A retirement at sea – does it stack up?
It sounds like a dream, to spend your retirement cruising around the world. Here’s what you need to know to make it a reality.
How much does it cost?
First things first, the financials. Of course, if money is no object you can retire anywhere you want – including on a cruise ship. And there are plenty of ultra luxury options to cater to the rich retiree. Crystal Cruises, one of the world’s best lines, recently launched Residences on its ships that people can purchase and live in full or part time. Prices have not been released, but don’t expect much change from $2 million.
Even if you need to be more frugal, the numbers can still add up. The government estimated that people need around $59,000 a year for a couple or $43,000 for a single for a comfortable retirement. On a per day basis, that works out to be around $160 per couple per day or $117 per single per day. That includes things like eating out, some travel, and buying new clothes or appliances. You can get a good cruise deal for around $100-150 per person per day, which actually makes for a comparable daily budget. Remember that you no longer have to think about bills, car payments or home repairs when retiring full time on a cruise ship. Many lines will give you a considerable discount when booking out a cabin for months at a time, so you could make even greater savings.
How does it work?
Essentially, like a really long cruise! Choose a ship that suits your needs and budget. You will need to book out your cabin for months in advance to ensure that you have the same one (you really don’t want to be moving between cabins). Declutter and downsize so you are only travelling with the bare minimum (a storage shed can be a good idea). Then get ready to travel the world! Many people who retire on cruise ships choose to spend a few weeks or months ashore each year, so you can arrange to stay with family or rent a house for a short period.
What are the benefits?
You will never have to cook a meal or make your bed again! Cruise ships make for a very easy life. The days are filled with activities and entertaining port stops, plus the experienced crew will take care of everything. You also have a ready made community where you can make friends and meet new people every week.
Is there anything to be worried about?
You need to be in fairly good health to make this work. While you can easily organise enough medication or see local doctors – and there is a medical facility onboard – if you require advanced medical care a cruise ship cannot cater to your needs. You will also need to have plans in place should your health deteriorate or one partner pass away.