Cruisers Forum
 


Reply
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 03-05-2021, 10:12   #31
Registered User
 
Smokeys Kitchen's Avatar

Join Date: Aug 2015
Location: Out and about in the Puget Sound/Salish Sea
Boat: 1999 Pacific Seacraft 40
Posts: 616
Re: Best Place to Live Board on $1M USD?

There has been a contributor on CF named Zeehag who lives/lived aboard in Mexico on the west coast and seems to have/had done so for years. You may want to try to contact them directly and get some info from them.

I have not seen any posting from Zee in a while so not sure if they are still active.
Smokeys Kitchen is offline   Reply With Quote
Old 03-05-2021, 10:17   #32
Registered User

Join Date: Apr 2017
Location: Ontario Canada
Boat: Corsair F-31
Posts: 16
Re: Best Place to Live Board on $1M USD?

Hello Sofa King Fishy,

I've only lived aboard for a month or two at a time, but that has been in Pacific MX and also the Bahamas. On these trips, our main expenses were food and beer. As long as we weren't in a marina, the Bahamas were not particularly expensive. Mexico was much less so, especially in remote areas.

The first thing I'd do is talk to an investment advisor. I am certainly not one. But, I wouldn't expect to be able to spend more than 3 to 3.5% per year of that $1M. You'll need to reinvest the remainder of your income. Inflation will happen. In 30 years expect $1 to go half as far. Will you be able to collect Social Security? Have you always had a job that paid into Social Security so you can collect the full amount when you are old enough?

Even though you won't be a resident of the USA, you'll also still be required to file US taxes if you are a US citizen.

I'd go to YouTube and search on 'cost of living on a sailboat' or something similar. There are lots of videos outlining the costs. The basics are the cost of maintaining your boat, boat liability insurance, health insurance, etc.
Discretionary things that will affect your budget are: How often will you stay in a marina? How often will you eat at restaurants? How handy are you at maintaining the boat and diesel engine yourself vs. paying someone to do it? etc. Make a budget of certain expenses and decide if you are willing to live on what is left over.

ymmv: Parttime Sailor
Parttime Sailor is offline   Reply With Quote
Old 03-05-2021, 10:30   #33
Registered User

Join Date: Mar 2016
Location: Miami, FL
Boat: Robertson & Caine Leopard 40
Posts: 25
Re: Best Place to Live Board on $1M USD?

My wife and I are considering the same. First step we reviewed our retirement savings and burn rate without CFP. We own our boat outright and have no debts. We based our living expenses on some very well documented monthly expenses on this forum. The biggest problem is insurance for both health and the boat. At 54 looks like we would need about $1.5m but that is based on living here in US

So we are looking at Panama. Outside of hurricane zone so lower insurance and cost of living is half of here. We also would sell our condo instead of renting it since that seems easier and more portable to manage

The meeting with our CFP was invaluable. When paired with historicals on what we have been spending each year on maintaining g our boat and some pocket money we have no worries of eating dog food when we are 70.
cat-keys is offline   Reply With Quote
Old 03-05-2021, 10:39   #34
Registered User

Join Date: Dec 2018
Location: Wichita/Pensacola
Boat: Lagoon TPI 37'
Posts: 469
Re: Best Place to Live Board on $1M USD?

I am in the same boat. Alot of real estate with monthly income. I think the search is the fun part.

Consider all of the places mentioned and find your one particular harbor. Just like your boat, you will find one that will find itself in your heart. I hope anyway, that is my plan.

I will tend to travel extensively and check each off. Then consider later in life, Puerto Rico or Costa Rica due to participation in US medical and S.S. or even find myself back in the U.S. after the zombie apocalypse.
sailingchiro is offline   Reply With Quote
Old 03-05-2021, 10:40   #35
Registered User

Join Date: Jun 2012
Location: Northeast Harbor, Maine
Boat: Cape Dory 31
Posts: 216
Re: Best Place to Live Board on $1M USD?

We're sad to see the unhelpful comments.

The helpful ones were very optimistic about your options. You'll have many and maybe the best advice is the one about cruising around the Caribbean for a while until you find a home port you really like in terms of culture, cost, safety and good medical care.

