Learn Whether You Can Retire on a Cruise Ship

For those envisioning a retirement beyond the traditional setting, living full-time on a cruise ship is a unique possibility that some retirees are beginning to explore. While cruising is typically associated with short vacations, there is a small but growing cohort of individuals considering a permanent life at sea. This approach requires careful financial and lifestyle planning, as it presents both potential opportunities and meaningful challenges compared to land-based retirement.

Retirement at Sea: A Niche Option

Only a small percentage of Americans—about 2.5%—hold $1 million or more in retirement savings, which has led many to investigate alternatives to conventional retirement living. For some, full-time cruising provides amenities, access to diverse destinations, and a close-knit community.

Shipboard life can reduce day-to-day chores, with services such as meals, housekeeping, and entertainment typically included.

However, this lifestyle is not suitable for everyone, and it is critical to understand both the total financial cost and the particular risks before considering such a transition.

Comparing the Costs: Ship vs. Shore

• Traditional Cruises: Booking consecutive cruises on ships similar to the Norwegian Joy may cost approximately $18,000 per month for a balcony cabin—over $216,000 per year. This excludes expenses such as gratuities, internet access, shore excursions, and other onboard fees. Frequent travel and adjusting to new itineraries can present logistical challenges.
• Long-Term Cabin Leases: For those interested in multi-year arrangements, some ships offer 15-year leases on balcony cabins for around $340,000, with annual service fees of $96,000 per couple. These fees typically cover meals, housekeeping, internet, and selected services. Interior cabins may start at $120,000 with annual fees of $48,000.
• Healthcare Expenses: It is important to note that Medicare generally does not cover healthcare services received outside the United States, including aboard cruise ships. Comprehensive global health insurance plans—which are essential for this lifestyle—may cost up to $30,000 annually per couple. However, coverage and access to medical care can vary by policy and location, and some services may be limited or require upfront payment and subsequent reimbursement.
• Secondary Housing: Many retirees choosing this lifestyle retain a home on shore or utilize hotels between cruises, which can increase overall living costs.

Important Considerations and Risks

• Liquidity and Commitment: Multi-year leases often require substantial upfront payments. Resale or early exit may be restricted; prospective residents should fully understand cancellation policies and the liquidity of such arrangements.
• Healthcare and Emergency Planning: Access to urgent medical care at sea can be limited, and evacuation or specialized treatment may not be readily available. Travelers with preexisting conditions or heightened medical risks should consult with healthcare professionals.
• Lifestyle Suitability: Life aboard a ship can be socially and emotionally demanding, with extended periods away from friends, family, and familiar support systems.
• Not a One-Size-Fits-All Solution: This approach may fit a specific set of preferences, health profiles, and financial situations, but it is not a broadly applicable solution for traditional retirement needs.

To learn more, schedule a meeting with one of our financial professionals today.

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