Just logged on ad was surprised to see how many passionate responses this thread has received. No offense, but the most interesting reply was the one that said I asked for advice. I don't think I was actually asking for advice, I was just explaining my circumstance and thought process. For what it's worth, I'm 60 years young and have been socking away $3500 a month toward my retirement account and also have a small 401K with my employer. My wife also has a building retirement pension account - so even at this stage of my life, if I wanted to retire, I have the luxury of being able to pay cash for a $500K+ boat and still have an income stream for a very comfortable lifestyle. When I actually reach retirement age, I anticipate the $$$ for a boat will be even greater than what I know I could afford today. So would I just pay all cash like OC suggests or finance some of it just to keep more COH? Still undecided but truly appreciate all the suggestions and comments. Keep it going, this is fun....
Ok, Jim. Good you got back and explained all that. However, might I respectfully point out your thread title, which did read...
"How much to spend on retirement boat?".
The question mark was at least implied...
Firstly, let me say that if your finances are as you say, you are very fortunate indeed.
Secondly, let me say don't wait another minute. Just find a good boat and jump in and hang on..!
Why do I say that..? Because 18 years ago I pulled out 55k and bought a bit of a project boat, because my finances were nowhere near what yours are, but at least I owned the boat outright, and we wanted to get out there and do it while still young and fit.
I'm glad we did, because when I came to retire, (at 71) I realised we could not afford to do that and keep the boat, so reluctantly sold her, but after 16 years of enjoying the boating life, so no major regrets at all. We'd done it, and enjoyed it, and were content. Then, less than a year later, my wife developed health issues that would have precluded any further boating anyway.
What if we had delayed until all the ducks were in a row..? No-one knows what is around life corners, as covid has proven. So, my message is don't wait until you retire. Get started if at all possible. And if your work commitments are too high to allow that at 60, you need to re-examine carefully your work life balance. You may not have asked for that type of advice, but, as a retired medic, I give it for free..!