Okay here's a question for those of you have not saved a ton of money for retirement but still make it on the road.
How do you save for retirement on the road and what is your exit strategy?
What happens when you run out of money? or are close to it?
The reason I'm asking this is my wife and I want to full-time but when this recession hit it wiped out most of our 401k's and savings. All our retirement is in the equity of our house and it's contents. Which is still good compared to others who have been hit hard in the real estate market.
In all my research i have not seen much on this subject.
We are both 47, no kids and very marketable for Work Camping. I'm very computer savvy...build my own... and thought of having a website just to generate income for retirement if we did this.
If we did hit the road it would leave us a "small, but good" amount in savings after purchasing an RV. We would still need to contribute some way to retirement (or maybe retirement isn't the right word....too old to continue may be better) to be able to fulfill this dream and have a decent exit strategy if something should arise.
Any thoughts or real plans are greatly appreciated.
For those of you who migrated over from the intro section...thank you.
Thanks
Spirit of 76 said
06:10 AM Apr 18, 2010
John, I think you will find that each person's situation is very unique. You will find folks fulltiming that have a very large "nest egg", some with just a few eggs, some with just a nest, and a lot of folks with no nest and no eggs! As I learned last week at the rally from Howard, it is crucial to have your own entrance and exit strategy.
I can share mine and others may chime in as well but nobody else's strategy is likely to fit you perfectly. It comes down to your own comfort level. Some people are okay hitting the road with zero to little money and completely depending on workamping--and a lot of people do just that. Others would not dream of hitting the road without several hundred k in savings. You, like me (37), are young enough that you can afford to make some mistakes and recover from them.
I suggest you go here and read all the great info Howard has already provided on this subject:
http://www.rv-dreams.com/financial-information.html
Luvglass said
06:56 AM Apr 18, 2010
John,
Many of us on the road consider THIS life the exit strategy. You come to learn that this is the simplest, least expensive way to live and is maintainable long after living in a house would be.
Good luck with working out your plan,
Fred
Bill and Linda said
06:51 PM Apr 18, 2010
Kyle, extremely well said.As Howard and others pointed out over and over again at the Rally, “it depends.”Only you (and your spouse if part of the equation) can determine what is right for you; including a potential exit strategy as may be appropriate.
A lot of people can give examples of what worked for them.But it may not work for you or it may not be comfortable to you.
That said, as Kyle suggested, go look at all of Howard’s “numbers.”Whatever of those you choose to use just make sure they work in your life.
(Kyle, really nice to meet you, your bride and daughter.Good luck finding the RV that fits your family’s needs.)
Bill
Spirit of 76 said
07:40 AM Apr 19, 2010
Thank you very much Bill. It was a real pleasure meeting you as well!
Wish I Was There said
04:46 PM Apr 19, 2010
Thank you Kyle, Fred and Bill & Linda for responding.
I guess I just wanted to know that there would be others out there who are "winging it".
Heck, I guess most of the people out there are!
I'm fine with that but my wife, even though she desperately wants to be out there, not so much. It will be much harder for her to pick up and leave even though she says she will go tomorrow. I have lived in many places and have been through the emotional and physical stress of leaving friends and community behind. She has not.
And Fred, I love your take on the exit strategy. Sometimes I feel as though going full time would be escaping "Real Life" and feel like I would be just running away from the problems that living like we now are gives us. But On the Other hand I feel like that being out there is real life, experiencing new places and new friends. I can't wait!
I have looked at many sample budgets and I guess I needed to hear from some other folks who are close to our situation.
We will have to just sit down and do the math. The pro and cons etc.
(We all know what the pros are)
Thanks again!
sonicsix said
06:54 AM Apr 26, 2010
We certainly don't have much money but if and when it comes to a point we can no longer travel for whatever the reason, we will find a spot in a mild climate area to park for good and live out our days there.
53 Merc said
07:40 AM Apr 26, 2010
I guess we are in our Exit Strategy now. Two years ago, we decided we would acquire an inexpensive place. We bought a place in a small town near a larger city with world class medical care and a teaching university. We built a metal barn with RV hookups and parking inside. Then, we built a 1000 sq ft apartment in the other half, all ADA compliant.
