Taking an extended work break

[daletournier]

There's no correct answer, you gamble time or you gamble money!

I think I've got enough to see me through IF I keep the spending in check BUT there's no guarantees, will the money last? It does worry me that it may not BUT the worry of time running out worries me more.

I figure it this way, I can get money again somehow, but I can't get time again.

My best mate during my teenage years died last week he was 49 all the rest a still alive, unfortunately the retire later plan didn't work for him.

I choose to gamble money not time, I dived with turtles today[emoji2]

[toddster8]

I had perfect opportunities to disengage from the rat race at 35 and 45, but somehow, just couldn't see them at the time and scrambled to jump back on the wheel. Well, water under the bridge and all, but those were probably mistakes. Now at 55 (OK, 56...) it's not so easy to disengage, even if logically, I can see that it's time. Yes, making careful preparations, and "test driving" the lifestyle for a few months at a time is one of them. But I keep encountering people who waited too long. Just this weekend, I bought a nice outboard from a guy who was carefully, slowly planning - then had a massive heart attack last month and it all went down the drain.
Dunno... seems to me like 50 is just about the perfect age for a big change.

[BernBruce]

We met a chiropractor who said enough of bs and sold all and went sailing, he was too educated to get even a job at Mcdonalds. We are security conscious and waited till we had enough to start sailing full time. Best of luck to you both

[alctel]

Originally Posted by Hoosiersailor

I am almost 50 years old and have had somewhat stressful and overly responsible job for most of my adult life. I am not at a point financially of being able to retire but am considering taking a year or so off to cruise. Of course with my job its not like I can expect it would be available when I get back so I just have to quit and hope I find something when I'm ready.

Anyone that has done this have any insight? It scares the crap out of me and excites me all at the same time. I have skills where I can re-enter the workplace but it's a little hard to just quit a good paying secure job. It's also hard to fathom getting older and not doing this too. I could wait till I'm 55 (it will be here before I know it), start planning now and most likely be able to just retire then.

Thoughts?

I just handed in my notice at the job I've been for 8 years and am going sailing for at least three years, starting in May. I'm 35.

When I go back into the work pool, I am not going to get another job thats even slightly as highly paid - but that's ok, it's paid for the boat, all the upgrades and enough savings that I can spend 3 years doing whatever (plus my RRSP which I am not touching for when I get back). Instead, when/if I return, I am going to go and do something that interests me - like an environmental non-profit, or marine stuff as I've calculated how much money i actually need to live and it's really a lot less than I thought. It's more of a total life change for me. I don't want to trade away my few years on earth for something that makes me miserable every day.

I don't have any property or debt and everything I own is on the boat, where I live so very little ties. That helps.

A couple of people I know have been getting sick, or hit by a car or just died recently, so I am going while I still can - never, ever take health for granted.

[Painted Skies]

I left my high-stress engineering job when I was 44 to go cruising, and never looked back. No, I didn't have a fortune saved but I always knew that I was clever enough to not starve. Sure, there were times when I had to take a low-paying job to make ends meet (but I learned some valuable new skills in the process - canvas making and boat upholstery), but those times were also part of this exciting journey.

I wanted a life less ordinary, and to experience freedom and nature on an epic scale. It seemed dangerous to me to wait too long, and gamble away the opportunity to explore the world at my pace. I am glad we are not all compelled to follow this same path, otherwise, my sweetie and I would not be able to enjoy the peacefulness and solitude of anchorages where we are the only boat.

I've always loved this observation by the Dalai Lama, who was asked what surprised him most about humanity:

“Man.
Because he sacrifices his health in order to make money.
Then he sacrifices money to recuperate his health.
And then he is so anxious about the future that he does not enjoy the present;
the result being that he does not live in the present or the future;
he lives as if he is never going to die, and then dies having never really lived.”

Wishing everyone painted skies in abundance, wherever you are...

Katherine

[Dsanduril]

Originally Posted by daletournier

There's no correct answer, you gamble time or you gamble money!

I'm in the go now camp, but that's my own analysis of my own priorities. I believe in taking my retirement in stages. I've taken a couple of years off to go cruising in my 20s, and in my 30s, and in my 40s, and now in my 50s. Never found re-entry to be too difficult, and have easily been able to keep up with my peers in terms of pay. But each person has different priorities and expectations.

[simonthepom]

Go now.

