These boomers have grand ideas for their Next Big Act. Money Magazine shows them how to pay for it.
'We want a house on the beach'
Jim and Elaine Collins
'We want a house on the beach'
"My greatest desire is to retire near the coast," says Jim Collins, who loves saltwater fishing and scuba diving. It's a dream he shares with his wife, Elaine.

Their ideal home: a 2,200-square-foot, two-bedroom custom cottage in Myrtle Beach, S.C., outfitted with a guesthouse where their grown children can stay when visiting.

They'd like to be inland, maybe on a marsh or river.

The Collinses estimate it will cost $300,000 and hope to use proceeds from the sale of their current house, which they believe to be worth $400,000. They don't plan to retire to the beach full time until they're both eligible for Social Security.

But they'd like to settle on a location and start building in the next year.

THE REALITY

The actual cost of building a home that size in Myrtle Beach is closer to $650,000, well beyond what the Collinses expected. Adding to the challenge, the company Jim works for is downsizing, and his position as a research scientist could be eliminated this spring. (Elaine, who works at the same company, is likely to keep her job.)

Though they have savings of about $1 million, they hadn't expected to put any of it toward the house. They had planned to slowly draw it down after retirement to maintain an annual after-tax income of $100,000.

Says Jim: "I don't want this home to result in a significant change in our lifestyle."


Sailing around the world

A plan for Shirley Jetter

Retiring on the water

A plan for the Collinses

Running an inn

A plan for the De La Torres

Starting a nonprofit

A plan for Boyce Pearson

Writing books

A plan for Vickie Spring
The 'R' moment looms closer than ever, but if you get serious now, you can still catch the magic bus. (more)
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.