We use this as a home base and travel from here. When we leave, we close the garage door, lock the front door and take off.
When we can't travel (or don't choose to do so), we will shed the RV and just do what we wish. Not a lot of money invested, so it is what it is.
laurly said
08:03 AM Apr 26, 2010
John:
We are right with you in our 'figuring it all out' strategy. George can retire with his full pension in 2012, he'll be 62. I'm only 53, so I won't have anything for at least 7 years after. We are hoping with his SS and pension, with workamping thrown in for good measure, we should be fine. We are in the process of selling George's property, and that coupled with my house will by the MH outright. Our goal for the next two years is getting rid of 'stuff', getting my car (our TOAD) paid off. We're looking into the insurance aspects of it as well..
Good luck to you. I find the research is half the adventure :)
Laurie
heyduke said
05:55 PM Apr 26, 2010
thought i would chime in here as well.. exit strategy... exit strategy... we don't need no steeenking exit strategy...
now my bride and i are also mid 50's and will retire next year (actually 309 days but who is counting)... we have a decent next egg but according to all the mathematical wizardry if we keep spending at the pace we plan too we run out of money when we are just shy of 82... so our exit strategy is 1) find a place to retire sans RV and stay spending less 2) continue to RV and workcamp... do odd jobs etc.. or 3) make one last trip to the golden gate bridge when we turn 82... :)
2fortheroad said
10:48 AM Apr 28, 2010
heyduke wrote:
thought i would chime in here as well.. exit strategy... exit strategy... we don't need no steeenking exit strategy...
now my bride and i are also mid 50's and will retire next year (actually 309 days but who is counting)... we have a decent next egg but according to all the mathematical wizardry if we keep spending at the pace we plan too we run out of money when we are just shy of 82... so our exit strategy is 1) find a place to retire sans RV and stay spending less 2) continue to RV and workcamp... do odd jobs etc.. or 3) make one last trip to the golden gate bridge when we turn 82... :)
A "Thelma and Louise" exit? I was thinking when it became to much of a burden I would rob a bank then set out on the curb and wait to be arrested. If all works out, might get 15 to 20. Roof over my head, a bed, and a couple meals a day, free medcal. What else would I need.
nwlambear said
01:57 PM Oct 28, 2010
I can definitely relate to the "wish I was there post". I guess you would say we are "floundering" in our "exit strategy". I thought we had it figured out...BUT. First...we are not as young as the folks that posted the original post. We are in our late 60's...creeping our early 70's. Our investments began to hemmorage leaving us with our property and the equity in it. We went into a "reverse mortgage". We are paying on the 5th wheel and truck to pull it; Along with utilities at S'n'B house, property tax, insurance, etc. there is really not a lot to enable us to go very far in the 5ver. With the 'reverse mtg' you can only be away from the property for 2 months at a time (we can live with that. Our income is from Navy Pension, and both of our social securities (mine is linked to disability). All the above MAY be our "Exit Strategy". Comments are welcomed...please be kind!
I think we may be able to work with the existing situation, but I fear that if my dear husband passes before I do....I would be in an unfavorable position. I'd have to sell both the 5ver and truck; not even sure I could maintain our property here. So maybe trying to "have my cake and eat it too" (keep house and travel 2 months at a time) won't fly! Help...advice? Comments?
Still need that downloadable Inc/Exp spreadsheet to work with. Thanks!!
Wish I Was There wrote:
Okay here's a question for those of you have not saved a ton of money for retirement but still make it on the road.
How do you save for retirement on the road and what is your exit strategy?
What happens when you run out of money? or are close to it?
The reason I'm asking this is my wife and I want to full-time but when this recession hit it wiped out most of our 401k's and savings. All our retirement is in the equity of our house and it's contents. Which is still good compared to others who have been hit hard in the real estate market.
In all my research i have not seen much on this subject.
We are both 47, no kids and very marketable for Work Camping. I'm very computer savvy...build my own... and thought of having a website just to generate income for retirement if we did this.
If we did hit the road it would leave us a "small, but good" amount in savings after purchasing an RV. We would still need to contribute some way to retirement (or maybe retirement isn't the right word....too old to continue may be better) to be able to fulfill this dream and have a decent exit strategy if something should arise.
