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Old 05-01-2015, 19:32   #1
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Cruising start at 55 or 56

The 2 choices I'm considering are selling all and go cruising at 55 or at 56 (neither exactly old).

If leave at 55 the cash kitty gets to $39,500 at the low point and total assets get to $350,00 at age 70 if land reentry is required.

if leave at 56 the cash kitty is $110,000 at low point and total assets at 70 are $463,000.

Of course the assumptions could be wrong in which case it could be less or more (not really safe to plan on it being more I feel). And of course some will see this as a lot of money and other as poverty.

The big item is the cash kitty that has to also be a buffer for both boat and life events.

I know which I prefer and I know which the boss says is the answer, which would you chose?
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Old 05-01-2015, 19:49   #2
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Re: Cruising start at 55 or 56

One more year to almost triple the cash kitty? I'd take 56 without regrets.


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Old 05-01-2015, 19:50   #3
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Re: Cruising start at 55 or 56

sailorboy1,

To me, it would partly depend on what the first 2 or 3 yrs. cruising plans were...

If you're heading off on a multi-year circumnavigation during which you're going to take time to smell the roses, then a $40k emergency fund won't handle a dismasting with loss of sails event, most likely. If you're staying coastal in the US, such an event is probably less likely because there's more shelter, so it might well be enough.

I'm assuming you have medical coverage with either cruising plan. If you have to pay out of pocket for any event requiring hospitalization in Australia, the costs are very similar to US. Traveler's insurance is available here.

I am not speaking for Jim at all here, but I think I would gamble on short term good health, and work the extra year for the better financial position, but that's really a personal weakness of mine, I think, that fear of a destitute old age. It is only a fantasy.

The other side of the question are the guys who say go now, because we don't know what the future holds, and some of us die young with never tasting our dreams.

Good luck with it, whatever you choose.

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Old 05-01-2015, 20:02   #4
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Re: Cruising start at 55 or 56

Even though I've always been in the go now camp, a year is not that much of a risk at your age. No matter how we think we have our cost figured out there are always surprises and they are not nice surprises. Either way its nice to have a goal and I wish you all the best in attaining it.
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Old 05-01-2015, 20:03   #5
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Re: Cruising start at 55 or 56

[QUOTE=Ann T. Cate;1716585

To me, it would partly depend on what the first 2 or 3 yrs. cruising plans were...

[/QUOTE]

I'm figuring the first 2-3 years are going South down the US East Coast and into the Caribbean.
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Old 05-01-2015, 20:51   #6
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Re: Cruising start at 55 or 56

Quote:
Originally Posted by sailorboy1 View Post
The 2 choices I'm considering are selling all and go cruising at 55 or at 56 (neither exactly old)...
Did you by any chance reverse those digits? Did you mean at 55 or at 65?
I don't see how the cash kitty could almost triple in one year...
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Old 05-01-2015, 22:15   #7
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Re: Cruising start at 55 or 56

I'm with the others - if you can triple the cash kitty in one year, then by all means do so. Enjoy either way!
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Old 05-01-2015, 22:50   #8
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Re: Cruising start at 55 or 56

Personally I would wait the one year.
More interesting for me is to understand how your investment accelerates cash that quickly in one year and how you can calculate exactly what the assets are at age 70.
Clearly I do not know your situation but surely you have other funds that you are going to use for the next 14 /15 years other than the cash kitty mentioned otherwise you would be impacting on the final asset I would think.
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Old 05-01-2015, 23:34   #9
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Re: Cruising start at 55 or 56

Of course, I'm going to say go now. Main reason is you could also be dead in 10 years. Then all the money in the world, does you no good at all.

I suspect the extra income is not made in one year, but is the total invested return at 70, when the OP, in theory, swallows the anchor.
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Old 06-01-2015, 05:28   #10
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Re: Cruising start at 55 or 56

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Did you by any chance reverse those digits? Did you mean at 55 or at 65?
I don't see how the cash kitty could almost triple in one year...
nope, that is 55 or 56

waiting an additional year is a year of savings plus a year of not taking money out of the cash kitty
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Old 06-01-2015, 05:31   #11
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Re: Cruising start at 55 or 56

When doing this one also has to realize that isn't just me. I have a spouse that deserves equal consideration, not only in living but in planning of the impact for later in life.
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Old 06-01-2015, 06:02   #12
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Re: Cruising start at 55 or 56

Stay at work an extra year. Side benifit is the crising routes stay safer for longer
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Old 06-01-2015, 06:03   #13
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Re: Cruising start at 55 or 56

Give me a call or a PM and I'll help you with this. There might be a better way to do it where it's not an either or thing or an all in sort of gamble. It's always nice to have a backup plan.
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Old 06-01-2015, 08:11   #14
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Re: Cruising start at 55 or 56

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Give me a call or a PM and I'll help you with this. There might be a better way to do it where it's not an either or thing or an all in sort of gamble. It's always nice to have a backup plan.
Does it involve selling his Hunter?

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Old 06-01-2015, 08:11   #15
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Re: Cruising start at 55 or 56

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When doing this one also has to realize that isn't just me. I have a spouse that deserves equal consideration, not only in living but in planning of the impact for later in life.
Then you should be asking her/him, not us.

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