Your Boat Or A Boat For Your Retirement

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Your Boat Or A Boat For Your Retirement

This Blog/Article will be on-going, letting you know what you can do for your Retirement I see more and more people moving onboard boats, some on powerboats, some on sailboats, which is their decision on how they want to cruise during their retirement years. You can cruise up and down the ICW (Intracoastal Waterway), moving south as the fall/winter season starts, or north as the spring/summer season starts. On these migrations, hundreds of boats and yachts meander up or down the ICW enjoying the harbors, towns, vistas, and one other thing...Meeting other boaters. They capture other ideas and ways from one another, exchange recipes, maintenance tips, and cautions to look out for along the ICW. They have business cards, not about their business, but about them, their boat and how to get in touch with them on the internet or cell phone. The boaters you meet here on the ICW, usually become long time friends reconnecting later in your trip on the ICW in marinas or on land at a grocery store. It is very tough to give you the whole feeling of being on a boat full time, but the paragraph above gives you a glimpse on the basics no matter what body of water you're on. But let's delve a little deeper into the life of retirement and finances on a boat. Otherwise from telling you how to move from a house to a boat or yacht, which can be different for everyone, let's focus on what you can do once you're living aboard a boat. It can be vary greatly for each of you, but giving you an idea of what it can be like and the feeling of it is what we can do here. We will be getting into some finance on how your retirement dollars will or can work for you along the way. This may relieve some of your anxieties, but first some focus on being on your boat or yacht and what you may or can do to make these years absolutely Great!!!! So now you're on your boat of your dreams, or maybe something more realistic, where do we go from here? Well, you can stay in your area and keep the same job, but let's go further, that cruise you always wanted to do. On the east coast you can head to the Chesapeake to a multitude of harbors or head down that ICW. Those of you that are sailors can head offshore and skip many areas, powerboaters can do the same by going out one inlet and coming in whichever one they want. The freedom alone makes you feel great, those vistas are indescribable. But still your costs go on, even though they should be much less. Talking about costs and finances while cruising on a boat or yacht, comes down to a few things. I am making it more simplistic to just give you basics to think about (always check with a financial advisor). Some retirees (or anyone who wants to do this, live on a boat cruising) may have to liquidate everything to do this, some may have other income from pensions, social security, rentals and other assets that may generate money. It may come in monthly, quarterly or yearly. Again keeping things simple, let's get a number going. This number I'm going to use, allows you to easily figure where you would be in this area if you were making 5 or 10 percent on that number. Let's say one million dollars as a round number. In this way if you have a half million you can figure half of that income generated, or if you have one quarter million you can figure one quarter of that income from that million. A hundred thousand would be a tenth of that figure, and so on. It is just a number that makes things easy for you to figure your income on your amount of money. I guess the main objective is to hold on to your monies (principal) and only use the income from that principal. So to be a little more realistic, let's say you can get 3 to 6 percent on this million. This could be done by having it in good bonds and/or stocks that give you a good dividend. I think you can get an average of 5 percent these days (some major telephone company stocks for instance give you almost 6%), but you have to do your homework, or see a financial adviser. I suggest doing both. With that said, (and things can vary) you can see you would have approximately $50,000 coming in per year with that million, and that does not include any social security or any other income. Now you can figure from what you have, to come up with an amount. Don't let your amount bother you, because you can still work! Heading into a new harbor brings many opportunities to generate income. Hey, you're on a boat, waterfront, on your deck looking at those Vistas! You can be anchored in that harbor, keeping your costs down. You can work in a marina/boatyard or any storefront/business in town. It's just to keep from eating into your "principal". Stay for 6 months or longer and move somewhere else. The thing is to enjoy and keep this lifestyle as simple as you want it... Keep tuned in as we explore this area of "Retiring on a Boat" to get a good grasp on it! From the Fun, to the Finance.

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