Any thoughts or real plans are greatly appreciated.
For those of you who migrated over from the intro section...thank you.
Thanks
Waggin Tails said
08:35 PM Oct 29, 2010
John
It took us along time to figure out the we were headed to our destination of nothing by not having a plan for any future. Our retirement planning started 15 years ago. My 403b took a big hit with the big bust but that did not cause us to give up. We just changed our plan a bit. Transitioning from being a wage slave to living life to enjoy it is our exit strategy. While we are traveling and enjoying life in our retirement we will be workkamping along the way. We realize that fate may have a different calling for us. If we are not able to travel, we will park it and live where we park it. I am very fortunate that I have a brother who has told us we will always have a parking spot on his property.
The main thing is to have a plan and live the plan. Get as much information as possible from those who have made this transition. If it were not for the experienced folks on this forum, we would not be able to move towards our dream.
Good luck on your planning and best wishes on your success.
RonandJacki said
11:20 PM Oct 29, 2010
For some reason this has been on my mind as of late. With all that we are, the RV lifestyle is the life my wife and I want to pursue. However, I have been entertaining the thought of how does one cope if one partner or the other becomes somehow incapacitated. I've read about the SKP facility for just such an occurance, but (yeah I'm good for this) "what if" you're in an area where you may not wish to end the adventure?
Racerguy said
05:04 AM Oct 30, 2010
We have an exit plan in place but sometimes you just can't cross a bridge until you get to it.I'm not going to worry myself a whole lot about it. If our plan's go wrong we will adjust some how like we have all along.
2riker2go said
05:36 AM Oct 30, 2010
I was thinking along the same lines as you, Racerguy. We aren't actually on the road yet, but hope to be joining everyone in 2014. We have a plan for hitting the road, and we also have an exit strategy in mind. If we kept thinking about "what ifs" I don't know if we would even hit the road in the first place. I plan to hope for the best, and whatever comes along, we will deal with it at that time.
Hdrider said
07:38 AM Oct 30, 2010
When we sell the house (it's on the market) we will take the equity and put it in a save investment. Low yeild very safe. Between what LITTLE that money will generate and the retirement income Diane has each month and what I have saved up we SHOULD be able to stay on the road for as long as we want with a OK amount to servive on without touching the equity money,,, so our money guy says We truely only figure to be on the road for 2 to 5 years and then take the stowed away money and buy a piece of land and settle back in KNOWING that I will probably have to get a part time job,,, and I'm ok with that (just wave at me when you enter walmart LOL). OR possible see if renting would work out to where I didn't have to take a job. Only time will tell.
Roz said
08:28 AM Oct 30, 2010
Ron and Jacki,
If you have to settle down and you are not in a place that you prefer, you can have your rig relocated to a suitable location.
This is no different if you were infirmed while simply taking a trip. There are many options to get your RV back to home.
nwlambear said
01:13 PM Oct 30, 2010
53 Merc wrote:
I guess we are in our Exit Strategy now. Two years ago, we decided we would acquire an inexpensive place. We bought a place in a small town near a larger city with world class medical care and a teaching university. We built a metal barn with RV hookups and parking inside. Then, we built a 1000 sq ft apartment in the other half, all ADA compliant.
We use this as a home base and travel from here. When we leave, we close the garage door, lock the front door and take off.
When we can't travel (or don't choose to do so), we will shed the RV and just do what we wish. Not a lot of money invested, so it is what it is.
That sounds great.....property with a barn, rv hookup, and a small apartment above or attached to the the garage or barn!!! ~Tricia
Paul and Jo said
01:58 PM Oct 30, 2010
Waggin Tails wrote:The main thing is to have a plan and live the plan.
hmm ... I don't think we've got a plan!
oh ... jo just reminded me that we do ... to have FUN!
Paul
TxYellowRose said
05:56 PM Oct 30, 2010
Our full-timing strategy:
1) While full-timing, I'll work and Dave will ride the bike.
2) Neither of us work, live off our savings and have a whale of a time for several years and then visit the Forth Bridge in Scotland.
3) If we flop at this, go get a storage job.
