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Old 19-09-2011, 21:48   #16
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Re: Smelling the roses?

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Originally Posted by Boracay View Post
Sounds like you'd like to step back and smell the roses, but its hard in your current job. Maybe too old to get reemployed if you leave? Worried that if you wait you could be too old to manage cruising?

For me the main consideration was financial. I needed to have enough money to last me though 20 years with a bit of reserve to cover any medical surprises.

So first, maybe, crunch the numbers. Work out how much you'll need and how much you've got. If you've got more than necessary now then no worries, otherwise you need to calculate how to get the extra.

Then consider the lifestyle. I'm not sure that solo cruising is all that much fun. I've basically waited 5 years o that my SO can be with me, and its still a big unknown. Its not like buying a car or joining a gym where you're pretty well certain what you're going to get. I'm assuming it could all go belly up.

Would your employer consider phasing you out? Sounds like they've got their money's worth over the years, and they may not want to see you suddenly leave, so they could do a deal. Maybe train your replacement over the next few years in return for a pension?

You could have a few holidays owing. Enough to work your boat south, or even to head into the Pacific?
I've injuried myself a few time over the years(ankle/back) so I'm concerned about what kind of shape I will be in at retirement. My current job(military) doesn't allow me too much time to smell the roses we are always busy, at least where I am now. I have had easier post though where life is more enjoyable.

If I wait until I retire I will get medical as well, but then again I believe I would get some sort of veteran medical if I was to get out now as well.

I've crunched the numbers and as long as I work along the way I would be fine and around 60 I could look forward to my IRA and possibly social security, but that would be like 30 years away as well.

thanks
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Old 19-09-2011, 21:52   #17
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Re: Looking for advice on a life decision....

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My circumstanses were different but I can tell you that having the pension as a fall back is very comforting. I think that I would have regretted not sticking it out. But I'm certainly not the go small go now type. We're a few years away from being able to sail away and not have to go back to work.
I love the thought of not working anymore! And I agree that the pension really opens things up for you in that you can do more and work less. Thanks
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Old 19-09-2011, 21:55   #18
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Re: Looking for advice on a life decision....

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My advice - hang in for the pension. Save as much as you can in the meantime... its only 8 more years. But have some fun too, in the interim.
That's what I have been doing so far, but the fun has been lacking.thanks
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Old 19-09-2011, 21:57   #19
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Re: Looking for advice on a life decision....

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Take a leave of absence from your job for one year. Explain to the management what you plan to do. Perhaps you can arrive at a gentlemen's agreement that your job will be there when you return.
I'd love a year off and coming back to work afterwards wouldn't be too bad either, but the Military doesn't allow that sort of thing without some circumstances.
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Old 19-09-2011, 22:00   #20
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Re: Looking for Advice on a Life Decision . . .

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It seems to me that you are asking if you want to be happy or unhappy for the next eight years. Trust yourself.
I think that is a huge statement! "trust yourself" Perhaps that's exaxctly what I need to do. Pick a course and go for it whether it is option a or b. thanks
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Old 19-09-2011, 22:15   #21
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Re: Looking for Advice on a Life Decision . . .

My 2c worth is this...

If you quit work now and go cruising, you'll work harder at being retired than you work now at not. I waited, saved for over 20 years, got all three kids growed up and on their own and doing well, and I wished I'd started 30 years ago instead of now. I look back at what I've missed and hate myself for being 'chicken'.
Do it man, there's no guarentees in life and that pension might not be there like you think. Who knows what's going to happen.
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Old 19-09-2011, 22:55   #22
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Re: Looking for Advice on a Life Decision . . .

I'd stay until you qualify for retirement. It's price less, and if it is indexed (must be a government pension) there is no way you can save and aquire a large enough portfolio to equal that.

Stay, save as much as you can, perhaps look at buying bonds and laddering them. I am getting over 5% rate of return on AA quality corporate bonds. Any additional income will be welcomed when you get your pension.
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Old 19-09-2011, 23:28   #23
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Re: Looking for Advice on a Life Decision . . .

