$3000/mo cruising budget - Page 58 - SailNet Community
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post #571 of 628 Old 04-12-2016
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Re: $3000/mo cruising budget

A school teacher retires on a pension of over $3k per month and wouldn't be criticized for spending all of it on their retirement lifestyle. Max social security retirement benefit is even close to that.

I'm impressed that many can get by on much less (although it's frequently without responsible savings or insurances), it's sort of comical that $36k per year is consider an opulent lifestyle.


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post #572 of 628 Old 04-12-2016
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Re: $3000/mo cruising budget

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it's sort of comical that $36k per year is consider an opulent lifestyle.
I pretty much agree with what you're saying, but let's not forget that this is $36k in expenditures after taxes, which is very different than someone living on a $36k gross annual income. I don't think you were confusing the two, but it's not real clear in the way you framed it.
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post #573 of 628 Old 04-12-2016 Thread Starter
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Re: $3000/mo cruising budget

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I pretty much agree with what you're saying, but let's not forget that this is $36k in expenditures after taxes, which is very different than someone living on a $36k gross annual income. I don't think you were confusing the two, but it's not real clear in the way you framed it.
Makes little difference for people retired. The thread is about spending not income.

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post #574 of 628 Old 04-12-2016
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Re: $3000/mo cruising budget

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Just re did a spreadsheet with the finance guy to figure if we should own the boat totally or leave part owned by the bank. .... . Do a spreadsheet with an outside partner. Makes it all very real. Also thought 3k/m was realistic. Still think quite do-able but want "play" money to sight see. Now as we edge into the life find may have underestimated expenses.
It would be VERY cool to see a spreadsheet like that with the different things you put in it. Anyone have one they might share with the masses?

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post #575 of 628 Old 04-12-2016
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Re: $3000/mo cruising budget

Marc- thanks for the kind words but unfortunately financial adviser's software is proprietary. System is dynamic inputting what my holdings are doing, Yellin, inflation etc. I can access remotely but due to security issues even though encrypted do so only periodically for mutual review with adviser. The accountant does my bookkeeping and she inputs all expenses monthly into the advisors system. I'm given a fixed budget with a pit fund reserve for the boat and another for me and the bride. Thing looks at past expenses and my telling adviser of expected future expenses to modify itself. The thing is on autopilot so a once a month phone call to the advisor is all that's needed circumventing security issues. This decreases expenses as well as as it's difficult to conduct even simple business when not in the US.
This requires at lot of trust in your advisor as although you can set up nearly everything on automatic payment some things you cannot. Also to a limited degree you are having the accountant watching the advisor and both watching for scams,hacks, or bookkeeping mistakes.
Run multiple check books with active one for daily expenses kept at balance just adequate to cover day to day stuff. Same with credit cards. Kept at zero balance and only one has a high limit which is hidden on the boat. Less concerned about exposure that way. Advisor monitors and replenishs as needed.
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post #576 of 628 Old 04-19-2016
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This seems to be a timeless topic. We're one year from retirement and think we'll have met our goal of $100000 / annual post-retirement income. With that we plan to live "where life takes us." Maybe living on our boat, maybe daysailing, maybe visiting grandchildren. We'll always work at something, even just small jobs. There are some health issues we have to work through, but we'll do that, one day at a time.
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post #577 of 628 Old 04-19-2016
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Re: $3000/mo cruising budget

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Originally Posted by caberg View Post
I pretty much agree with what you're saying, but let's not forget that this is $36k in expenditures after taxes, which is very different than someone living on a $36k gross annual income. I don't think you were confusing the two, but it's not real clear in the way you framed it.
If your net is $36k you're gross is basically the same, tax liabilities for those earning $36,000 are essentially zero. If you're earning substantially more but plan on spending $36k per year for cruising then that's a different question. And really, earnings of up to $100k annually are lightly taxed, ~10 to 13%.
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post #578 of 628 Old 04-19-2016
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Re: $3000/mo cruising budget

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This seems to be a timeless topic. We're one year from retirement and think we'll have met our goal of $100000 / annual post-retirement income. With that we plan to live "where life takes us." Maybe living on our boat, maybe daysailing, maybe visiting grandchildren. We'll always work at something, even just small jobs. There are some health issues we have to work through, but we'll do that, one day at a time.
Good plan Cande... We're in the same situation though not one year away from retirement (3-4 yrs left or maybe less). My main concern is hope that my wife's health condition allows us to cruise more than just the weekends. Wanted a new boat but can't see the need if we can't take it anywhere I wanted to cruise for a lengthier time.
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post #579 of 628 Old 04-19-2016
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Re: $3000/mo cruising budget

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If your net is $36k you're gross is basically the same, tax liabilities for those earning $36,000 are essentially zero. If you're earning substantially more but plan on spending $36k per year for cruising then that's a different question. And really, earnings of up to $100k annually are lightly taxed, ~10 to 13%.
Absolutely... I think anywhere from $40k-100K a year is about right for retirement... anything less than this is stretching your dollars to do much especially if you maintain a home while cruising... minimizing that 'land based' home could be less if you sell off the major real estate and move into a less expensive to maintain condo/townhome... something we plan to do.
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post #580 of 628 Old 04-19-2016
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Re: $3000/mo cruising budget

Guitar, for those that have a couple bucks stashed away it is worth looking into qualified dividends, they pay well and are tax free for the first $100k or so. Granted not many people are fortunate enough to be in this position but if you have less and add that yield to your SS your tax burden can be substantially reduced. As an example, $500k in QD could yield $30k and a couples SS may be $3500 per month or $42000. Taxes on this combined total of $72000 is ~ $2,300.
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