4) This is our exit strategry! One of the reasons we're doing this now (him 58 and me 52) is that we can do it. There is no promise of tomorrow, Social Security, Medicare, continued good health or even existence.
RonandJacki said
12:26 PM Nov 7, 2010
I appreciate the responses to this thread. I guess the result of "worrying" about an exit strategy would just negate the thrill of the adventure. Just like now, when a situation arises, just deal wit it.
crouton said
01:52 PM Nov 7, 2010
We are some of the ones with no eggs in our basket. We have no money. We rent our house. We have a very small savings account and two very small 401 (k) accounts. I have also worried about the future, which is why I want to be sure we have some type of health insurance. It's not so much the annual doctor visits that I'm concerned about, but more along the lines of a catastrophic event, such as cancer or a very bad accident. And yet we still want to do this. There is no guarantee of anything, no matter how you choose to live your life. If you stay in one place, it may be easier to keep a job, save some money, better plan for emergencies. But I am the wanderer in the family and I'm not happy having to sit still, wait and hope for someday. And even if we stay put, there will still be fears over medical needs and what may happen in the future.
Right now our plan is to continue to save. We'll use a basic savings for emergencies for now then I plan to sock some away in a Sharebuilder account so it can grow a bit faster than a typical savings account. We will pay for the truck outright and then save for a down payment on the fifth wheel. Then we'll move from the rental home into the fifth wheel and continue to stay in our current jobs and current location for maybe a year and save more money. Then we will start to travel. We will have to workamp and make money in other ways. Luckily I have a business that I can do anywhere with an Internet connection. I just have to get it up to a more full-time income instead of a part-time income. I've done up a budget that shows if we're careful we could actually do this, even if we have to workamp 30-40 hours a week.
Our loose plan is to workamp in Texas during the winter doing gate guarding and save as much of the money as we can and make extra payments on the fifth wheel. Then we can travel for a few weeks before getting our next workamping job and maybe not having to work 40 hours a week but only 25-30. I have no idea how long we'll do this. When we find a place we really, really love, we'll buy some land, probably out west somewhere, and develop the land so we can place a park model on it. Then we'll either stay there or continue to travel and use that as our home base.
As I said, that is our loose plan right now. Plans may change. All I know is that I can research until I'm blue in the face but nothing will be like getting right out there and doing it.
JayKim-no regrets said
09:07 PM Jul 5, 2012
crouton wrote:
We are some of the ones with no eggs in our basket. We have no money. We rent our house. We have a very small savings account and two very small 401 (k) accounts. I have also worried about the future, which is why I want to be sure we have some type of health insurance. It's not so much the annual doctor visits that I'm concerned about, but more along the lines of a catastrophic event, such as cancer or a very bad accident. And yet we still want to do this. There is no guarantee of anything, no matter how you choose to live your life. If you stay in one place, it may be easier to keep a job, save some money, better plan for emergencies. But I am the wanderer in the family and I'm not happy having to sit still, wait and hope for someday. And even if we stay put, there will still be fears over medical needs and what may happen in the future. Right now our plan is to continue to save. We'll use a basic savings for emergencies for now then I plan to sock some away in a Sharebuilder account so it can grow a bit faster than a typical savings account. We will pay for the truck outright and then save for a down payment on the fifth wheel. Then we'll move from the rental home into the fifth wheel and continue to stay in our current jobs and current location for maybe a year and save more money. Then we will start to travel. We will have to workamp and make money in other ways. Luckily I have a business that I can do anywhere with an Internet connection. I just have to get it up to a more full-time income instead of a part-time income. I've done up a budget that shows if we're careful we could actually do this, even if we have to workamp 30-40 hours a week. Our loose plan is to workamp in Texas during the winter doing gate guarding and save as much of the money as we can and make extra payments on the fifth wheel. Then we can travel for a few weeks before getting our next workamping job and maybe not having to work 40 hours a week but only 25-30. I have no idea how long we'll do this. When we find a place we really, really love, we'll buy some land, probably out west somewhere, and develop the land so we can place a park model on it. Then we'll either stay there or continue to travel and use that as our home base. As I said, that is our loose plan right now. Plans may change. All I know is that I can research until I'm blue in the face but nothing will be like getting right out there and doing it.