Quite uncanny reading your post as today is my first day back at work after a 3 year cruise.
At the age 38, my wife and I sold up (house, car, motorbikes...) and quit our very well paid jobs in media/marketing. It was not a decision we took lightly, especially my wife who is all about financial security and stability. But we took the huge leap and it’s tge best decision I’ve ever made! We began our cruise in the Mediterranean and arrived home in Australia just last week. The last 3 years have been truly wonderful and have opened our eyes to a different way of life. That being said, our kitty has pretty much dried up, so back to work we go... for a bit We both found it relatively easy getting jobs again in the same industry and with not much of a hit on our previous salaries.
We were also able to develop new skills that would allow us to do a different kind of work - we both recently got our RYA Yachtmaster, opening up the possibility of doing commercial work in the marine sector. I think they call this pivoting and for us the timing in our life is perfect.
Good luck with your decision but as others have said, you can’t bank on having excellent health indefinitely.

[thomm225]

You also need to consider what you will be doing while cruising.

Are you going to cruise as in sailing to destinations far, far away or are you going to motor the ICW and anchor some place and not do a whole lot?

I will always remember coming back to Pensacola, FL after a sailboat race in Panama City and seeing a sailboat anchored along a channel in the middle of the afternoon totally alone.

I was wondering what he did all day.

I was pulling my boat on a trailer since it was a beach cat and coming up to Interstate (10) to avoid the heavy Hwy 98 traffic along the coast

You also need to think about where you are going to cruise to. As an example, it's freaking hot as hell along the Gulf Coast in Summer. Are you going to want to stay in the AC at the dock on a small boat all day?

In other words, you need to have a plan.

Don't just quit your job and think everything will be wonderful

[Ahneema]

I love this topic and all the amazing responses! Here’s my own retirement journey...I dad passed away in 2002 and my last conversation with him was an interesting one when he told me...”Son, don’t do what I did!” He had waited and waited till 62 to retire only to live till 68. His health and my moms health was failing rapidly. Both died at 68...2 pack a day smokers...I don’t smoke. So after burying my dad, refinanced my 30 year mortgage to a 15 year, paid it off in 8! Retired at 55 in 2013. Never looked back. I have to say though, I’ve taught part time at a college for the last 18 years...my hobby job and in 2010...I used the funds from teaching to put a boat in a slip in Ventura. Started going out on weekends...actually my wife’s idea! And purchased a 35’ Stamas Power boat last year. My 3 classes I teach pays for slip, maintenance and FUN! We go out to the harbor 1-2 days a week. Now I met a woman several years ago that was a FT college teacher that was also a sailor. She taught all her classes on live and lived in the Caribbean one semester...sailed to England and taught her classes online from England another semester! She told me she was living the dream! I’m not an online guy, but many are! Everybody has their own path and journey...and if I’ve learned anything about retirement over the last 4.5 years is that everybody’s retirement moment decision is what’s works for them! Maybe some somewhat passive income through online teaching or consulting would work. The live-a-board next to me and across from me all run multiple businesses and consulting gigs right from their boats in the harbor! Everybody in this string here had some GREAT insight! Hope mine helps bro! I also agree with one of the previous folks...there needs to be a retiree/sailing/fishing blog! Start that and charge Paetrons to join...hehe! God bless my friend...whatever you decide will be the best for you. BTW...I LOVE THIS crushers forum!

[AJ_n_Audrey]

Originally Posted by sailjumanji

I agree with John. Wife and I retired at 55 and 56 yrs old, respectively. Finances are secure. Plus, if I was an employer and had someone leave for a one year cruise sabbatical, would wonder how long they were going to last before doing it again. And no way your earnings level would stay up with the guys that didn't quit for a year.

Keep your head down, cross the finish line - it's not that far away. Plus will give you time to properly plan and prepare for departure. My two cents.

Of course, it depends how in demand your skills are, but I tend to agree with SailJumanji. I looked around when I was 53 for a new job, and age discrimination was definitely an issue. So I kept my head down and soldiered on, and I'm now 592 days from retirement (but who's counting?). With a bit more than 18 months until retirement, it's plenty of time to get the boat just how I want it while I still have a salary. I'm healthy, active, and 18 more months won't make much difference in terms of my health and ability to sail, but it will make a difference to my financial well-being.

[Steven UK]

Sounds very much like my plan which is due to start at the end of this year, scares the crap out of me. But nothing is forever if it doesn’t work then quit and do something else... I’m in the process of securing a boat and have given my employer a heads up that I’m planning to leave. Scary scary scary, but not as scary as a wasted life...

