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52 year old boat dweller
Old 01-26-2019, 09:56 AM   #1
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52 year old boat dweller

Hey, I've been a member for several years but hadn't posted until recently. I got a email from the moderator inviting me to post an introduction.

I'm 52. I have about $1 MM in a 401k and $600 K in other investments I don't plan to touch until retirement. I'll receive a pension at 55 of about $2000 a month (pre-tax and it will not adjust for inflation).

No debt, but few physical assets to speak of. I live aboard my boat (worth maybe $30 K and unlikely to appreciate) and rent a slip at a marina. I have a vehicle I plan to drive until it drops or until I sell it and start cruising in retirement. My annual expenses are just under $40k, excluding health insurance. I estimate future cruising costs and current slip and vehicle cost offset each other, so no big change in post-retirement expenses are expected.

So far, no health issues, although no males on either side of the family have made it to 80, as far as I know. Been divorced about 4x longer than I was married. No kids.

I don't know exactly what I'll do when I eventually move off the boat. Probably try to find a small condo in a low-cost area that I like. Hopefully I'll be enjoying boat life for another 10+ years.

I've considered buying property now and renting it out until I'm ready to leave the boat, but my previous experience with home ownership, concerns with being a landlord and not knowing where I'd want to settle down or how that location might change over 10+ years have kept me from seriously considering it. But it's not out of the question.

My job has become less fulfilling over the last few years; to put it nicely. I think I would have a difficult time finding a new job that pays as well and allows me to work from the boat.

So the current plan is to stick it out the 2.5 years until 55. I have a lot of paid time off that should help lesson the effects of my dislike for work. Retiring at 55 instead of quitting would allow me to stay in the company's insurance group and, in theory, keep my healthcare cost lower. Although I question this after looking at some other options. The plan also includes $200 (also not inflation adjusted) a month towards supplemental insurance when medicare kicks in. The extra couple years work would allow me to add to my investments, give me some additional cash for pre-retirement travel and pay for some upgrades to the boat's systems.

I've run the numbers several ways and almost all say I could retire (quit) now, but I'm still not comfortable with the idea. But I'd love it if someone could talk me into it.
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Old 01-26-2019, 10:01 AM   #2
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Welcome. This forum is a great place to learn from.
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Old 01-26-2019, 10:01 AM   #3
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Welcome! Glad to have you posting with us!

If the healthcare advantage to w*rking 2.5 more years is significant ($200/month towards Medigap/Part D costs is not trivial with current premium levels) then I say go ahead and set your countdown clock and take a lot of long weekends and/or vacations in the meantime.

Only you can decide if 2MY is the best plan for you, however. Keep us posted!
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Old 01-26-2019, 10:06 AM   #4
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Working from your home (boat), is great, I did that and still do once in a while. It's about as close to retirement as you can get and still earn $$$.

You missed one other benefit of working 2.5 more years, it means you will have 2.5 years less needing to be covered by your stash. Maybe also adds to SS ?
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Old 01-26-2019, 10:07 AM   #5
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Welcome out of lurker status. It sounds like financially it is best to just stick out the 2.5 years. Just keep looking at that end goal and tell yourself on those days when you want to leave it behind that the end goal is worth the wait. Insurance is a big issue and having the retiree medical seems to be a decent incentive to get that. Along with increasing your pension a bit more with extra service credit. It does seem that with your listed assets you will have plenty of savings to ensure a long and happy retirement.
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Old 01-27-2019, 05:10 AM   #6
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I also agree on sticking it out until 55. Normally I would suggest pulling the trigger now, but holding off until 55 has lots of advantages - company healthcare, possible increase in ss, begin drawing from assets at a later age. And letís face it - you have a good gig in that you work from your boat and have a lot of vacation time stored up. I would start using the vacation time with some small cruises and ease into retirement over the next 2.5 years.
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Old 01-27-2019, 06:42 AM   #7
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The 2.5 years will fly by at least that’s what my husband tells me. Love that you live on a boat. Sail or Catamaran? Do you plan to circumnavigate the world in retirement or stay local?
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Old 01-27-2019, 07:18 AM   #8
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Another +1 for sticking it for 2.5 years, though wouldn't keep it going to 60 y.o.
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Old 01-27-2019, 10:35 AM   #9
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Quote:
Originally Posted by Vacation4us View Post
Sail or Catamaran? Do you plan to circumnavigate the world in retirement or stay local?
It's a Gulfstar Trawler, good for coastal cruising, Bahamas, and maybe the Caribbean, but not meant for crossing oceans.
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Old 01-27-2019, 10:54 AM   #10
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Don't forget that from June 1 to Nov 1 every year is hurricane season. If the named storm is coming your way, you and your boat need to get the beck out of Dodge.
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Old 01-27-2019, 11:15 AM   #11
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Originally Posted by Nick12 View Post
Don't forget that from June 1 to Nov 1 every year is hurricane season. If the named storm is coming your way, you and your boat need to get the beck out of Dodge.
Thought it was Dec 1, but nevertheless.......
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Old 01-27-2019, 11:48 AM   #12
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Thought it was Dec 1, but nevertheless.......
Correct
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Old 01-27-2019, 01:04 PM   #13
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I would suggest you are in a financial position to go today, with $1M you should be able to draw $40K a year that you said you need. That would leave any SS and your pension to cover anything you missed in budget or other expenses. At 55 you still are early retirement. No need to jump if you want to do till 55 but if in you situation I would base decision on other than finances.

Just to point out the other side of the question.
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Old 01-27-2019, 01:49 PM   #14
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I would hang in there another 2.5 years. My concern is: can your boat? Are you backing up your computer files?
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Old 01-27-2019, 04:19 PM   #15
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Quote:
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Don't forget that from June 1 to Nov 1 every year is hurricane season. If the named storm is coming your way, you and your boat need to get the beck out of Dodge.
Actually, June 1 - Nov 30 is hurricane season in the Atlantic Ocean/Gulf of Mexico.
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Old 01-27-2019, 04:49 PM   #16
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Quote:
Originally Posted by Nick12 View Post
Don't forget that from June 1 to Nov 1 every year is hurricane season. If the named storm is coming your way, you and your boat need to get the beck out of Dodge.
June through November, half the year is hurricane season, so hard to forget. I've been on the boat 8 years now so I have the hurricane prep down pretty good. I don't own much and what I do isn't worth that much, so it's pretty cheap to insure. It would still be terrible if something were to happen, but I think I've minimized the risk pretty well. ...apart from living on a boat in FL.
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Old 01-27-2019, 05:00 PM   #17
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Actually, June 1 - Nov 30 is hurricane season in the Atlantic Ocean/Gulf of Mexico.
See post 12 for acknowledgement of such.
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