talking about me. I offered additional information that could be very helpful to know. I didn't recommend any course of action.

Anyone who "runs the numbers" without considering tax implications isn't getting the full picture of their potential income which could be disastrous for them.

Sounds like you are good to go either way. Excellent but not necessarily true for all as the $500/month-$5k/month threads demonstrate. What about the person who figures out they can marginally get by on X per month and so goes ahead and retires only to discover that X is actually W?

No doubt that SS is a government run Ponzi scheme but to someone that needs it and is counting on it, that doesn't matter much when it comes time for financial planning over one or two years before taking it.

Enjoy.

Sounds like your planning worked out just right for you.
It may be a Ponzi scheme to some degree. However it may also protect the stupid from blowing everything and being destitute. We got screwed when they put money in the general fund with a promise to restore it, right!
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Old 17-07-2017, 13:59   #73
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Re: Retirement and boat purchase dilemma

SS is a tax, I wish "our" money was set aside and what we got back was based on the earnings of our savings, but it isn't that way.
SS funds way more than simple retirements of older people, the scam in the town I just left was to become disabled, that way you get SS benefits when you have never worked apparently.
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Old 17-07-2017, 14:14   #74
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Re: Retirement and boat purchase dilemma

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It may be a Ponzi scheme to some degree. However it may also protect the stupid from blowing everything and being destitute. We got screwed when they put money in the general fund with a promise to restore it, right!
Mandatory retirement contributions could be acceptable if treated like a 401-K or IRA.

Putting it in the general fund, spending it and then using present contributions to fund those already retired is what created the Ponzi scheme. I don't see how it legally is not?
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Old 17-07-2017, 14:41   #75
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Re: Retirement and boat purchase dilemma

A few simple rules:

Don't borrow to buy a boat. If you don't have the cash, don't spend it.

Get the biggest boat you can afford, and the smallest one you can live on.

Less is more.

Stop thinking like a landlubber. The boat already has furniture and appliances. Start selling everything you don't need....NOW.

Yes, cash is king. And its a buyers market out there. Instead of choosing the boat you want, let the boat choose you. Look at the boats that are available at a good price. In particular, there are bargains to be had on Canadian side of the great lakes. Record breaking water levels have ruined the season for boaters, and the low Canadian dollar gives you extra purchasing power. Just think how far ahead of the game you will be if you can find your dream boat for half the cost you thought it would be!
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