Maybe I can shed some light on this topic and possibly save someone's life at the same time.
Layering is the key, but what layers to use? Unless you are using a dry suit or Coast Guard Survival Suit, here are some cold water basics.....
Body:
1. Base layer (wicking) - this is the foundation and the key to removing water from your skin. Duofold, Thermax, Kokatat, Capilene, etc. Many companies to choose from. Average price is $30-50 per piece (bottoms and tops) or a union suit.
2. Insulating layer (fleece) - this layer holds the water off of your skin and provides some measure of warmth. Many options here and many places to get them. Prices vary. I use Hodgman myself.
3. Waterproof layer (not rain gear!) - this layer has gaskets to keep water out. I use a two piece setup - Frogg Togg breathable chest waders (w/ wading belt) with neoprene booties and an NRS splash top w/ neck and wrist gaskets.
4. Additional layer (not necessary but some like it) - pullovers (not cotton) like the UnderArmor versions are a poly blend with nylon (usually 70/30 at a minimum).
Feet:
1. Base layer (wicking) - not sock liners. Wicking socks remove the moisture from your feet. Any outdoor/Camping store will have these (REI, Blue Ridge Mountain Sports, etc.)
2. Insulating layer (wool) - wool socks will help keep your feet warm. Smart Wool is the brand of choice but there are many options. Any sporting goods store will have these (Dick's, Bass Pro, Cabelas, REI, Academy, Sports Authority, etc.)
3. Waterproof layer (neoprene rules here) - no other choice in my opinion.
4. Protective layer (prevents damage to the neoprene) - varied on your conditions. Anything from Crocs, Tevas, etc. to full waterproof wading boots by Simms, Orvis, etc. I have Tevas, Crocs for mild cold weather and Simms Blackfoot wading boots for extreme cold.
Head/Hands:
1. Wool and fleece - many pairs. If it starts to rain, you will need to change them out often. Cheap ones from any store will do fine. I use the fingerless Artic Zone ones from Bass Pro with the flip over mitten.
For those that are fishing in waters colder than 60 degrees, most of you would suffer from hypothermia if you ever fell in. Harsh reality but it is true. Most winter anglers in boats fail to account for four major things that I have seen.
1. Cotton kills - that means jeans or any other layer of clothing that is cotton based. Cotton does not dry/breathe and when it is wet, it sticks to your skin. Not a recipe for warmth in cold water/weather conditions.
2. No dry bag - it contains a complete set of clothing to change into AND some kindling and fire starting materials to get you warm.
3. Improper head, feet and hand protection - they will spend money on the clothing and forget to properly protect their head, feet and hands.
4. No float plan - not letting someone know your planned time on the water, where you will be and what time to expect you.
When in doubt, call for help. It's better to be safe than sorry.
Even if you change into fresh clothing with the proper layers, it will do you no good if your inner core is cold. The effects of hypothermia can set in as early as 2 minutes all the way up to 3 hours and more. In reality, any body temperature less than 95 degrees is technically suffering from early onset of hypothermia. A water temperature of 10 °C (50 °F) can lead to death in as little as one hour, and water temperatures hovering at freezing can lead to death in as little as 15 minutes. A notable example of this occurred during the sinking of the Titanic in which most people who entered the −2 °C (28 °F) water died within 15–30 minutes.
Many of us, including myself, fish solo during the cold water months, so being prepared for when it will happen (not if) is a huge factor in coming back to fish another day.