Options for retirement have expanded significantly in the last few decades. The days of golf courses in Florida are over.

Today’s seniors are choosing to take advantage of exchange rates and retire abroad, using housesitting gigs to travel for free, and moving into tiny homes and RVs full-time.

Another popular and affordable option is to retire on a cruise ship. If you’re exploring your options and planning your retirement, here are a few things you should know.

Why Retire on a Cruise Ship?

A cruise ship offers the same amenities a retirement facility does, but you’ll be able to travel while enjoying them. You’ll get lodging, dining, and scheduled activities bundled into one price.

A retirement facility may have staff to help out, but cruises cater to their guests. Whether it’s your next meal or something fun to do, your desire is a request away – and there will always be options.

Most people spend their entire lives working with only a few weeks of vacation a year. Spending at least part of your retirement on a cruise ship means you’ll see the parts of the world you always wished you had time to travel to.

Cruising Away: The Cost

The total yearly cost of spending your retirement at sea depends largely on the cruise line and the accommodations you choose. Looking at the cost of standard rooms for each company will give you an indication of how much you can expect to pay.

Certain cruise lines have rooms designed for full-time living with six month and yearly lease options. Others simply allow you to book out a room for a specified period of time. Certain cruise lines have special programs for retirees.

The average cost of retirement facilities ranges from $1,500 to $10,000 a month, with an average of around $3,700. The average cost of a month at sea is comparable to this at around $3,000 a month for a standard room on a cruise ship.

On the other hand, the standard cruise traveler pays about $200 a day, twice as much as you should be if you’re trying to keep costs low and within the average.

Storms Ahead: What to Look Out For

There are a few things about living on a cruise ship you’ll need to keep a weather eye out for. Good planning goes a long way toward making sure your adventure doesn’t come to an early and abrupt end.

  • Watch for deals. Cruises often offer certain, hard-to-fill rooms or dates at cheaper fares. Being willing to be flexible means you could snag yourself a bargain.
  • Book months in advance. In her book, cruise ship retiree of 12 years Mama Lee Wachtstetter reveals she gets the best deals by paying for six months at a time.
  • Make sure your health insurance covers international travel. Medicare generally doesn’t, so you may need to invest in private insurance.
  • Schedule a chat with your financial advisor. Well before you plan to retire, discuss your plans with your financial advisor and make sure you’re all set to sail away.

If you want to spend your retirement a little differently than the norm, retire on a cruise ship. You’ll stay active, travel the world and have a maintenance free lifestyle! Get in touch with us to talk about your options today!