by Lamar | July 3rd, 2010
The average male or female in 2010 who has already lived to age 65 and is healthy stands a good chance of living another 20-30 years. That is the same amount of time that most of them spent raising their families and developing their careers. So, statistically they have 20-30 years to enjoy their retirement years.
How these individuals choose to live those additional years is not only dependent on their income and savings, but on the quality of life that they aspire to have in those remaining years. They can choose to sit and vegetate or spend their time exploring the educational and geographical areas they never had time for prior to their retirement.
My inclination leans toward the second option, exploring areas of life I missed during my work years. I love cruises, so I did a little research on the costs of actually living on a cruise ship for an extended period of time. Doing so may be more economical than you imagined.
Economical cruises for a seven day cruise can start as low as $500.00 to well over $2,000 depending on the cruise line and its amenities. Some cater more to the partying crowd, while others cater to the sophisticate crowd. You know which category you fit into. For a one year travel itinerary, at these prices, for 52 weeks of cruising your cost would range from $26,000 to over $100,000. Most people would choose something in between the two extremes, so figure on roughly $52,000 a year or $1,000 per week.
Now, let’s take that amount and compare it with room and board at a retirement home or care facility. Between the end of 2004 and early 2010, the costs of such facilities increased from approximately $192.00/day to $224.00/day, rounded off annually to $70,000 per year in 2004 and $80,000 per year in 2010. This amount does not include any specialized care or medicines, but neither does the cruises.
Assuming you are healthy and enjoy travel, look at some of the additional benefits you could have by living on a cruise ship.
- Cruising year round can be cheaper than a retirement home – room & board is included.
- You can go anywhere in the world that a cruise line goes.
- You can travel around the world in your normal process of living.
- You can be in a different country several times a week and see more of them each trip.
- You never have to worry about preparing your next meal.
- You have built in room service.
- Your entertainment is already paid for.
- There is always someone available for socializing.
- Emergency medical treatment is readily available.
If this scenario interests you, you can plug in your own personal and financial circumstances to calculate the advantages and disadvantages to you personally. After doing my research, it seems to me that a life of cruising might be a worthwhile option, even if only for six months to a year or two.
