Jeff Furshman, 73, has spent seven to eight months each year on the Holland America Line cruise ship for nearly 20 years. The retired Lockheed Martin vice president experienced his first long-term stay after being stranded on a cruise ship in the Caribbean during Hurricane Ivan in 2004.
“The hurricane ruined our original winter plans, so we kept extending our sailing time,” he explains. He booked six consecutive cruises on this ship, spending 47 days at sea. Since then, the longest time Farshman has spent on land was during the pandemic, and he returned to his cruising life as soon as restrictions were lifted.
Many people consider spending time on a luxury cruise ship as a fun pastime or relaxing vacation, but now more and more people are retiring. call those ships home. Living out your golden years in a floating hotel makes just as much financial sense as living in a nursing home or traditional retirement community.
This alternative retirement plan has been gaining attention for some time.
Although he hasn’t officially retired, CEO Tony de Reid, 69, thinks: cruise ship life attractive. He first purchased a cabin on a private cruise ship that housed 165 people. world In total, De Lied spends three to five months a year at sea, allowing him to “combine the wonderful environment of working in Venice, sleeping in Venice and waking up in Croatia.”
De Reed recently purchased a two-bedroom cabin onboard Storylines. MV narrative, MV Narrative is a luxury residential vessel scheduled to launch in 2024. 1 She will feature 547 guest rooms ranging from bedroom cabins to spacious condos, making her one of the world’s largest inhabited ships.
Onboard amenities include 20 dining options, a 24-hour fitness center, and a microbrewery. Pets are also allowed on the ship, which is a big change for De Reed.
Why choose cruise ship retirement?
Farshman and De Reed are among a growing number of older adults who prefer to spend most of the year on cruise ships. There are several reasons why this alternative retirement lifestyle is attractive.
Cost of living
With the increase in costs, real estate Due to the lack of suitable housing for retirees, booking a year-round cruise vacation is comparable to taking out a new mortgage or paying a premium for an assisted living facility. Retirement funds, 401(k) savings, and other sources of income can all be used to pay for an extended cruise.
Effortless daily life
For retirees and seniors, daily services such as meals, housekeeping, and entertainment on a cruise ship can offset the maintenance challenges that come with homeownership.
Janice Yettke, 78, a semi-retired travel agent, found herself drawn to that lifestyle. He said: “The staff provides meals, provides entertainment and cleans the rooms twice daily. It all meets our needs at this stage in life.”
Like de Reed, other retirees are looking forward to traveling the world on a comfortable cruise ship rather than planning and financing a traditional vacation. Setting a budget This is because traveling can be a significant financial burden for many people. Living on a cruise ship means visiting the far reaches of the world with a manageable cost of living.
Cruise Line Retirement Options
As with traditional real estate, there are several ways to retire on a cruise ship, depending on overall cost and comfort level.
The first, and in many ways the cheapest option, is to book back-to-back cruises. For example, a seven-night Caribbean cruise on Carnival Cruise Line’s newest ship; carnival festival, from $118 per person, per night. If booked for 52 consecutive weeks, that would cost him $43,000 per person.
Even if you book the same cruise package, passengers may sometimes need to be transferred to a different ship. Additional costs such as tips, airline tickets, and alternative land-based housing can reach up to $50,000 per year. This is still lower than the estimated annual cost of $60,000 for traditional assisted living in the United States.
Another option for your cruise retirement is to rent or purchase a residential cruise ship cabin. However, this is considerably more expensive than booking a round-trip trip. world is one of the most prominent luxury residence ships, attracting high-profile clients like Furshman since the 2000s.
Emerging residential cruise ship companies such as storyline Consider entering the market with a product like . MV narrative. Launching in 2024, the ship boasts up to four bedrooms of luxurious living space, extensive cruise amenities, and environmentally sustainable energy.
As a bonus, residents can also rent out their units when not in use, similar to a timeshare. To take advantage of these retirement conveniences, interested buyers will need to invest at least $1 million in her 237-square-foot indoor cabin with virtual windows. Lease options are also available. Currently, the 24-year lease costs him $650,000. This option does not automatically include onboard services such as meals, housekeeping, or Wi-Fi.
Assessing your retirement priorities and needs
There are many options for retiring a cruise ship. you need to consider a few things.
Cruise ship medical staff may not be adequately prepared for the level of care some retirees require, especially for chronic health issues. If you require medical assistance, the cost and availability vary widely from country to country.Moreover, not all insurance plan This also applies while traveling abroad.
limited living space
Another consideration for retirees is the limited amount of private living space in cruise ship cabins. Some retirees feel claustrophobic, and others have difficulty organizing their personal belongings. Living at sea also means limited contact with land for several days at a time.
Connections with family and friends
Living for long periods at sea limits passengers’ ability to contact family and friends. If you are visiting family or friends, you may have to book expensive cruise packages or arrange to visit ports on your own.
Who is the ideal maritime retiree?
Whether or not you embark on a journey to retire at sea depends on your personal circumstances, wishes and priorities. Ideally, cruise ship retirees should be relatively healthy, as medical facilities are often limited. Cruise living comes with additional costs, so having a sizable retirement savings is also a plus. The ideal cruise ship retiree should be comfortable being isolated from friends and family for long periods of time.
The appeal of retiring at sea lies in the promise of adventure, freedom and an exciting lifestyle, and it remains an attractive prospect for those ready to set sail for their golden years.
This article was created by money dreamer Syndicated by Wealth of Geeks.
Cindy started a blog. money dreamer, When she realized that a 9-to-5 job was no longer the lifestyle she wanted. After she designed for a while, she wanted a more meaningful life and decided to go on an adventure. She decided to take action and learn how to save, budget, and invest while helping others.