I think we are of a similar mind to you, we haven't got an exit plan.....Why would we want to plan for an exit 'out' of fulltiming, when we are just now planning on getting 'into' it? That to me is kind of like projecting failure!
Obviously we know that eventually either by choice or necessity, we will have to find a place to 'rest', but we are moving forward in our dream of spending as much quality time together as we possibly can. For us this dream was meant to be 15 years in the future, but after the terrible tragedy of losing our youngest Son last November, we decided that going forward, we would live with 'no regrets'. Jay is a retired active duty AF member, so he has his retirement check every month, he is working full time as a DOD civillian and bringing home a good salary. He could work another 14 yrs and have 2 retirements (apart from SS) but why take the risk of doing that and maybe only having a few good years of living our full time RV dream?
We bought our dream DP this week and we are preparing to have a huge yard sale, store the rest for our oldest Son (he is Navy and coming home to US next year) to furnish a home with. We are going to move the RV onto the base famcamp and live there for 12 months while Jay works to pay off our last few debts..........After that, Look out USA!!! We will be coming to Visit !!
Kyle, extremely well said. As Howard and others pointed out over and over again at the Rally, “it depends.” Only you (and your spouse if part of the equation) can determine what is right for you; including a potential exit strategy as may be appropriate.
A lot of people can give examples of what worked for them. But it may not work for you or it may not be comfortable to you.
That said, as Kyle suggested, go look at all of Howard’s “numbers.” Whatever of those you choose to use just make sure they work in your life.
(Kyle, really nice to meet you, your bride and daughter. Good luck finding the RV that fits your family’s needs.)
Bill
now my bride and i are also mid 50's and will retire next year (actually 309 days but who is counting)... we have a decent next egg but according to all the mathematical wizardry if we keep spending at the pace we plan too we run out of money when we are just shy of 82... so our exit strategy is 1) find a place to retire sans RV and stay spending less 2) continue to RV and workcamp... do odd jobs etc.. or 3) make one last trip to the golden gate bridge when we turn 82... :)
We truely only figure to be on the road for 2 to 5 years and then take the stowed away money and buy a piece of land and settle back in KNOWING that I will probably have to get a part time job,,, and I'm ok with that (just wave at me when you enter walmart LOL). OR possible see if renting would work out to where I didn't have to take a job. Only time will tell.
If you have to settle down and you are not in a place that you prefer, you can have your rig relocated to a suitable location.
This is no different if you were infirmed while simply taking a trip. There are many options to get your RV back to home.
hmm ... I don't think we've got a plan!
oh ... jo just reminded me that we do ... to have FUN!
Paul
Our full-timing strategy:
1) While full-timing, I'll work and Dave will ride the bike.
2) Neither of us work, live off our savings and have a whale of a time for several
years and then visit the Forth Bridge in Scotland.
3) If we flop at this, go get a storage job.
4) This is our exit strategry! One of the reasons we're doing this now (him 58 and me 52) is that we can do it. There is no promise of tomorrow, Social Security, Medicare, continued good health or even existence.
I think we are of a similar mind to you, we haven't got an exit plan.....Why would we want to plan for an exit 'out' of fulltiming, when we are just now planning on getting 'into' it? That to me is kind of like projecting failure!
Obviously we know that eventually either by choice or necessity, we will have to find a place to 'rest', but we are moving forward in our dream of spending as much quality time together as we possibly can. For us this dream was meant to be 15 years in the future, but after the terrible tragedy of losing our youngest Son last November, we decided that going forward, we would live with 'no regrets'. Jay is a retired active duty AF member, so he has his retirement check every month, he is working full time as a DOD civillian and bringing home a good salary. He could work another 14 yrs and have 2 retirements (apart from SS) but why take the risk of doing that and maybe only having a few good years of living our full time RV dream?
We bought our dream DP this week and we are preparing to have a huge yard sale, store the rest for our oldest Son (he is Navy and coming home to US next year) to furnish a home with. We are going to move the RV onto the base famcamp and live there for 12 months while Jay works to pay off our last few debts..........After that, Look out USA!!! We will be coming to Visit !!
Huggies Kim x