We're retired with a similar worth and budget. We only live aboard for the summer in Maine and split the remainder of the year between Madeira (pre-covid) and our other home in Nova Scotia. Our annual boat costs are $6-8K for three months aboard, not including health insurance which we have from my employer. So, depending on your health costs, you should have more than enough to live quite well on your yacht.

We can say that you will grow to love the experience. You'll most certainly assemble a wonderfully diverse group of kind and helpful friends from many walks of life. Get ready to have a really great retirement.

All the luck
__________________
Jenn & Terry
North Conway, New Hampshire
Mahone Bay, Nova Scotia
jen1722terry is offline   Reply With Quote
Old 03-05-2021, 10:50   #36
Registered User
 
Scorpius's Avatar

Join Date: Mar 2012
Location: Madeira Park, BC
Boat: Custom steel, 41' LOD
Posts: 779
Re: Best Place to Live Board on $1M USD?

Quote:
Originally Posted by cat-keys View Post
My wife and I are considering the same. First step we reviewed our retirement savings and burn rate without CFP. We own our boat outright and have no debts. We based our living expenses on some very well documented monthly expenses on this forum. The biggest problem is insurance for both health and the boat. At 54 looks like we would need about $1.5m but that is based on living here in US

So we are looking at Panama. Outside of hurricane zone so lower insurance and cost of living is half of here. We also would sell our condo instead of renting it since that seems easier and more portable to manage

The meeting with our CFP was invaluable. When paired with historicals on what we have been spending each year on maintaining g our boat and some pocket money we have no worries of eating dog food when we are 70.
IMHO Americans are hung up on health insurance. Almost anywhere in the world (including Panama which has EXCELLENT health care) you can get local health insurance for FAR less than you pay in the US.
Scorpius is offline   Reply With Quote
Old 03-05-2021, 11:27   #37
Registered User
 
AndyEss's Avatar

Join Date: Dec 2016
Location: Sea of Cortez/northern Utah/ Wisconsin/ La Paz, BCS
Boat: Hans Christian 38 Mk II
Posts: 842
Images: 2
Re: Best Place to Live Board on $1M USD?

Quote:
Originally Posted by Scorpius View Post
IMHO Americans are hung up on health insurance. Almost anywhere in the world (including Panama which has EXCELLENT health care) you can get local health insurance for FAR less than you pay in the US.
Local medical systems may be fine for routine health issues. Are you going to get treated in Panama for heart problems? Cancer?
Here in Mexico where I live (mostly) you apparently need friends (or relatives) to provide daily supplies if you need overnight stays. If you have a medical emergency, you might be taken to a private, for profit facility which are known to prey on rich gringos - can you afford putting $50,000 (US) or more on your credit card to pay off a bill? These people are not stupid to the economic disparities between the US and Mexico, and plenty are more than happy to game the monetary arbitrage in their favor when the opportunity presents itself. You have to eat alot of cheap street tacos to cover a catastrophic medical issue compounded with normal human responses to seeing a walking stuffed wallet.
Investments to generate that $54k per year US income? Managing single family rental homes from a boat 4000 miles away isnt simple. Hire a management company to do it for you? There goes a lot of your profit - and hired help rarely takes care of a property the way an Owner does.
$1 million in some sort of form to retire in your mid-50s seems inadequate to achieve a good quality of life over your expected about 25 more year lifespan.
AndyEss is offline   Reply With Quote
Old 03-05-2021, 11:33   #38
Registered User

Join Date: Aug 2019
Posts: 3
Re: Best Place to Live Board on $1M USD?

Quote:
Originally Posted by Sofa King Fishy View Post
Yeah- I hear Paris & London are cheap living at its best...$1M US = $55k net per annum- anyone else have any serious insight?! My mistake for posting here & seeking realistic guidance I suppose. Geez!
I've also noticed that numerous people on this forum are in "attack mode" and rarely give constructive information. I wish about 2/3rds would hold their tongue and keep their snarky comments to themselves but that doesnt seem the reality in our world these days. Good luck and I hope those that dont have something constructive to say, wont say anything at all.
lefttheoffice is offline   Reply With Quote
Old 03-05-2021, 11:40   #39
Registered User

Join Date: Dec 2014
Location: New Franklin, Ohio
Boat: Homebuilt schooner 64 ft. Sold.
Posts: 1,367
Re: Best Place to Live Board on $1M USD?

