Retirement plan to support my "habit"

[Stoo]

Might you post a link?

I will see if I can find it...

 

[NelleG]

I'm still many years away from retirement (unfortunately), but I'm also not young anymore. So, I'm thinking more and more about how I'm going to survive when I retire. I so regret not listening to the folks who said to start early. I admit, I've been unconcerned about this whole retirement planning thing until now. And I'm now starting too late, but at least it's a start.

Problem is...I picked up this relatively new habit and since I do not dive locally I have to travel to dive. Travel costs money, lots of it. Sure, I could keep costs low and go to Cozumel forever, but it's still several thousand per trip between my husband and myself. And when I'm retired, I'll want to dive lots. And see different parts of the world. And even stay at reasonably comfortable places. And sit in extended leg room seats on the plane (if not Premium Economy). And maybe buy new gear once in a while. And have nice dinners. Heck, I'll be old and I deserve it!

So I'm so sad right now because the thought of not being able to maintain this passion of mine during retirement due to financial constraints is KILLING ME! I'm so concerned that I'm actually thinking of doing a master's degree in what I do now, being more aggressive about my career (I admit I've kind of been in a rut about this) and hopefully, that will translate into more opportunities and more money for my retirement plan.

Maybe this passion is a good thing, motivating me to excel with the time I have left. I dunno. How do you guys do it? How did you plan for it?

I just want to add: Me and my first world problems.

I feel I could have written this post. Always figured I'd be working until the day I died. I avoided diving because "I don't need another expensive hobby." I caved last year and am hooked. So is my husband (costs X2). My parents left me some cash that I didn't expect or know about, so I am in slightly better place than I was just a short while ago. It's not a huge amount but I am debt free except for a mortgage which I can kill off in 10 years or less. The proceeds from the sale of my childhood home (split with one sibling) will go toward buying a Caribbean condo, hopefully this spring. So in ten years when I am 65 I want to be able to winter in the caribbean and summer in New England.

Also in the process of changing jobs. New job has better matching contributions for retirement, better health care, and also better base pay. Stay healthy, no more new cars (or motorcycles), and turn down the heat are my cost cutting solutions for now. We'll see how this shakes out in 10 years.

 

[Schwob]

I avoided diving because "I don't need another expensive hobby."

OMG, so true for me too.

will go toward buying a Caribbean condo

Would you dare telling roughly where ... and why there?

 

[Stoo]

OMG, so true for me too.

The flip side to this (and bear in mind, I started diving 45 years ago), is that have so friggin' much money tied up in this little hobby that when I quit diving and start selling all my crap, it'll give enough cash to live nicely for another 10 years...

 

[Schwob]

The flip side to this (and bear in mind, I started diving 45 years ago), is that have so friggin' much money tied up in this little hobby that when I quit diving and start selling all my crap, it'll give enough cash to live nicely for another 10 years...

I'd just look at that as a nice problem to have... But don't I know it, gear and stuff just piles up... Needing, / wanting (just makes sense) to downsize soon, that problem is quickly becomes a little less nice, albeit still entirely a first world problem of course...

 

[Stoo]

I'd just look at that as a nice problem to have... But don't I know it, gear and stuff just piles up... Needing, / wanting (just makes sense) to downsize soon, that problem is quickly becomes a little less nice, albeit still entirely a first world problem of course...

Oh I hear you. I was fortunate in that I taught actively and worked in the industry for years, so most gear was either free or deeply discounted. Even now, several dive shops in the area are owned either by friends, or people I certified. "Keyman" pricing is normal... I could never afford to dive if I had to pay "retail"....

 

[Schwob]

Oh I hear you. I was fortunate in that I taught actively and worked in the industry for years, so most gear was either free or deeply discounted. Even now, several dive shops in the area are owned either by friends, or people I certified. "Keyman" pricing is normal... I could never afford to dive if I had to pay "retail"....

I am going to pretend that makes me feel better... (you're not rubbing it in, are you ?)
...
No, good for you.
Stuff we need to get rid off in the next year or two is mostly just stuff, some just outdated crap, some just with sentimental value... most with no real value... and we certainly don't need 5 old kayaks old ski boots long outgrown etc... with the kids out of the house... and so on...

Edit: I better get on with that endless de-rummaging job instead of goofing off on SB...

 

[NelleG]

OMG, so true for me too.


Would you dare telling roughly where ... and why there?

I'll even tell you exactly where. Bayahibe, Dominican Republic. We've been there several times now, and found a dive shop we really like. Husband and I are both Marines, as is shop owner. That goes a long way in our book, as far as trust and advice. Also Santo Domingo is an easy flight from Boston, and Bayahibe is an easy ride from SD. I still need to see how easy it is to island hop from there.

 

[dmaziuk]

I’m going to order the book, it’s probably going to tell me what I already know, and I would’ve wasted $18. Or it might actually motivate me to do something. Success is if I actually start an actionable plan.

On second thought, you're north of the border and so's the author. Never mind...

 

[KeithG]

Some interesting thoughts in this thread.

Start early is the best advice, but may not work for some who have waited too long already.

"Live within your means" has served me well.

One thing no one has mentioned is alternate investment opportunities. Early in my working life I learned that my boss owned part of a fast food franchise. This made me realize there is more than stocks bonds and mutual funds.