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Even if the long-term seafaring lifestyle isn’t for you, we’ll examine the benefits of incorporating regular cruises into your retirement plans. The total costs of living on a cruise ship are going to depend on how you choose to live, just like it would on land. For example, what cruises you book, the food plans you choose, and how much entertainment you buy will all vary by person and could greatly impact your overall costs. This isn’t about compromising comfort or luxury; it’s about reimagining retirement as a time of exploration and adventure, all within a budget that makes sense. Cruising into the sunset might be the perfect voyage for those curious about making their retirement funds stretch further while still indulging in a life of discovery.
What Are the Risks Associated with Retiring on Cruise Ships?
Spending retirement on a cruise ship is not a new concept; retirees were the most active cruise travelers in 2018. On-board restaurants, modern fitness centers, and cultural excursions make living on a cruise ship in retirement an attractive option. Cruise ships offer many of the same amenities, clubs, and social groups as active adult communities. On top of these amenities, residents enjoy the luxuries of an ever-changing, traveling lifestyle without additional monthly bills, housing payments, or upkeep. Assuming that retirees pay cash for an all-inclusive condo that includes meals, rather than financing it over the long-term, that could substantially lower the cost of living. These fees cover things like ship maintenance, supplies and staff salaries.
Tips for Planning the Perfect Retirement Cruise
Compared to the cumulative costs of dining out, attending events, and home upkeep in a traditional retirement setting, the financial benefits of cruise living become clear. It’s about enjoying a life of luxury and convenience without the luxury price tag. The cost of living onboard a cruise ship varies depending on the type of cabin you choose and the amenities you desire. Generally, retirees can expect to pay anywhere from $1,500 - $3,000 per month for accommodation, meals, entertainment, and other activities.
Cruises
But for cruise-enthusiasts like de Leede and Farshman, the itinerary of a ship is often secondary—they simply love life on the water. The cruise ship company may collect a fee for each day of the cruise at the beginning or end of your stay. This already includes daily food and beverage consumption, airfare to ship ports, and other amenities available.
Amenities
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However, there are some realities about cruise living you should confront before making the choice to leave landlubber life behind. Long-term cruise-dwellers are unlikely to drink as much daily as those who are there short term. Depending on which cruise you’re on, you’ll end up spending between $450 and $2,000 per year on laundry. Royal Caribbean, on the other hand, has no self service laundry facilities. If you’re living on a cruise all year long, you’re going to need to do laundry eventually.
The Costs of Cruise Ship Retirement vs Retirement Community/Home
The largest cruise ships have spas, fitness centers, casinos, children's programs, enrichment classes (i.e. dance, cooking, language), and more. In this sample itinerary on its website, the Narrative will spend three months exploring the Mediterranean, with scheduled stops in Italy, Croatia, Albania, Greece, and Turkey. There are sea days built into the itinerary, and don’t forget about those “resident choice” days, which will allow residents to decide which ports they’re exploring next. Would you be comfortable living in a tiny room with no windows for three years straight?
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The Costs of Spending Retirement Living on a Cruise Ship
These floating communities offer an extensive range of social activities, fostering a lively atmosphere that encourages social interaction among passengers. For retirees who have an adventurous spirit and a desire to explore different parts of the world without the hassle of planning or packing and unpacking constantly, a cruise ship offers an ideal solution. Prices started at $16,000 for the shorter trip and $20,000 for the longer. Cruise ships offer a wide range of onboard activities including meals and beverages, onboard gratuities, laundry service, and more. On the other side, when retirees decide to purchase a cabin, the cost may be lower for seniors who become permanent residents on a cruise ship. Celebrate your career and your many achievements on a luxury cruise with Celebrity.
And given the relative affordability of cruise fares, it seems possible that you could get all of this for seemingly less than it would cost to live on land. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). There are no guarantees that working with an adviser will yield positive returns.
Cruise ships can offer recreational activities so that you have a way to stay active while engaging with other passengers. As you compare cruise lines, consider what opportunities for socializing they provide. Plus, the cabin you book might not be designed for senior living, the way apartments at a retirement home or senior living community would be. You'll also have fewer options for cable TV plans and phone calls and Wi-Fi costs will be pricier than on land. By contrast, a year onboard a luxury cruise line like Silversea, Seabourn or Regent Seven Seas will cost a minimum of $200,000 per person ($548 per person per night).
Mario Salcedo (nicknamed "Super Mario" by crew), 67, has taken more than 950 cruises over a 20-year period, mainly on ships operated by Royal Caribbean. Depending on your age and preferences, you may also want to choose a cruise line offering amenities and well-being facilities specifically tailored to an older demographic. For that, we decided to lock in on an option that we think would appeal to the broadest amount of people by being a mid-tier cruise that’s realistically affordable without having to skimp. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Spending your retirement on the high seas may lighten your budget load, but you still have to plan for taxes and insurance.
In both cases, the key is to look beyond the initial costs and consider potential increases in fees, additional expenses, and the overall value of the investment over time. Planning for the retirement price requires a thorough understanding of each option’s inclusions and exclusions, potential for cost increases, and how well these align with your retirement budget and financial goals. Cruise ships today are equipped to accommodate guests with various mobility levels, offering accessible cabins and facilities. However, the nature of being at sea and visiting multiple ports may present challenges for those with significant health or mobility issues. Medical care on ships can handle primary and emergency care but may not be suitable for long-term or specialized health needs. According to the Cruise Lines International Association, 28.5 million people took a cruise in 2018, and about a third of them were 60 or older.
According to CruiseFever, a website that provides statistics about the ocean cruise industry, the average person spent approximately $237 per day aboard a cruise ship in 2022. This included the ticket price and onboard spending for food, entertainment and miscellaneous purchases. Based on that number, the average cost of living aboard a cruise ship year-round would total a little more than $77,000 for retirees taking a nomadic approach.
But unlike many of his fellow cruise passengers, Farschman basically lives at sea. He spends months traveling the world's oceans and waterways — half of the year, if not more. Although he still keeps a physical home near where he grew up in Delaware, Farschman is now part of a growing cohort of older folks who are literally "retiring" on cruise ships. The length of your stay depends on the policies of the particular cruise line and the type of ticket you purchase. Generally, most cruise lines offer packages that range from one week to multiple months. Schengen visas may be required for passengers who wish to remain onboard for longer than three months.
Amenities on the ship itself include six restaurants, a regulation-sized tennis court, a full-sized theater, and outings to cultural landmarks. If you've sailed before, then you know that the cruise fare -- while being the largest portion of what you'll spend -- is also just part of the cost of taking a cruise. Of course, if you decide to keep your home while living on a cruise ship, it would change those numbers. And even if you sell, you may have to account for other land-side expenses, such as storage for personal property or vehicles, or debts you may still be paying off. Living on a cruise ship in retirement could be a cost-saving measure for seniors who may be working with a smaller financial nest egg. She was also working on boosting her loyalty status with Royal Caribbean.
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