It’s an American Dream. To travel off into the sunset in an RV, to see the country, to leave schedules and mundane tasks behind, to seek adventure. Although RVing has plenty of those perks, there is the practical and realistic side of things as well.

That shouldn’t deter you from taking on RVing in retirement. If you’re in your 40s or 50s and truly want to embrace the RV lifestyle when the time is right, the time to start planning is now. If you are in your 60s or approaching retirement, it’s time to take a hard look at all the finances and assets you’ve spent years building to see how to best make it all work.

This article will go through considerations to make if you’re thinking about RVing in retirement for an extended period of time, maybe even full-time. As with all things in life, there are pluses and minuses. You are the only one who can decide if RVing in retirement is for you. Most people, however, who choose to go down this road (no pun intended) don’t regret embracing this lifestyle.

 

Getting Started

There are several decisions that need to be made, as well as a lot of research. Talking with friends who RV, plugging into an RV association with a forum where you can search for and ask for advice, and general research via the Internet can help you make informed decisions when it comes to RVing in retirement. The questions to answer include:

  • Do I want to RV full-time or seasonally?
  • If I RV full-time, do I want to keep my home, or sell it?
  • What are the financial implications of selling my stationary home, particularly if I own my home?
  • What are the implications for children, friends, and family members to be able to visit me if I sell my home?
  • Can I give up my “stuff” and minimize the clutter in my life?
  • What are line items in an RV budget?
  • What kind of RV do I want – one that I can keep for most if not all of my retirement years on the road, or will I be flexible with making upgrades or downgrades as needed?
  • Do I already have a vehicle capable of towing a towable RV, or is this something else I’ll need to invest in?
  • What do I anticipate my retirement, pension, social security will cover?

Other questions will certainly pop up in your mind as you conduct your thorough research. It’s important to fully assess these questions so that you can make reasonable decisions, now and in the future.

Q: What are the initial costs of getting into RVing?

To get into the RV lifestyle, you of course need an RV! Maybe you’ve been a weekend warrior for quite some time, or perhaps you have been slowly acclimating to the idea of full-time RVing by being a seasonal RVer, or maybe this has always been a dream and you’ve never stepped into an RV. Whether or not you’re experienced with RV types and the various options when it comes to camping, you need to take your time to decide what kind of RV you would like to enjoy in your retirement.

If you have some time before retirement, it’s a good idea to rent different types of RVs in the years leading to retirement so that you can get a better understanding of the RV types, get a feel for floor plans, and learn what you can and cannot live without.

One big consideration is size. Larger RVs are more difficult to drive and maneuver, come with heavier price tags and maintenance costs, and may not be allowed at all camping areas; however, larger RVs have more space and amenities and can offer more comfort. Motorized RVs are one and done, more or less, reducing some setup and teardown jobs that you’ll find in a towable RV. You may need to tow a toad, a small vehicle, behind it for additional drivability. Towable RVs can have a lot of amenities, plus you’ll have your tow vehicle to more easily go off-site.

If you already have a vehicle capable of towing an RV, if that’s the route you choose to take, then you’ll need to restrict your search to RVs your vehicle can handle if you don’t want to invest in a new tow vehicle. Or, maybe you’ve been planning to trade your current vehicle for a new one anyway.

Unless you pay cash, RV and car dealerships offer financial plans with straightforward monthly payments at the current interest rate. Rates have been higher, and rates vary by the age of the RV and tow vehicle, these past few years, so keep that in mind. You might be going to a mortgage-free home and back into loans to accomplish getting into RVing.

Another up-front investment is outfitting your RV. In addition to the RV accessories that are necessary for RVing – such as hoses, a surge protector, leveling blocks, adapters, a trailer hitch, and a spare tire, etc. –  you will probably need to purchase items for your RV life such as mattress covers, dishes, mixing bowls, kitchen supplies, towel sets, etc., if you don’t plan to utilize items from your sticks and bricks house. You may also want to consider upgrades right up front, such as an RV skirt or solar panels or a cell booster. An RV dealership can help direct you to possibilities but make purchases with discretion. You’ll learn as you go what is important for your way of camping and living; you don’t need everything immediately out of the gate.

 

Q: What monthly costs can I reasonably expect?

A lot of people like to promote RVing as a minimalist lifestyle, with minimal expenses to match. Although you’ll see some changes to your budget, some items will remain about the same and others will be brand new that you’ll need to get used to.

Your food costs as far as groceries go will remain about the same. You can find ways to curb that bill by the decisions you make. If you’re used to eating out, you may need to take a hard look at what you’re used to spending and what is reasonable to spend if you get into RVing. Eating out is always more expensive and can add up quickly. It might be worth starting out frugally and then figuring out how eating out fits into your monthly RV budget. Discretionary income is one of those line items that is better controlled by you.

In addition to whether you take on any loans for your RV or associated vehicles, you also need to pay for RV insurance. Standard car insurance, although providers say they cover motorized RV units, may not offer enough or the proper amount of coverage for your RV as an RV-specific insurer would do. A towable RV is subject to trailer insurance. Shop around, learn the lingo, and make an educated decision about how to best protect your investment.

You can expect your utility bills to decrease since electricity and water is typically rolled into a campground’s nightly rate. However, your gas or diesel bill for transportation will increase. Gas and diesel is a line item that is very dependent on your mode of RVing. If you like to travel around and see a lot of things all the time, you’re going to burn through more and have to pay for more. RV generators also run on gas or propane, so keep that in mind for potential costs. You may need to RV for a while to get a good sense of how you prefer to RV, which conveniences you can’t live without (and those you can), and how other budget items are

Many RVers choose to start a Maintenance Fund, squirreling away money that can be used when the inevitable happens – untimely repairs primarily but also to shore up for routine maintenance, such as tires or brakes. RVs are smaller than the average house, but that doesn’t mean they are simpler. Their systems and components, both inside and outside, need attention and care so that you can RV with little incident in the years to come. It’s important to take care of little things while they are still little, and big things as speedily as possible. Be flexible and patient with yourself and technicians during the repair process.

 

Q: What are some ways to supplement income?

We’re not saying embark on a brand-new career. But maybe it would be nice to have a little extra money around or, better yet, free or low-cost camping.

You may want to opt to freelance and utilize your knowledge and experience through the Internet, whether selling designs, consulting on a project, tutoring, writing, or whatever best suits your knowledge and capabilities. Remote access has never been easier and more accepted. If you put in the effort, you can sell your services and make some extra cash.

Another option is traveling to a park or museum that needs seasonal workers and choosing to camp on-site or nearby for the season while also holding down short-term employment. Many will offer free or reduced-price camping as an incentive, which will help your RV budget and perhaps offer you more flexibility to travel elsewhere at a different part of the year.

A financial advisor can be very helpful as you make your plans to RV in retirement. They can assist with putting together a figure of what you can expect for your monthly income in retirement. They can talk through initial purchase options and how that will impact your retirement years down the road.

We will go through some of the nuts and bolts of RV ownership and living in Part 2 of this article.