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Being able to afford to fly in "retirement" Tips & Tricks

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Wayne

Well-Known Member
Joined
Jan 14, 2013
Messages
504
Location
Chicago, IL
Gang,
I'm hoping that this thread is of no relevance to any of you because you planned well and were fortunate through your own efforts and fate to be well set later in life. At 53, and with the twins just now graduated, I'm entering into that part of my life where I look forward and can actually measure the productive decades I have left. I'm not being morbid - just realistic. I don't have enough money to continue the lifestyle the wife and I currently have, and even if I have some epic years of selling, I probably can't earn my way into full independence. At 65 I fully expect to be doing some kind of work, and will have a modest 401k, and whatever social security I get (if it still exists).

So clearly we are going to cut costs, downsize, and if possible get ourselves in a position where we can build a nice little place that will carry us out for the next 30 years or so. We are cool with that, although it will take work on the expectations front.

Here are some thoughts I have about keeping flying since I really don't want to lose that:

1) I'll have the Cruzer done soon and will be able to fly that for many years. Will I have it for the next 20? Possibly. Hangarage and Insurance costs are huge here so that will be $350 for the *shared* hangar plus at least $100 for insurance every month. Maybe I can move the plane to my buddies farm, invest the money into a temp hangar or I could tie it down outside. If not, then I doubt that I can keep the Cruzer here in the Chicago area after 65. At 65 that means an ultralight at the farm or Butt Fan.

2) Since we want to move South out of Illinois and will be liquidating our current house one plan is to buy a decent chunk of land in Tennessee, Northern Arkansas, or Southern Missouri - or somewhere that some of you guys are hiding out (Pops/Rockiedog). If we did that we could build a small house and hangar where it is less expensive to live while I'm still earning a good living. Built with good materials (30 year roof etc. ) that could be a nice solution. As long as the wife is not too isolated and I'm within an hour of a decent airport. Since I work from home and sell software to a broad client base I can pull that off if I have power and decent internet.

3) A repeat of a comment above - this is prickly. I could fly while I can afford the monthly $450 plus gas & maintenance, and then give up when I hit 65. That seems like a crappy solution to me. If I can get that $450 cost down, though, it will allow me to save more for retirement.

4) I could sell the Cruzer which would break Dad & Mine's heart and then put the money away. I really don't want to do that though because I'm living a great life because of the flying - through helping kids with Young Eagles, the girls club, the EAA and HBA.

5) Make more money. So - I'm fine for now moneywise but am future proofing. I plan to see if I can spin up a sideline business providing "advisory services" to small businesses on how to improve their sales and marketing (I have a lot of experience with this and am actually pretty good at it) and that is a low cost way to trade time for money. I'm talking to one company now as a free proof of concept to see if I can add value and would be happy to do the same for another small business if you want to chat. I have no idea how profitable it will be at this point but maybe that could pay for the flying.

So what do you think ? I know you are going to talk about reducing costs - remember I have a spouse who is not into flying and will not take kindly to a reduction in her lifestyle in trade for a "hobby"....

I'm looking forward to hearing from you all :)
 
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