What Can We Afford After Retirement ?

[jamiecrab]

Retirement is right around the corner. The desire is to sail the Keys and Bahamas. I will have around $60,000.00 to spend on a boat and then an income of $2,000.00 per month to live on.

Can we afford a nice boat and make it with this?

[superdave]

hell yes

[VirtualVagabond]

Welcome aboard.

You've come to the right place for information and you'll get plenty of it.
There are already quite a few threads you can browse where many of your questions will have been discussed.

By all accounts you'll manage fine but not extravagantly on $2000 pm.

The trick is to get the boat that suits you, keeps your wife/partner happy, and doesn't eat into your capital.

The old salts here are going to want to know what kind of sailing experience you've got, how handy you are, whether you've got any size or boat models in mind etc...

Give it some thought then give us a bit more information.

Vic

[jamiecrab]

I grew up sailing as a kid and well into my teens on a 27 footer with my family. As life got busier, I stopped sailing and was away from the water for about 10 years. Have been boating for the past 20 years now but always in 18 to 21 foot fishing boat in Galveson Bay system. Less than 2 years away from retirement now and preperation has begun. Signed up for the ASA classes to get reaquainted with sailing. Would like to be able to afford a 38-42 footer of some sort when we make the move but have no clue what model as of yet.

Gimme all you got......I'm hungry for advice.

[LuvToSail]

I started sailing again 7 years ago after sailing from childhood to late teens. I went with a smaller boat for a while to get my "chops" back. I would recommend getting out on smaller boats down at the local club while you look for your "big" boat.

Think about where you want to sail and how much comfort you need. Smaller is cheaper! Bigger is generally more comfortable for live aboard in my opinion.

Do you want to cross oceans or cruise coastal waters?

[jamiecrab]

Homeport in Galveston, sailing the Gulf, Keys and Bahamas. I have about 20 months till retirement and plan on getting as much time in as possible on a 25 footer until then while taking all of the ASA certs that I can.

[boatman61]

Something like this.....
1975 Ta Chiao CT-41 sailboat for sale in Massachusetts
unless your after shoal draft.... in which case...
1980 TARTAN 37' S&S Shoal Draft Centerboard 1980 sailboat for sale in Maine
Hope you find 'THE BOAT' and all goes well.....

[Unicorn Dreams]

U wouldn't spend over $100K on the boat, that way you can upgrade and update the equipment. $60K left to refit and and have some leftover..
Our retirement is around $2500 per month and try no to go $1750, that way you can build up a good emergency fund and extra for special play.

Most important thing when you go

HAVE FUN

[VirtualVagabond]

Originally Posted by Unicorn Dreams

U wouldn't spend over $100K on the boat, that way you can upgrade and update the equipment. $60K left to refit and and have some leftover..

They're looking to spend $60,000 on a boat. That would be purchase price plus any upgrades.

Boatman61 picked out a good looking, comfortable live aboard with that CT41. Not a bad starting point in my book.

[daddle]

I'd spend $30k on the boat. $30k fitting out exactly as you like it (first year's maintenance). And then the $2k/mo to relax and have fun.

[Boracay]

Sounds like you're not a spring chicken any more, so not having actually looked at any trawlers I'm compelled to suggest that for your budget you'd pick up a 34/36' trawler with enough left over to repower if push didn't come to shove.

Your planned distances are small enough that fuel may not be an issue.

Bet your wife would like it...

[Dockhead]

Originally Posted by daddle

I'd spend $30k on the boat. $30k fitting out exactly as you like it (first year's maintenance). And then the $2k/mo to relax and have fun.

+1

$60k will buy you a very nice older smaller cruising boat, but you will still need $20k to $30k to fix it up, upgrade things, and buy equipment. That is actually a sweet spot in the price range of sailboats, I think, where there is a lot on offer, and possibly a buyer's market for boats in that price range in the U.S.

$30k is harder (still older, still smaller) but possible.

[markpierce]

Upon retirement, we should be free of debt (home mortgage, etc.) as well as college expenses for our children. Thus, one's standard of living should rise even after a 50-percent reduction of income upon retirement. Leastwise, that's my experience.

[LauderBoy]

Originally Posted by jamiecrab

Homeport in Galveston, sailing the Gulf, Keys and Bahamas. I have about 20 months till retirement and plan on getting as much time in as possible on a 25 footer until then while taking all of the ASA certs that I can.

60k budget, spend 30-40 on the boat leaving 20-30k for refitting and emergencies. For the area you want to sail, try for a 5ft or less draft and maybe a mast height that will let you go under the 55ft bridges on the Florida west coast.

[Unicorn Dreams]

VirtualVagabond
I would have sworn he had 160K posted until I went back and cleaned my screen. Thanks for catching my screw up..