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Beyond commercial cruises catering to people of all ages, there are retirement programs such as Senior Living at Sea aboard Holland America's custom-designed Amsterdam liner. In addition to the standard benefits, the program allows residents to host family members aboard. Avoiding the stress of flying and constantly changing hotels to visit places was a primary reason. Boarding a cruise ship, unpacking once, and visiting lots of destinations with everything taken care of while I tour became my goal. And during a 210-day, back-to-back cruise around the world in 2015, I began thinking about “living on a cruise ship.” The cost per day is less than people think and can be budgeted. Planning for retirement is a vital endeavor that requires careful consideration and strategic financial management.
Meet the Retirees Who Live on Cruise Ships
In essence, it’s a fee similar to the kind of packages that you often pre-pay for on a typical cruise ship. On the upper end of the luxury spectrum are offerings such as The World, the largest private residential ship on the planet, featuring 165 posh homes, from studios to three-bedrooms. Life on the ship includes a variety of culinary options and a long list of wellness and fitness activities including yoga, swimming, and a regulation-size tennis court. I enjoy having the freedom each day to choose my social activities without planning for meals, cleaning, laundry, or other daily activities of living.
Retiring on a residential ship
The manager doesn’t want to drive a Ferrari, we in Europe are happy with a bicycle or a scooter. The cruise line views itself as a real project of passion, rather than profit. They want to create an affordable alternative lifestyle, rather than squeeze dollars out of customers. You can also expect high-quality ships, with two former Holland America vessels making up the line’s fleet. Formally, Veendam and Rynadam, they’ll now known as Victoria Majestic and Victoria Amazing. Repeat cruisers like Farschman are also eligible for on-board credits towards premium meals, drinks, spas and other activities that can easily reach "hundreds of dollars per voyage," Farschman said.
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Mr Kovick says the big appeal of shore excursions with Victoria Cruises is that you have more time in ports and more time to explore. Oceanview cabins start from $242 per person per day and suites start from $386 per person per day. It is worth noting that the cruise line is making an effort to make indoor cabins more enticing. Each indoor room has an LCD monitor instead of a window, that shows a live feed from external cameras of the ship, even with a curtain in front of it to add to the window effect. “Victoria Cruises Line is not a public company so we are not responsible to the shareholders for the extra profit.
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These fees cover things like ship maintenance, supplies and staff salaries. With Storylines, the average daily assessment fee ranges from $70 per person to $205 per person, based on the choice of the condo. At that rate, the yearly cost of living onboard permanently would range from $25,550 to $74,825. It is an opportunity to reflect on your career and a time to look forward to your golden years. Recently, there has been a spike in news coverage about couples choosing to spend a significant chunk of their retirement on cruise ships. In addition to considering health care support services aboard, keep in mind that these services are not free.
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That said, like every other cruiser, "retirees-at-sea" found themselves back on dry land during much of the coronavirus pandemic, when the U.S. Centers for Disease Control and Prevention shut down all cruises from U.S. ports. And for those wary of committing to a full-year — or worried that they might find shipboard life isn’t really right for them — Seniors at Seas does offer “sample voyages” which run anywhere from 30 to 165 days.
For example, you may be looking for an on-deck walking track, gym, or yoga studio so you can keep up your fitness routine. Or you may want a cruise that allows you to pamper yourself with regular spa treatments. You’ll want to look at everything to make sure it fits with your vision for retirement. Ownership simplifies a few things logistically, and your only additional costs are likely to be port expenditures and/or travel when you opt to leave the ship. You might also be able to rent out your cabin when you aren't using it, helping offset the cost of your cabin. You would need to budget for flights between ports and occasional hotel stays if you decide to return home or swap ships.
What's so desirable about retiring on a cruise ship?
The opportunity to stay onboard and foster those relationships for long stretches might be irresistible. Then, of course, there are always concerns about accessibility for older retirees. Navigating a cruise ship and various ports, and certain destinations can be difficult if you have mobility issues. 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. While there are no statistics from the association on how many full-time retiree cruisers exist, only a few have been verified to have settled into a permanent retirement aboard a cruise ship.
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CEO Olavs Zvinelis says the Victoria Cruises offering is completely new to the world of cruising. “Victoria Cruises Line offers our customers a unique lifestyle that is completely new to the shipping industry. Although few cruise lines specifically target retirees — Oceania, for its part, had a Snowbird in Residence program, which has since been canceled — specialty agents are waking up to this lucrative demographic. The rise of the "retire-at-sea" movement has been aided by a recent shift toward longer, more elaborate "world cruises" or "grand cruises" that can last 50 days or more at a time.
The 165 residences in The World range from studios to three-bedroom condos, and prices start at $600,000 without the annual fees. The average age is 64, and families onboard hail from all over the world. Amenities on the ship itself include six restaurants, a regulation-sized tennis court, a full-sized theater, and outings to cultural landmarks. If you’re receiving Social Security, some or all of that income may be taxable if you also have earned income. Working a regular job while living aboard a cruise ship probably isn’t likely, but you might be making money from an online business. The woman I met was using low-cost solo cruises (which earn double points) on Royal Caribbean's smallest ship to boost her status point total.
That, indeed, looks like a cost-saving over a traditional retirement – assuming you’re okay with having less space to yourself than you would on land. Cruise ship living might initially appear as a cost-effective solution, with packages that include lodging, meals, and entertainment. However, it’s essential to account for additional expenses such as specialty dining, shore excursions, internet access, and personal spending. Furthermore, the cost of comprehensive health insurance that covers international travel is a must-consider for cruise ship retirees. 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.
Schedule a free discovery call to learn how we can help elevate your finances. While there are generally no specific age restrictions for retiring on a cruise ship, it’s important to think about your overall health, mobility, and ability to meet other practical requirements that a cruise line may require. If you are interested in a comprehensive plan, including recommendations on how to make your cruise ship dream a reality, schedule a free consultation with one of our financial planners today. Their Around The World cruises last 180 days and typically run around $40,000 per guest.
Now this isn’t all that you’ll spend if you decide to retire on a cruise (more on that in a moment), but it represents the bulk of what you’ll pay. In total, we calculate living aboard this ship would run a starting cost of about $120,000 a year for two people — or roughly $60,000 per person. That comes out to about $330 per day for a couple traveling together and includes cruise fare, taxes, and gratuities. Personal health and health care support needs could become a significant issue. Ships typically have infirmaries and a doctor, but services are often limited — comparable to ambulatory care centers. If you're in poor health, have a complicated medical condition, or have chronic health issues, a cruise ship may not provide the support you need.
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