by Nicholas Hamner
Investment Advisor Representative
[email protected]
Hitting the open road, seeing the countryside, and living the nomad lifestyle are just some of the reasons folks imagine they’d like to retire and live full-time in an RV. The prospect of living in an RV full-time with no fixed address and seeing everything you could possibly want to see is alluring. But there are misconceptions everywhere with what it truly takes to live with and in an RV, so as the office’s only resident with RV camping experience, I figured I’d take a minute to discuss them.
You will still need a domicile state
If you’re selling the house and retiring to the open road, you’re not bound to one place anymore, but you’ll still need a domicile state of record for things like taxes, insurance, vehicle registrations, and voting. You can definitely choose a locale like Florida or South Dakota that doesn’t have a state income tax but you can also shop around for other advantages unique to retirees (some states tax retirement accounts and pensions, others don’t).
How are you getting your mail?
Just because you don’t have a physical house with a mailbox anymore doesn’t mean the bills stop coming in. You need a way to get physical mail and packages while traveling. Luckily there are mail forwarding services out there that provide you with an address to use and get your mail to you wherever you’re parked.
Figure out your insurance
Your RV will require special insurance that contains elements of both automobile and homeowners policies. Your healthcare plan may not work as well outside the state or region you currently live in, especially if you are on Medicare Advantage, and you may have to change it. If you’re towing a vehicle behind your RV, you’ll still need auto insurance for that. Making sure your insurance picture is complete is a big part of planning for RV full-timing.
Make sure you can still vote
Your voice still matters, even when you aren’t living in a traditional house! Just keep your voter registration updated in the state you select as your home state and request an absentee ballot so you can comfortably vote by mail.
You need to figure out your budget
Living in an RV can fit almost any budget, and while a lot of folks mistakenly think that moving out of a house and into a much-smaller RV will save them money, the RV lifestyle provides many wondrous ways to burn through a lot of money quickly:
- The cost of the RV itself – you can buy a trailer for $20K, or you can buy a $1 million+ private bus, or you can buy something in every price point in between.
- Insurance costs (see above)
- The cost of where you park – Boondocking on Bureau of Land Management land is cheap, and state parks are reasonable, but you are often on your own for water and power and you can’t really pick your neighbors. Staying in a luxury RV park gets you pools, peace, and company but will cost you thousands a month.
- Fuel costs – A truck getting 23 MPG on the highway gets around 9 MPG towing a trailer. Drivable RVs (Class As, Bs, and Cs) average about 10 MPG.
- Maintenance costs – You can save a lot of money fixing stuff yourself but you have to fix it yourself. And every time you move your RV, you’re subjecting your home to a minor earthquake. Things are going to need maintenance. Things are going to break.
- Internet service – Seeing the natural wonders of the U.S. and getting good Internet service are rarely possible together. Yes you’ll need your phones, but you might need Starlink, too.
- Other day-to-day expenses – All the various and sundry things that make your life livable today are things you’re going to want to have while on the road.
There’s downsizing, and then there’s living-in-an-RV downsizing
Moving into an RV means you can’t bring all your stuff with you since space and weight are super limited. You will need to figure out what items are totally necessary for your travels and either sell the rest or put it in a storage unit.
You will probably still need a car
If you’re towing a trailer with a truck, your trips will be shorter but at least you’ll be able to disconnect and drive your tow vehicle around to mingle with the locals. But if you’re truly traveling the country in a large Class A or Class C RV, you will likely still need a car to tow behind and let you visit areas and towns where a 45′ behemoth of a vehicle is just too cumbersome to maneuver.
It’s not just driving and sitting around a campfire
Every trip you take in your RV requires some level of setup and breakdown, and how complex and involved the process is changes from person to person. Road trips are strenuous on their own, and those involve checking in and out of hotels. They’re different when you’re the guest, the housekeeping, and the cook as well.
You are responsible for everything leaving your RV. Everything.
This is a big one. You are responsible for getting the waste out of your camper. There will be times the only thing separating you from the grossest things you can imagine are a thin shell of corrugated plastic and (hopefully) a latex glove on your hands. There will be smells. There will be spills. And you will be responsible for this at least twice a week.
It gets harder as you age
Aside from setting up and breaking down, aside from hooking and unhooking your tow vehicle, and aside from handling all the maintenance and repairs, we can all recognize the need for greater health care as we age. Living in an RV full-time has its own set of issues if you need or your spouse needs long-term medical treatment or an extended hospital or rehab stay. While it’s something you certainly don’t wish for, it’s also something you shouldn’t ignore as you plan your future on the open road.
This isn’t something you just up and decide to do
Ditching your house to live in an RV full-time is a really big and exciting decision! Renting an RV for a few weeks first is a fun and easy way to see if you actually love the lifestyle before you fully take the plunge. At the very least, go to the next RV show they host at the Oaks or out in Hershey and get acclimated to what is and isn’t possible in these vehicles.
If the lifestyle appeals to you, camping is a blast. It’s how my family and I fill our summer weekends. And my wife and I have discussed getting a midsize Class C in our retirement years and going to see all the National Parks. But we’re aware of all the concerns and considerations, and we’re planning accordingly.
If it’s a goal of yours, I’d love to help you figure out the details – including how to pay for it all. Just shoot me an email or get on my calendar!