Retirement Planner Wanted

[hpeer]

I'm looking for a book (maybe?) or a "guide" to retirement planning oriented to live aboard cruisers.

We are late coming to this for various reasons, but it does look like we are on the cusp of actually setting a date in the next year or two.

Our situation is a bit complicated because we have a house with 4 apartments that will need looking after, and we need to use some of that income.

We have two paid off boats, one we can keep as our " land base" while we cruise on the other. We also have a cabin in Canada and I'm a dualie, but have never worked in Canada.

We will each have SS and each have modest 401k packages.

So I think we are ok $ wise, but all the other details of where to have residence, how to get mail, how to manage all our affairs is quite daunting. Not to mention scary. I think I can handle a gale better.

Is there some book out there or other guide someone can recommend to start helping us through the morass of vomiting the anchor?

[JPA Cate]

Originally Posted by hpeer

I'm looking for a book (maybe?) or a "guide" to retirement planning oriented to live aboard cruisers.

We are late coming to this for various reasons, but it does look like we are on the cusp of actually setting a date in the next year or two.

Our situation is a bit complicated because we have a house with 4 apartments that will need looking after, and we need to use some of that income.

We have two paid off boats, one we can keep as our " land base" while we cruise on the other. We also have a cabin in Canada and I'm a dualie, but have never worked in Canada.

We will each have SS and each have modest 401k packages.

So I think we are ok $ wise, but all the other details of where to have residence, how to get mail, how to manage all our affairs is quite daunting. Not to mention scary. I think I can handle a gale better.

Is there some book out there or other guide someone can recommend to start helping us through the morass of vomiting the anchor?

Hpeer:

I'm assuming you were talking about an extended cruise outside of the US. As long as you are willing to come back to service your house when a renter lets you down, you'll be able to work it out. Many people we know retained rental properties in the US. The horror stories abound, from people trashing your property to property management personnel not doing their jobs. It is expensive to return, more so the farther away you get. If you are prepared for people to behave irresponsibly, you may be able to handle it just fine. Owning properties that required caretaking obviously got in some of our friends' ways due to the hassle factor.

Ann

[belizesailor]

Hire a good property manager, ideally a company not just an individual, for your rental property. They will save you a world of headaches. IMHO their services are a great value (mine does not charge nearly enough for the crap they deal with).

[hpeer]

Our short term plan is to do a week on, a week off. Take one boat into the lower Chesapeake. How long this will last I don't know. My Wife is very reluctant to let her practice go. None-the-less she is moving in the right direction and I need to make this easier rather than harder.

We have had rental properties at a distance, and don't now for a reason. Still now we have an excellent location with long term rentals. So YES to the agent.

What about the rest?

[belizesailor]

Re the rest.

Mail is easy. Get a box at a UPS Store or similar. Also some similar mail forwarding services out there that cater to long term travelers. I have my limited mail scanned and emailed to me if it looks important. Junk mail discarded and the rest forwarded to me.

Phone. Sounds like you plan to stay in the USA initially so that's easy. For further a field get a Skype number and/or a satt phone. I use Skype with a USA number which I forward to a local cell or have roll to voice mail. I get email notifocation of voice mails. Get an unlocked cell and just get a new SIM chip in each country. Only give those back home the Skype number so they just have one consistent number to call and remember.

FAX. If you need it. I use eFax.

Financial. On line banking and ATM cards. Multiple cards/banks are a good idea in case one is compromised/lost/stolen or does not work with a given network. Run a VPN to help make on line transactions more secure. Check account activity often. Limit cash in account linked to cards and transfer in as needed.

Cash is king. Eliminate any debt, except for income producing properties that can cover their debt service easily. Conserve your capital...make it work for you in income producing investmemts (a bit more challenging these days)...capital disappears fast if you start living off of it, but can last indefinately if you keep it working.

My late wife also struggled with letting go of her career. She went part-time and we did shorter cruises. Eventually she got comfortable with the idea...and surprisingly she was the one who proposed moving aboard and then punching out for good.

[denverd0n]

Short answer to your question is "no". At least as far as I know, there is no book out there that addresses your questions (though a number of different books will address one or two of your issues).

Best bet is probably to keep cruising the forums, getting what information you can, where you can. Good luck.

[kekenseair]

I would suggest the book Bumfuzzle and Living on the Margin both by the same author. Also Dave Ramsey books, but they key to retirement is being 100% debt free. It can be done in a very short time if you really want it to happen. We have done it and now are only working on the final top off of retirement accounts. Should be looking for a boat by fall and living full time on it by the next fall. We are doing all this by the time we are 51.

Good Luck!

[belizesailor]

Originally Posted by kekenseair

I would suggest the book Bumfuzzle and Living on the Margin both by the same author. Also Dave Ramsey books, but they key to retirement is being 100% debt free. It can be done in a very short time if you really want it to happen. We have done it and now are only working on the final top off of retirement accounts. Should be looking for a boat by fall and living full time on it by the next fall. We are doing all this by the time we are 51.

Good Luck!

Yes, and the sooner in life you can execute on this strategy the better. Live debt free, low over head, and maximize your savings and investments. Use your income wisely and not on foolish things like expensive depreciating assets (cars). I used to live on less than 50% of my income, debt free, and bank the rest...adds up fast like that.

Of course it is ironic that much of this effort and planning is partially to support one of the worst finacial decisions you will ever make....buying a boat!

[GordMay]

You might also want to check out our sister Social Knowledge community
Early Retirement ➥ Early Retirement & Financial Independence Community

[hpeer]

Yeah, well we blew that EARLY retirement thing big time. I'm 63 and she is 61. She STILL wants to work but is SLOOWLY coming around.

[Stu Jackson]

It takes discipline, research and a checklist.

[hpeer]

What about the residence issue? I know some folks seem to want to have residence in Florida for more reason. What is that about?

[Blc7]

Why Florida?

Well, for one thing there is no state income tax. Also, one of the most frequently used mail forwarding services (St. Brendan's Isle) is located in Florida and provide a FL address, etc.

[Therapy]

Originally Posted by belizesailor

Yes, and the sooner in life you can execute on this strategy the better. Live debt free, low over head, and maximize your savings and investments. Use your income wisely and not on foolish things like expensive depreciating assets (cars). I used to live on less than 50% of my income, debt free, and bank the rest...adds up fast like that.

Of course it is ironic that much of this effort and planning is partially to support one of the worst finacial decisions you will ever make....buying a boat!

Had to laugh.

I keep telling the wife and all others that it is not a bad thing to do. Want to give it a try anyway. Just no car insurance would save a bundle.

[wsmurdoch]

You have not talked about your age, but another fourm you might want to take a look at is

Early Retirement & Financial Independence Community

One of the founders of the forum (dory36) did a lot of US east coast cruising. In fact, this forum is listed in that forum's quick links.

You might want to look through some of his early posts.
Early Retirement & Financial Independence Community