Quote:
Originally Posted by Gaia View Post
Benz said what I was going to say. I could add that medical care is excellent in Panama. Western Carribean for sure. For years. Easy peasy. You can also get residency in Panama and that has a lot of advantages.

And re Cuba; why not? Great place great people for a visit. Long term I would choose the western Carrier and especially Panama.

Jim sv Gaia
Agreed X 2 ! I was in Cuba last year, really liked it. Hopefully Biden will lift the silly embargo, 60 year pissing contest. Costa Rica has become expensive, but a beautiful place. Panama would be my choice, inexpensive, great infrastructure, friendly people. The is a lot of videos on YouTube about Panama. Isla Mujeres near Cancun would be a good choice for Mexico as would the Ixtapa area on the West coast.
captlloyd is offline   Reply With Quote
Old 03-05-2021, 11:41   #40
Registered User

Join Date: Aug 2017
Location: San Diego, CA
Boat: 1987 Pearson 39-2
Posts: 116
Re: Best Place to Live Board on $1M USD?

Honestly, it depends on your lifestyle choices. We can live aboard in Southern California for that budget. We don't currently spend tons more than that even though we are renting a condo and upgrading the boat.

Someone mentioned Baja California - much of Baja currently has slip fees that are on par with San Diego, although you may be able to keep other costs down in Mexico in ways that would be challenging in San Diego. Most of Baja does have better options for anchoring out than Southern California, if that is they way you want to go.

Since you are already on the East Coast, those options probably aren't altogether appealing to you and the slip fees may seem outrageous. But dang if our weather isn't worth it
SeaStory is offline   Reply With Quote
Old 03-05-2021, 12:30   #41
Registered User
 
Sailor647's Avatar

Join Date: Feb 2013
Location: Cruising Mexico
Boat: Norseman 400
Posts: 408
Re: Best Place to Live Board on $1M USD?

Quote:
Originally Posted by Paul L View Post
West coast of Mexico, like La Paz or Puerto Vallarata. Easy cruising, good cheap food, easy provisioning, decent health care, many other expat cruisers, easy access to US. Downside might be planning for summer hurricane season.
Second this. We've kept a slip in La Paz for the past 5 years and use La Paz as our home base for provisioning, repairs, haulouts, etc. while cruising the Sea of Cortes and mainland Mexico on the Pacific side. The Sea of Cortes is absolutely gorgeous for cruising.

Check out https://www.bluelatitudepress.com/bl_products_SOC.htm

We personally know people living on less than $1,000 USD per month, on boats and on land. You can rent an apartment for as low as $300 per month. Anchoring in the magote is free, or you can rent a slip for $14 per foot per month. ($14 x 35 = $490) Of course, you can pay more for both if you want high end accommodations.

If you show up to scout the place out, we'll be happy to show you around.
Sailor647 is offline   Reply With Quote
Old 03-05-2021, 13:00   #42
Registered User
 
Sailor647's Avatar

Join Date: Feb 2013
Location: Cruising Mexico
Boat: Norseman 400
Posts: 408
Re: Best Place to Live Board on $1M USD?

Quote:
Originally Posted by AndyEss View Post
Local medical systems may be fine for routine health issues. Are you going to get treated in Panama for heart problems? Cancer? Here in Mexico where I live (mostly) you apparently need friends (or relatives) to provide daily supplies if you need overnight stays. If you have a medical emergency, you might be taken to a private, for profit facility which are known to prey on rich gringos - can you afford putting $50,000 (US) or more on your credit card to pay off a bill? These people are not stupid to the economic disparities between the US and Mexico, and plenty are more than happy to game the monetary arbitrage in their favor when the opportunity presents itself.
We can confirm that this is true - we have helped several people try to get medical care in La Paz, and we are NOT impressed. Getting a proper diagnoses and first world treatment at the private hospital in La Paz was impossible. But you can walk into practically any pharmacy (farmacia) and buy anything you want except certain high-powered antibiotics and opioids. Those you need an actual prescription for.