You're young, time passes more quickly than you imagine. If I were you I'd wait it out 'till the pension comes, then decide.
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Old 20-09-2011, 00:45   #24
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Re: Looking for Advice on a Life Decision . . .

Most of us would dream of having a pension from age 37 and most of us here would think that yopu have earned it. Don't toss it away lightly.

Greg
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Old 20-09-2011, 00:49   #25
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Re: Looking for Advice on a Life Decision . . .

Hi , Just my 2 cents worth, Do it while you are still young and single, sure a pension would be nice but what if you meet that special some one in the mean time and have kids { assuming you arnt gay of course }that would put a lot more pressure on never following your dreams untill you are older, or are too old to enjoy the adventure.
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Old 20-09-2011, 02:06   #26
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Re: Looking for Advice on a Life Decision . . .

The year before we began cruising full-time a single friend named Rolf was also planning to start cruising. Rolf could have retired in June and started his new life, but he chose to work until the end of the calendar year so he could celebrate a certain number of years having worked for the same company. In August that year, through no fault on his part, he was involved in a vehicle accident that left him a quadriplegic. Paralyzed from the neck down. That was the end to his lifetime dream of single-handed cruising.

His experience reinforced to us that NOW was the time to go. Sure, working longer would have generated more $$$ for the cruising kitty. But who knows what the future holds for each of us.

If you can manage the money side of it, and you really want to start cruising; don't delay.

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Old 20-09-2011, 02:59   #27
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Rejoin?

Could you rejoin later, after cruising?

Job may be the same but different workmates can make a big difference. As I understand things both ex military and ex cruisers (CLODs) are well prized in the outside world.

Can you upskill where you are to make yourself more employable? (I had an old tour bus driver in LA who said he was an ex air force pilot. Bet he didn't see that one coming...).

I worked as a casual teacher. Very stressful at time, but I was able to take extended breaks and sometimes I'd find myself in such a good school that it'd feel like I'd died and gone to heaven.
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Old 20-09-2011, 04:12   #28
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Re: Looking for Advice on a Life Decision . . .

Go as soon as you can, you spend a long time dead.....

Sort out the rest as you go along.

Dave
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Old 20-09-2011, 04:54   #29
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I say wait till the pension comes in. Cruising costs money. A good pension will make it MUCH more comfortable for you. Take some extended vacations in the mean time. Save, save, save. If you do it right, you wont ever have to go back to work!
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Old 20-09-2011, 06:31   #30
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Re: Looking for Advice on a Life Decision . . .

I would and did stay. 19 years ago I was in an identical position. Single with no ties and serving in the British Army. Different Army, but similiar terms and conditions. I could have left at anytime but finally chose to do the full service and left at 40 with immediate pension. At that point I could have chosen to go and been reasonably financially secure. In fact I met Viv and we got married so I now chose to continue to work, but could have easily gone off travelling instead.

That service pension you are working towards is worth its weight in gold. My stepson is due to join up shortly, sadly they have changed the terms and conditions because the schemes we have are no longer affordable. He will have to work longer and pay more for less and may not have the option of retiring early.

You have the yacht now, enjoy her for holidays and weekends. Those 8 years will fly by, they always do and you will then have some financial security behind you from 38 for the rest of your life were ever you go, in a very uncertain world. Your life expectancy is probably 85. Being old and broke isn't good news. Leaving at 38 will give you an income for 4 plus decades. Ask yourself how much of a pension pot a civilian would have to save to generate that.

If the job isn't what you enjoy, then change to something else that you do want to do for the next few years. However, 38 is the point you should chose to leave the rat race, not now and if you meet someone along the way, well the pension you are earning now will help to provide for you both.

Set a long term goal and aim to achieve it by saving like mad for the next 8 years, then go and enjoy.

Pete
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