[aquadreams]

> Anyone that has done this have any insight?

I looked at taking a lower paying, lower stress job in a different part of the world, but it would have meant retiring in 6 years instead of 2. So I decided I could stick it out in the higher paying, high stress job. I was wrong so now looking at taking time off just to recover from the stress. having a heart attack now isn't worth it.

I suggest weighing some major factors against their importance to you:

1. your ability to re-enter the job market. Account for how long this might take to find a new job. Also, re-entry may mean lower salary.

2. How much will taking time off now delay your ultimate retirement? For example, does it make sense to take one year off now if that will delay actual retirement date by 5 years. Particularly depends on your answers to question 1, ie you may have lower salary once you're back.

3. What uncertain major financial obligations do you have - college for kids, taking care of aging parents, etc. For me, having these out of the way has helped with financial planning and modelling.

4. What's the possibility that by taking time off you won't want to return to the rate race? I know that when I'm done with the rat race I'm not going back, no f'ing way. That's been a big part of my decision on this.

5. Do you have a solid financial plan or model for retirement? For example, if you retire at age 60, and you want x income, how long will that last and wil this be enough? I recommend having some financial model to guide you in knowing when you can retire comfortably. The OP said "I could wait til I'm 55". I hope this means you've done the due diligence to know that retiring at 55 will give you the income you need and you won't end up running out of money at 70. Take into account inflation, market returns, the usual.

6. As part of retirement planning, don't forget longevity risk.
So many focus on the risk of not retiring soon enough to enjoy their years. That's important but I firmly believe most people underestimate their longevity risk, i.e. running out of money too soon.

In the US – "About one out of every four 65-year-olds today will live past age 90, and one out of 10 will live past age 95."

Here is an article on that:
https://www.cnbc.com/2018/01/12/fail...-finances.html

And a longevity calculator: https://www.livingto100.com/

7. How risk tolerant are you, how adaptable to reduced means, etc.

8. Along with a financial plan for retirement, do you have a sense of your annual income needs / budget?
This is my biggest unknown. The old 70% of pre-retirement income rule of thumb is just too uncertain for me and doesn't make sense. Likewise on the 4% withdrawal rate from your retirement accounts.

Bottom line: Retire in 5 years vs take a year off now? I'd say stick it out. Use the time to polish your skills, start planning, get your financial plan sorted out if you haven't already, and get some major financial obligations taken care of.

For me, I'm 58. 1.5 years from retiring. Wife is several years younger, retirement income is in place. Kids college done at that time, mortgage paid off same time and will turn into rental income, etc. Sailing training is far along. Next year and a half pays for the boat. My biggest problem is that due to slip wait list times in San Francisco I can't really buy the boat until I retire and leave - there is nowhere to keep it here and live on it.

I'm curious to hear any feedback.

Cheers,
Joe

[krupke]

I am 54, wife is 52. We quit our good jobs and are taking a year or so break to go sailing. Kids are making it on their own and parents are in good health so we are taking advantage of this window in life. We had a 5 year plan to get here. We are accountants so should be able to find jobs in that field when we have to go back to work. Although, we are open to a career change. Surprisingly, my Dad was in favor of this plan!

[Whiteoil]

It is more important to become than it is to know. Will you look back and wish you'd thrown off the bow lines and headed to sea? I say go for it. And never look back. Their will always be a job, or opportunity. Money is fungible and always within reach, don't let it dictate your passion.

I'm 34, and I'm going turn in my resignation in the morning. I'll see you out there!

[daletournier]

I also enjoy these threads.

Fear is the greatest block to living that I know. I'm very fortunate my fears often seem opposite to the norm.

"The creeping death of sameness" I fear more than the fear of running out of money.

The fear of doing something I dislike day in day out assuming I'll have time left at the end is greater than the fear of running out of money.

The fear of the grind turning me into a pissed of old man is greater than the fear of running out of money.

The fear of a everyday soul destroying job is greater than the fear of running out if money.

If you wait for all the lights to be green you will never go, although I'm a planner I also realise sometimes plans block the path of opportunity, "man plans, God laughs".

I took of for 3mths at 38, never went back (now 49), somehow it worked out, financially I'm doing well and I don't come from money. Yes you need to plan but you also need some faith and you need to back yourself.

Your further down the track than you think.