Could Retiring on a Cruise Ship Be Your Ideal Adventure?

Retiring on a cruise ship is something that most people only dream about. Shutterstock

Retiring on a cruise ship is something that most people only dream about. Many people are already living on cruise ships, some doing it as snowbirds, others for the summer, and others all year long.

When you retire on a cruise ship, life is much simpler because most of your needs and wants are provided for you. You will not need to be concerned about what to eat—or when—because excellent meals are prepared for you onboard, and you will have no more utility bills, car payments, or the need to buy gas.

Another benefit is that you do not need to book flights or stand in lines for hours, waiting to board a plane to your next destination. Instead, you are taken to beautiful destinations week after week.

Different Types of Cruise Ships

Before getting serious about retiring and living on a cruise ship, you need to know that there are different kinds. Some of the largest cruise ships, which may have up to 6,988 passengers, make rounds every three days, a week, or 10 days to the same destinations—such as those that cruise the Caribbean. After a few visits to the same places, it could get rather monotonous.

Another type of cruise ship may travel to various world ports, possibly stopping at each port more than once a year. Some slightly smaller ships may also stop at different ports within the same country. They generally can handle about 2,100–3,000 passengers.

Smaller cruise ships can carry up to 800 people. They usually do not go on the ocean, but stay on lakes and rivers.

The smaller the cruise ship, the less amenities it will have. They are often booked by the hour or day.

Luxury Cruise Ships

Luxury cruise ships, such as The World, only carry 165 residents, and they own or lease their residences. The ship’s residences range from studios to three-bedroom apartments, and they can be customized.

CruiseHive says that if your retirement plans include living on The World or a similar luxury cruise line, you can expect to pay anywhere from $352,000 up to $36 million—plus some maintenance fees. The ship stops at more than 100 ports each year on all oceans. Other cruise lines are also preparing similar ships.

Reduce Your Possessions

Most cruise ships have limited space—so you cannot bring all your home furnishings onboard. If you intend to keep them, you will likely have to rent a storage unit or keep a home on shore.

Keeping a house on shore means having to pay for maintenance and taxes. Someone will also have to watch it, but you could rent it to help cover those costs.

The Cost of Living on a Cruise Ship

The different types of cruise ships will vary considerably. Snowbird cruises can last from 58 days up to 116 days, enabling you to book as little or as much time as you want onboard. Costs can start as low as $16,000, but can go up to $250,000 on many cruise ships.

Cruises have additional costs, as well. Besides the fare, you must pay for tips, special trips ashore, medical care, laundry, and dining options.

Depending on your lifestyle, you may also spend considerably more on gambling, drink packages, and eating in the specialty restaurants on board. Souvenirs are an option, and so is eating at local restaurants when you are in port. Cruzely estimates that people retiring on a ship might spend an additional $21,000 on board and $16,000 per year in various ports.

How much you spend depends on how you want to live. If you are conservative in your extra expenditures, you can enjoy life at sea for a lower cost and still enjoy it. Inner cabins are less expensive.

Stopping at various ports can be a fantastic way to view the world. Cruise ship routes can be changed quickly for one reason or another, possibly eliminating one or more places you want to see.

Consider Medical Care

Cruise ships do not have the medical expertise and equipment for extensive medical care. You should not consider this option if you are not in good health or need specific medical care soon.

Medicare may not cover your medical needs on a cruise ship. MedicareAdvantage says that Medicare will cover you if you have parts A and B and are in U.S. territorial waters or a U.S. territory. Most of the time, however, you are not covered under standard Medicare, but Medicare Advantage plans (Part C) may cover some problems.

Medical coverage will need to be an extra expense. You could buy travel medical insurance or get an ex-pat health insurance plan.

A Back-Up Plan Is Also Needed

Ships of any kind can run into unexpected problems. ThePointsGuy mentions that problems on ships occur that may require you to get a hotel, transportation, and pay for meals. You will need to have extra money available if the need arises.

Test Out a Couple of Longer Cruises First

The only way to know if you will enjoy living on a ship for an extended time is to live on one for a while. It will give you a good idea of the cost and let you see what you like or do not like about cruise ship life. You will also want to try more than one cruise line since you may prefer one better than another.

If you love adventure and travel to many new unique places, cruise ship life may be just what you need. You can meet many people (some very famous), enjoy the many amenities and entertainment on board, and have a lot of fun. Before launching into this kind of life, talk to your estate planner or travel agency first.

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