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Dreaming of a Cruise Ship Retirement? 5 Tips to Prep for Your Voyage Abroad


You work hard your entire life so that you can enjoy your retirement and finally have the time to spend on activities you enjoy, whether that be traveling, relaxing, spending time with grandchildren and family, or perhaps retiring on a cruise ship. This may seem like just a dream, but if you prepare well, you can retire this way and sail the high seas living out the adventure of a lifetime! 

Is Retiring at Sea Right for You? 

Many cruise ships try to provide a very similar experience to a regular retirement, but instead of being on land, you are at sea! 

An example of this is Senior Living at Sea, a full-time travel program designed specifically for retirees.1 Some of the aspects of this program that make it so desirable are that they include spa services, fitness centers, social events, medical facilities and professionals and many other amenities. 

Retiring at sea can sound very appetizing to many pre-retirees especially because the lifestyle is completely maintenance-free with laundry, cleaning and meals all taken care of by the staff on board. 

How Much Does a Cruise Ship Retirement Cost on Average?

The average cost of retirement, based on the average time spent in retirement and average spending, is $828,000.2 The average cruise ship passenger spends around $213 per day, which would add up to $77,745 a year for someone living aboard a ship full-time.3 However, different cruise ships offer different opportunities and at various price points, so make sure you do your research ahead of time and properly budget.

5 Cruise Ship Retirement Preparation Tips

Tip #1:

First things first, you need to figure out your retirement budget. Schedule a time to speak with your financial advisor and plan ahead for living expenses, taxes, etc. As mentioned above, it’s also a good idea to do your research and check out different cruise lines to see which one may provide the best value and experience for what you desire.

Tip #2:

Sadly, many cruise ships don’t allow pets on board, so you may need to establish long-term care for your furry friend with a trusted family member or friend. 

Tip #3:

When traveling abroad having adequate health coverage is incredibly important, especially for seniors. Check with your health insurance provider and inquire if Medicare will cover expenses outside of the United States. If not, you may need to add an expense line into your budget for additional health insurance coverage while at sea.

Tip #4:

Give some serious thought to if you should sell or rent your home. Also, consider if you’ll need to rent a storage facility to store furniture and possessions. This is another recurring budget line item you’ll need to factor in. Lastly, don’t forget about any automobiles, you obviously won’t be needing these at sea. You may want to look into selling your car for some extra cash.  

Tip #5:

This last tip is perhaps the most exciting and fun. Determine what destination suits you best. If you prefer to cruise in warm weather, opt for a cruise line traveling to the Caribbean, etc. This is important as you will be spending quite a long time here! 

Before packing your bags and saying bon voyage to your family and friends take these tips to heart before making the decision to retire at sea.

  1. https://cruiseweb.com/senior-living-at-sea/benefit-comparison/
  2. https://www.fool.com/retirement/2018/03/18/retirement-will-cost-the-average-american-828000-a.aspx
  3. https://cruisemarketwatch.com/financial-breakdown-of-typical-cruiser/

This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.


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