So, we buy International Medical Insurance from IM Global. Our specific provider network under IMGlobal is United Health Care.

https://www.imglobal.com/

Our policy stipulates we can't physically be in the US for more than 6 months per year, and that isn't a problem for us. We have filed two claims, one for each of us. One in Mexico, and one in the US while we were visiting for the summer. Both claims were paid as agreed. And the annual premium for both of us at last renewal was $5,659. This is less expensive that buying US medical insurance that only covers us in the US. It is our intention to fly back to the US for care if we develop something serious or need surgery. However, quasi-reliable routine care is available in La Paz. (Infection, injury, etc.)
Sailor647 is offline   Reply With Quote
Old 03-05-2021, 13:14   #43
Registered User

Join Date: Sep 2014
Location: On the boat
Boat: i make any boat go faster
Posts: 2,297
Re: Best Place to Live Board on $1M USD?

Quote:
Originally Posted by cat-keys View Post
My wife and I are considering the same. First step we reviewed our retirement savings and burn rate without CFP. We own our boat outright and have no debts. We based our living expenses on some very well documented monthly expenses on this forum. The biggest problem is insurance for both health and the boat. At 54 looks like we would need about $1.5m but that is based on living here in US

So we are looking at Panama. Outside of hurricane zone so lower insurance and cost of living is half of here. We also would sell our condo instead of renting it since that seems easier and more portable to manage

The meeting with our CFP was invaluable. When paired with historicals on what we have been spending each year on maintaining g our boat and some pocket money we have no worries of eating dog food when we are 70.

that is funny.

dog food will be eaten in cities by masses when hyperinflation eats in, regardless of money saved. I think there is plenty of cochroaces under old houses, so that will be in demand.

Living on the sea, one has alternative called fishing line. Even in your 70ies you can still catch fish.
arsenelupiga is offline   Reply With Quote
Old 03-05-2021, 13:24   #44
Registered User

Join Date: Jun 2013
Location: Bellingham, WA
Boat: Bruce Roberts 44' Steel Mauritius
Posts: 858
Re: Best Place to Live Board on $1M USD?

With those resources the question should be: "Where do you want to live". I have been most places on a boat and have found out the what you hear about a place is always different from reality.
Want to live in the Med? Not that warm in the winter. Caribbean? Hurricanes. South America? Unstable governments and some violence. Every place has it's pros and cons.
A million is not what it used to be but it's nothing to sneeze at. I don't need much and could live just about anywhere on that if frugal.
Once you decide then figure out what hoops you need to jump through. Many times it requires a significant (to me) investment in order to be able to stay there.
I liked the Med best. Spent 5 years in the Caribbean. Maybe summers in Europe and winters in North Africa.
There are no guarantees.
Another thought is to find a local partner and set up a charter business. You only have to do minimal charters and is a way to get around a lot of red tape. Also putting assets into a business allows easy residency in many places.
Gold Coast of Mexico? Nice in the winter. Hot in the summer.
Mithril Bham is offline   Reply With Quote
Old 03-05-2021, 13:44   #45
Registered User

Join Date: Oct 2020
Posts: 5
Re: Best Place to Live Board on $1M USD?

I have lived in both Belize and Costa Rica. I think Costa Rica was better because they had a huge American presance. Fun interesting country. Nice people and interesting places. I traveled all from North to South but I heard Tortagero was not safe so did not go there.
Lived in Belize for 6 years. Had to take my Cat out of the teritorial waters every 90 days so I took it up the Rio Dolce and that place had some great marinas. A small town where you could buy most anything. Just watch your dinghy motor, they will steal it while your sleeping.
__________________
Carole Ann
Carole ann is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Next place to live and work on board full-time - Med, SE Asia, or elsewhere? Toffe Destinations 0 01-06-2019 05:12
Best Place for Live aboard? h20 Fishing, Recreation & Fun 1 24-10-2015 06:43
Best place to live aboard in San Diego? Anthonyw Liveaboard's Forum 7 11-11-2013 09:48
best place to live in Alaska ? wolfenzee Liveaboard's Forum 17 25-01-2009 18:28

Advertise Here


All times are GMT -7. The time now is 15:48.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.