Retirement at Sea

         

 

                                                 

 

Adventurer and like-minded seniors have discovered is that for little more than the cost of retiring to an assisted-living facility, they can enjoy many of the same amenities — comfortable quarters; meals, social events and educational programs; and round-the-clock access to medical care — while exploring the exotic waters of the Caribbean, Asia, Central America, Europe, Asia and beyond.

 

Two options exist for retiring at sea on a cruise ship.  Resident ships are a new concept and cater primarily to retirees.   Residents at sea offer expensive, furnished studio, one, two and three bedroom apartments for sale, starting at a little more than $2 million, as well as rental units starting at $1,200 a night (rates vary according to the season).  

 

The other option is to book cruises back to back or world cruises.  Most cruises run from 3 to 21 days, and prices average about $150 per day based on double occupancy, depending on the size and location of the room (interior accommodations cost less than those with ocean views or suites), on the length of the cruise and on the cruise line itself (there are mid-priced lines and more expensive lines).  

 

You can try shorter trips first, to see if retirement on board a cruise ship is right for you.  If you decide that cruising is not for you, you can easily just don’t rebook. 

 

        

 

 

Retirement Alternative

 

Depending on the location, annual fees for assisted living can range from $36,000 to $72,000, according to 2013 data compiled at LongTermCare.gov. 

 

A more affordable and realistic way of retiring on a cruise ship is to travel as a passenger rather than as a resident and book voyages back to back, something many seasoned cruisers do, anyway.  Cruise Planners agents can develop a plan for your retirement by selecting the ship, voyage, and manage the itineraries.  It may be necessary to bring a financial advisor to review your finances and determine if your retirement funds can cover your trip.

 

The average price of an independent living facility is $2,000 per month and about $3,000 per month for an assisted living facility (prices vary throughout the country), so on average cruising is still more expensive than the traditional retirement options.  That is on average.  It may be less than the cost of higher-end facilities that can charge $6,000 a month or more, and shorter cruises can be found for around $100 per day, bringing them very close to the price of many assisted living facilities or retirement communities.

 

Sheets and towels are changed daily.  A doctor is onboard.  Amenities such as nightly shows, swimming pools, gyms, and libraries, as well as planned activities, keep boredom at bay.  Port visits provide an opportunity to visit the dry land and sightsee.  New, diverse people are always coming on board.   Living on one ship lets passengers get to know the crew and feel at home.  The Internet allows for bill paying and staying in touch with family back home on land.   Less mobile seniors do not have to keep up a home.  The staff takes care of all the maintenance.

 

There are cons, the most affordable accommodations for many are the small, inside rooms, which may be too small for some people.  Being in a room without a window can be claustrophobic.  Meeting new people at the start of each cruise is a good way to stay involved and active, but it may also contribute to feelings of homesickness and a sense of loss at not having a permanent home (unless one has been kept).  Medical care and emergency care are available, but serious illnesses that need more intensive care cannot be accommodated on a ship. 

 

For snowbirds who shutter winter homes to travel to warmer climates for 4 to 6 months of the year, living on a cruise ship may be an alternative to Mexico or Florida.    For those who own a home and have a paid-off mortgage, it may be cost-effective to rent the home and use the income to help pay for living on a ship.

 

Seniors like the idea of retirement cruising and can make it work on their own now.  As the idea grows and more retirees choose to cruise instead of on-land options, retirement community developers and others will begin to offer retirement cruise ships with affordable leased or purchased accommodations and more services for seniors.  The success of the resident ship The World is already prompting such discussions, and seniors retiring and living on the high seas could become the next big retirement trend.

 

For more information and to review options, please contact us: