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Old 10-06-2018, 20:21   #121
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Planning cruising and savings

If you go to a financial planner you should get something that looks like this and based on this make your decision.
It’s way more complex than just this one page, but this page sums up your probabilities, of course read all of the fine print. Click image for larger version

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Old 11-06-2018, 10:19   #122
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Re: Planning cruising and savings

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Originally Posted by a64pilot View Post
If you go to a financial planner you should get something that looks like this and based on this make your decision.
It’s way more complex than just this one page, but this page sums up your probabilities, of course read all of the fine print. Attachment 171473
Serious boat purchase around 2022?
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Old 15-06-2018, 10:54   #123
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Re: Planning cruising and savings

My wife and I lived aboard and cruised the Eastern Seaboard and the Bahamas for many years and with that in mind I have been trying to form an answer to your question. I realize that it is almost impossible to answer because the it is all so very subjective. By that I mean that money is certainly a necessary consideration, but the answer is much more about you and your adaptability and capabilities than it is about the money. We kept expenses down by eating a lot of fish (lobster included) and I did all of the maintenance. We needed money to buy parts, but I never hired anyone to work on the boat. Doing my own maintenance not only saved money, but then we were confident in the quality of the repairs. By adaptable I mean that we spent a lot of time at anchor rather than in marinas and we loved it. We bathed by jumping over the side and swimming while at anchor. If you need a fresh water hot shower to "get the salt off", you are not as adaptable as you could be. Think seriously about your maintenance abilities and your adaptability and expectations before you make the jump. That will help define a budget.
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Old 15-06-2018, 13:32   #124
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Re: Planning cruising and savings

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Serious boat purchase around 2022?


No, house. This is just a plan, and no Plan survives contact with the enemy, but I have to have a plan, and before we dove into this I planned on what would happen if we didn’t like cruising after giving it a try and wanted or had to give it up and move back on land.
Of course if we don’t buy that house, but one day we get too old to sail and decide to go the trawler route, it’s the same thing.
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Old 15-06-2018, 13:40   #125
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Re: Planning cruising and savings

The currency of sailing is good health.

Lots of people go sailing on worthless boats with nothing in their pockets. Josh Slocum I think would be the most notable, but there are so many more.

Personally, I crossed the Atlantic on a Swan 48. Didn't cost me a dime.
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Old 15-06-2018, 14:35   #126
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Re: Planning cruising and savings

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Originally Posted by a64pilot View Post
No, house. This is just a plan, and no Plan survives contact with the enemy, but I have to have a plan, and before we dove into this I planned on what would happen if we didn’t like cruising after giving it a try and wanted or had to give it up and move back on land.
Of course if we don’t buy that house, but one day we get too old to sail and decide to go the trawler route, it’s the same thing.
There are some pretty nice house boats! Here in Washington DC I bet they are paying $600/mo to live within 1 mile of the Mall and .3 mile to a Metro station and Safeway.

Impossible to beat for the location!
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Old 15-06-2018, 14:50   #127
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Re: Planning cruising and savings

Quote:
Originally Posted by mikesailin View Post
My wife and I lived aboard and cruised the Eastern Seaboard and the Bahamas for many years and with that in mind I have been trying to form an answer to your question. I realize that it is almost impossible to answer because the it is all so very subjective. By that I mean that money is certainly a necessary consideration, but the answer is much more about you and your adaptability and capabilities than it is about the money. We kept expenses down by eating a lot of fish (lobster included) and I did all of the maintenance. We needed money to buy parts, but I never hired anyone to work on the boat. Doing my own maintenance not only saved money, but then we were confident in the quality of the repairs. By adaptable I mean that we spent a lot of time at anchor rather than in marinas and we loved it. We bathed by jumping over the side and swimming while at anchor. If you need a fresh water hot shower to "get the salt off", you are not as adaptable as you could be. Think seriously about your maintenance abilities and your adaptability and expectations before you make the jump. That will help define a budget.
Great thoughts and response. Currently this post and calculations are based on a budget of $2500 per month. Meaning we will live within that budget. Got it that sometimes more and sometimes less rather an average. I can do much of my own maintenance but may need some help i.e. if the engine develops serious issues etc. If the budget is doing well then we may opt for an occasional day in a marina for a hot shower but we will enjoy bathing in the sea, living on the hook and cooking aboard.
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Old 29-10-2018, 09:32   #128
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Re: Planning cruising and savings

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The OP seems to think SS is 62 for he and his wife. Is there an age at which people are grandfathered for the 62? As I said I'm not his CPA, lucky him, I had just thrown out some things to consider.
Everyone is eligible to begin receiving SS at the age of 62 albeit at a reduced amount. In my wifes case...at 62 she is eligible for $1400. At full retirement age of 66 she is eligible for $2300 ish. I of course am eligible at 62 and can draw $1800 a month. My full retirement age is 66 + 10 months at which time I am eligible for $2700 ish am month. Of course if you wait longer that full retirement age your distribution will go up still further.
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