Everyone will have their own dreams of retirement. It is that phase of life where you will be a free bird after completing your family responsibilities successfully. It is the time when you get the opportunity to enjoy whatever you had missed till date. The dream of buying your own yacht so that you can travel and spend time peacefully after retirement sounds great. But it needs planning and execution of the following steps one by one so that you achieve your dream easily:
Plan early and start saving: Buying own yacht involves considerable investment. But it takes you to that level of living only a few rich and privileged people can enjoy. Hence plan during your 30s and start investing funds so that you get a sizeable amount of retirement fund.
If possible, buy beforehand and charter: If possible, it is a better idea to get a yacht before and so that you need not to wait till retirement. This will help your body getting tuned to sea life. You can let out the yacht to charter companies like 4yachts which maintain the yacht in excellent condition. Ensure that the charter agreement ends at the time your retirement age so that you get back your Yacht.
Dispose of assets and get proceeds: When you have decided to live in a Yachtpost-retirement you will not need home property. You can dispose of your home and use the proceeds to buy a yacht.
Retirement funds: Whatever lump sums you are getting on your retirement like gratuity etc. keep them safe and do not spend it or invest it in long-term plans. You can invest them in short-term plans so that they do not remain idle when you start the process of yacht buying.
Budget and requirements: Once funds are ready to match them with your budget. Your requirement might differ if you are a couple. Decide on what you need in your yacht.
Research and buy: Research and collect more information on yachts. Select the appropriate model within your budget which suits your need.
Inspect: Inspect the yacht carefully before you buy.