Retiring Abroad: Retiring on a Cruise Ship?
Milestone Wealth Management Ltd. - May 31, 2019
Retiring on a Cruise Ship? We have all heard the story of the person who decides to sell everything and retire permanently onboard a cruise ship. As the story goes, after doing the math, it was cheaper to live on a cruise ship compared to a
Retiring on a Cruise Ship?
We have all heard the story of the person who decides to sell everything and retire permanently onboard a cruise ship. As the story goes, after doing the math, it was cheaper to live on a cruise ship compared to a retirement home, not to mention the food being much better. But is this just an urban myth, or have people done this?
Well, actually yes. One person even wrote a book about her experiences entitled: ‘I May Be Homeless, But You Should See My Yacht’:
But really, would that be realistic for most people? Maybe not, but it might be fun to think about. Here are some of the benefits:
- Great meals
- Never having to cook again
- Room service, if you’d like
- Personal room attendant to make up your room every day
- Seeing the world, one port at a time, without having to fly to different destinations
- Fitness centre and/or walking track
- Entertainment in the evenings
There are some disadvantages to this lifestyle, however:
- Never having a place to call home
- Always being away from kids, grandkids and other family
- It would be difficult to have people come for a visit
- Sticking to a diet would be pretty difficult
- Travel health insurance could be quite expensive
- Going ashore could add to the living costs
Here are a couple of articles written on the topic. Keep in mind, they are U.S. based, but nevertheless, the general information is very informative:
In reality, retiring permanently on a cruise ship is probably not realistic for most people. But if you love the idea, there is always the option of ‘snowbirding’, cruise-style. For example, stringing together a few longer cruises in the January to March timeframe could be a great way to cruise for two to three months, to break up those long Canadian winters.