Researching - Retirement planning

[Emouchet]

Do not wait until the retirement.

Go small, go now. This was Lin and Larry Pardey motto. If they had wait until retirement, they would not have sail around the world and inspired all of us: Larry is now far too sick.

Who knows what will happen in the next 14 years. You only live once.

[thunderhoof]

You might consider the concept of chartering in some prospective locations, say for a month at a time. If you do this for three separate months you should learn a lot about the area, the boat you will be happy on, and the cruising lifestyle. You might be able to do this before you retire, but what's the rush?

[stealthbob]

Originally Posted by thunderhoof

You might consider the concept of chartering in some prospective locations, say for a month at a time. If you do this for three separate months you should learn a lot about the area, the boat you will be happy on, and the cruising lifestyle. You might be able to do this before you retire, but what's the rush?

This is absolutely something I would consider before investing in the cruising lifestyle. Its not cheap but great due diligence.

I see alot of comments about do it now or sooner than later and not wait for retirement. Practice the FIRE lifestyle and make it happen right?

I have a beautiful wife and two young children, 10 and 13, very happy marriage and both of us are very content with our lifestyle and jobs. We are frugal but also live life with hobbies and vacations. We will both receive very generous pensions at retirement, even leaving only 5 years early we would loose half of the expected annual (indexed) income for life. Its just not really an option. Besides, I feel very fortunate that I have the option to retire comfortably at 60. My wife and I are taking advantage of that by keeping diligence on our health and work out and do yoga together almost every day.

This all came out from a discussion on what do we want to do when we retire, not for us to escape the doldrums of a current day to day stressful life a lot of people have. She started with a cottage/home on a lake somewhere locally and get a boat for me. I said I want to escape winters, she countered with "Snowbirding" to Florida, I said hell no I want warm but not Florida, she said how about a retirement home in a tropical area...then I thought dang why not do both, a boat and tropical located home? Which is why I am more on the Cat side of things...

So here I am asking questions and building a business case.

Great information btw....thanks

[Stu Jackson]

Originally Posted by stealthbob

My wife and I are both 46 and live in Canada. We have been fortunate with our jobs that we will both have healthy defined benefit pensions on retirement when we turn 60. So with that and our other savings we are confidant we will have options in our retirement, one of which is my dream to "Snowbird" from Canada to a Sailing Cat in Blue Waters for 7 months a year.

One issue most limiting is that I am required to physically reside in my Province a minimum 5 months in a 12 month period to maintain my Health Care coverage status. This means 5 months away from the vessel in some far away foreign land.>>>>>>>>>>>>>>>>>>>>>
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You are not the first to ask about Canadian health coverage when away. Perhaps you would consider doing a Google Custom search on this 'site, one of the drop down boxes under SEARCH, NOT the very first one. Many, many answers to the same question. Good luck in your plans.

[stealthbob]

I thought I would post this to helps others....

It looks like I can maintain my Canadian Ontario Healthcare coverage for two years, at least at the start. After that I am required to be in country for the 7 months a year for two consecutive years which would then reset the two year allowance again.

At least I know I am good for the first two years, from all my reading it would seem there is a fair amount of washout for couples doing this in retirement. Perhaps two years will be all we want and move on to other ideas...options are open though.

From the Gov't website:

Away for more than seven months
If you plan to be outside Canada for more than seven months in any 12-month period you can keep your OHIP coverage for up to two years if you:

have a valid health card
make Ontario your primary home
will be in Ontario for at least 153 days a year in each of the two years immediately before you leave the country
Before you leave, take the following items to the nearest ServiceOntario centre to make sure your OHIP coverage stays active:

your health card
proof of residency (e.g. mortgage, lease or rental agreement, property tax bill, valid driver’s licence)