Youngstown Daily Legal News

Floating off into retirement: Many choose to spend Golden Years cruising

BRANDON KLEIN
Special to the Legal News
Published: July 17, 2019

Some retirees may prefer to live their retirement years out at sea instead of at an assisted living facility, but the task to live their Golden Years on a cruise ship requires careful planning, according to several online publications.

The cruise industry served more than 28.5 million passengers last year compared with 26.7 million in 2017 and 17.8 million in 2009, according to a Cruise Lines International Association Inc. report.

While average cruise durations of 15 or more days dropped from 4 percent in 2016 to 3 percent in 2018, the 70 and older age group made up 14 percent of all passengers last year compared with 13 percent in the previous two years, according to another CLIA report.

"A cruise ship retirement has the potential to be more affordable than a standard retirement, if you were comparing it to living in a retirement home or assisted living community," Tricia Tetreault, financial analyst for Fit Small Business, told SmartAsset, an online financial resource website.

Living on a cruise ship could be more expensive though in the long-run. The average person spent about $212 per day aboard a cruise ship last year. That would equate to spending $1.54 million over a 20-year period compared with $989,000 the average 65-plus traditional household would spend during the same period, according to SmartAsset's calculations.

It highlighted that some cruise lines offer travelers the opportunity to purchase an apartment or condo onboard with food and other amenities included such as Storylines and Oceania.

Additionally, retirees would have to keep in mind about their health-care options. For example, Medicare's coverage has restrictions on cruise ships. Retirees may need to buy private health insurance to fill in the gap.

"Cruise ship living isn't for everyone and it helps to know what to expect. There are some cruises, for example, that attempt to duplicate a traditional landside retirement experience aboard the ship," Rebecca Lake, the SmartAsset report's author.

"Aside from the financial aspects of retiring on a cruise ship, there's an emotional component to consider as well," she added. "Living on a cruise ship year-round may mean being away from your family and friends for long periods of time. Your cruise dates may coincide with major milestones such as graduations or births. You may miss out on being present for those events."

She recommended retirees plan ahead including to figure out ways to stay in touch with family, consult with a financial planner and determine what are their top cruise amenities.

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