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Long-Term Living on Yachts Is Becoming More Popular
There’s a fast-growing trend in the yachting industry of seniors selling their homes and packing everything up for a life on the ocean. Since not everyone can afford to invest in a yacht large and luxurious enough to live on, this trend is mostly limited to baby boomers who have made lucrative investments for retirement or have sold their businesses and property for a life on the water. Motor yachts ranging between 20 and 25 meters can be comfortably managed by two reasonably healthy people and don’t cost an arm and a leg to keep afloat.
Goodbye Texas, Hello World!
The Hubbards are a prime example of a couple who successfully retired on a yacht. Garry and Libby Hubbard spent around USD 5 million to design and build their ocean-faring retirement home. They spent a year cruising around on a motor yacht making sure that this was the life for them, and then sold their five-bedroom home in Texas. This may sound rather adventurous for a couple of retirees, but the Hubbards are by far not the only ones. According to Mike Carlson, a Florida yacht broker, the couple is part of a booming customer base in the yachting world, despite the challenges it involves.
Retiring on a Yacht is Not for the Faint of Heart
Spending your life on a yacht requires extensive knowledge, research and planning. Expertise in maintaining a vessel as complex as a motorized yacht is vital, as is navigation and budgeting for expenses like fuel, dockage, and unexpected mechanical or maintenance problems that may crop up. Then there are the smaller things, like getting a haircut or making sure you’re stocked up with your favorite brand of mineral water. Of course, there is also the issue of missing out on social events, or any interaction with people at all while you’re out at sea.
This type of retirement is certainly not for anyone other than die-hard sailing enthusiasts who have been very clever with their retirement plans. For these extraordinary people, it can be the ultimate freedom.