If you’re planning to retire soon, you’ll have to decide what kind of lifestyle you want.
One option that some retirees consider is living on a cruise ship. While it may sound like a fun, exciting adventure, there are some factors to consider before climbing aboard.
Costs of Retiring on a Cruise Ship
Of course, cost is among the first factors to consider.
“The ability to live on a mass-market cruise ship full time for a relatively affordable room-and-board cost starts at about $35,000 per year,” said travel journalist and cruise expert David Yeskel, known as the Cruise Guru, in an email.
“Other expenses like medical care, laundry and alcohol add to that starting price,” he added.
As with retirement budgets ashore, expenses depend on your lifestyle. For example, some meal plans and entertainment options cost more than others.
According to Cruise Market, which compiles statistics on the cruise industry, the estimated per-passenger, per-day cost for an average cruise in 2024 is $295.05. That includes a daily ticket price of $179.01 and onboard spending of $80.05 per person for an average cruise duration of 8.5 days.
Some retirees and cruisers use hacks such as credit card points to reduce those costs. While that can be a valid way to slash spending, figuring out those hacks is also time-consuming.
[See: The Cheapest Places to Retire Abroad on $1K Per Month]
Other Factors to Consider
It’s possible to purchase residential quarters on a cruise ship, which offers stability and what amounts to a home at sea.
For example, cruise ship The World, which has a corporate office in Fort Lauderdale, Florida, is essentially a floating luxury apartment building. The World, which bills itself as a residential yacht, offers studio, one-, two- and three-bedroom residences.
The ship journeys worldwide, stopping at ports on various islands and continents.
Rather than buying a residence on one ship, some retirees go from one ship to another on commercial cruises. That level of moving around from one temporary home to the next, essentially living out of suitcases, may become less exciting over time.
Retirees should also consider whether they want cruising to be part of their post-working lifestyle or if they want to keep a home base on land. If they choose the latter, it would be wise to have a paid-off mortgage while being sure they can afford property taxes and have someone keeping an eye on possible maintenance issues.
Retirees who envision life at sea should also consider health concerns. A relatively young retiree without major health concerns is generally a better candidate for life on a cruise ship than a person with possible medical risks.
[Read: How to Buy Property Overseas for Retirement]
Staying in Touch
For retirees, staying connected with family and friends is a must. Prospective cruise ship retirees must be comfortable overseeing their affairs, including real estate, finances and correspondence, remotely from a ship.
“Be cognizant of the fact that the internet connection aboard will be much slower than what they’re used to on land — when it works at all, that is,” Yeskel said.
While cruisers can’t, in general, expect the same level of service as they’d find at home, things may be improving.
According to Pramad Arora, president and CEO of Wireless Maritime Services in Miramar, Florida, the cruise industry has been focusing on optimizing cell service, including Wi-Fi.
“As the cost of bandwidth has come down, the capacity has gone up. It has made it easier for folks to connect and use high-bandwidth applications,” said Arora in an email. “Wi-Fi pricing has come down on cruise ships, and so has cellular roaming pricing. Those are the two things that make a difference when people make a decision to connect.”
[Related:The Safest Places to Retire Overseas in 2024]
Luxury Comes at a Cost
There’s no one-size-fits-all when it comes to cruise ship retirement.
For example, Yeskel noted that most mass-market megaships have relatively static itineraries. Retirees living on these ships may find themselves revisiting similar or even identical trips every week for a year.
There are other options, but they come at a higher cost. “Retiring on a luxury ship will cost anywhere from $150,000 to over $200,000 per year,” he said.
Those worldwide itineraries vary widely by season, potentially making them more stimulating for adventure seekers, Yeskel added.
Retiring on a cruise ship isn’t an easy decision. It may sound romantic, but it’s a big lifestyle change for most people. It’s something pre-retirees must consider carefully to be sure they are temperamentally suited for it.
“There is a mix of criteria that have to fit together like a jigsaw puzzle in order to make retiring aboard a cruise ship a practical option: Finances, health status, flexibility, age and the ability to manage all aspects of your life remotely,” Yeskel said.
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How to Retire on a Cruise Ship originally appeared on usnews.com
Update 07/19/24: This story was published at an earlier date and has been updated with new information.
