Tips For Planning Your Retirement
- Planning for your retirement is a big deal and it can be complicated, emotional, and stressful. You can make it easier by working with a financial advisor who can help make a plan to achieve your retirement goals. Finding a qualified financial advisor doesnt have to be hard. SmartAssets free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If youre ready to find an advisor who can help you achieve your financial goals, get started now.
- Consider meeting with a financial advisor to discuss your retirement plans. An advisor can help you plan for taxes, make a retirement income plan, and ensure that your nest egg grows enough to meet your needs. Dont have an advisor yet? The SmartAsset financial advisor matching tool can connect you with up to three advisors right in your area.
- If youre still in the early stages of retirement, remember you can never start planning too early. Check our full retirement guide to help you navigate the early stages and get to work preparing for your future.
Why Many Seniors Are Sailing The Seas
Illustrated | gargantiopa/iStock, boggy22/iStock, iarti/iStock
Lee Wachtstetter has been living on a cruise ship full-time since she turned 77. Better known as Mama Lee, the 89-year-old Wachtstetter has written a book about her experiences as a permanent cruise ship resident. In I May Be Homeless, But You Should See My Yacht, she explains that she was stuck in a big, empty house after her husband passed away. Instead of moving to a smaller home or assisted living facility, Wachtstetter decided to sell the house and start cruising full-time. She had been on 89 cruises with her husband when he was alive and loved the lifestyle.
“I was in good health. I could afford it. I was already traveling 11 months of the year, and now I no longer had a big house to worry about,” wrote Wachtstetter in her book.
Living on a cruise ship provides Wachtstetter with constant companionship, maid services, gourmet meals, access to 24/7 health care, and entertainment. She’s visited more than 100 countries and still dances every night on the ship.
“The day before my husband died of cancer in 1997, he told me, ‘Don’t stop cruising.’ So here I am today living a stress-free, fairy-tale life,” Wachtstetter told USA Today. And she’s not the only one. Wachtstetter is part of a growing trend: Senior citizens are ditching retirement homes for luxury cruise ships in their golden years.
Cruise Ship Retirement Or Nursing Home
A man was recently on a cruise. He got chatting to a woman who had been on the ship for its last four cruises.
She said: Its cheaper than a nursing home. She went on to explain:
There will be no nursing home in my future. When I get old and feeble, I am going to be on this Cruise liner. The average cost for a nursing home is $200 per day. I have checked the reservations for this Cruise and I can get a long term discount and senior discount price of $135 per day. That leaves $65 a day for:
1. Gratuities which are $10 per day.
2. I can have as many as 10 meals a day if I want.
3. There are three swimming pools, a workout room, free washers and dryers, and shows every night.
4. They have free toothpaste and razors, and free soap and shampoo.
5. They treat you like a customer, not a patient. An extra $5 worth of tips has the entire staff scrambling to help you.
6. I get to meet new people every 7 or 14 days!
7. TV broken? Light bulb need changing? Need to have the mattress replaced? No problem! They fix everything and apologize for your inconvenience.
8. Clean sheets and towels every day, and you dont even have to ask for them.
9 There is always a doctor on board.
Tell us where would you like to retire?»
Don’t Miss: Retirement Approach Free Of Tax
Examples Of Cruise Ship Retirement
The whole idea of retiring to a cruise ship mostly came onto the scene through the stories of a couple of individuals who have done it. As some of the first people to explore the option of cruise ship retirement, neither had any clear models to follow. They simply saw a path that would allow them to consistently do what they love and took it.
What Cruise Lines Offer The Best Perks Program
Living on a Cruise Ship for Retirement or for long voyages is not for everyone. There is definitely the need for some consideration. The truth is it can be done for less money than living in a Retirement Community or an Assisted Living Home. You can take advantage of Rewards and Perks by using the same Cruise Line.
You can save lots of money by giving things up like alcohol, Show tickets, or Land Excursions. Everthing is of value on the ship. Everthing of value can be bartered. You can get real good saving money if you are smart and prepared.
There are many ways that you can save hundreds or even thousands of dollars if you cruise frequently and on the same Cruise Ship. The number #1 piece of advice that I heard through these tips and recommendations was from Florida Maritime Lawyer Michael Winkleman.
the most important thing a Cruise Passenger can do is to buy Travel Insurance Its a small price to pay for piece of mind. Whenever an imergency on ship is involved for big bills or travel expenses it will be there. Its there to help you so get it
Cruise experts say while costs vary widely, its reasonable to figure on average $100 a day to cruise including lodging, transportation from port to port, food, and entertainment. Think $3,000 a month total, which isnt too bad considering a lot of people pay larger mortgages or rent. A senior could live on about 50-75 dollars a day with discounts.
Don’t Miss: Retirement Income And Expenses Calculator
Is Cruise Ship Living A Viable Alternative To Assisted Living For Seniors We Compare The Costs And The Amenities So You Can Find Out If Life At Sea Is Right For You
During retirement, there may come a time when maintaining your current household just becomes too difficult. When the yard work and housecleaning become too much, or when you begin to struggle to get meals on the table, the obvious option many seniors consider: assisted living.
Unfortunately, assisted living can be very expensive and, for some seniors, moving to an assisted living community signals a loss of independence and the end to a retirement spent traveling and enjoying life.
But, assisted living isn’t the only option for seniors who find living alone too burdensome. There’s an alternative that could be less expensive while providing some of the same perks and benefits: life on the high seas.
That’s right. Living on a cruise ship could be a lower-cost way for seniors to take advantage of similar amenities to those provided by assisted living facilities, like all-you-can eat meals, a swimming pool for low-impact exercise, regular companionship and entertainment, and even access to on-board doctors. How does living on a cruise ship compare with assisted living? Let’s take a look.
Hotel Lodging Or A Cruise Ship Residence Versus An Assisted Living Community: A Cost And Lifestyle Comparison
You might consider checking into a Marriott and not a retirement community or assisted living facility for your future living arrangements. The average cost for assisted living care is about $275.00 a day and checking reservations at the Fairfield by Marriott the rate was about $79 a night when you combine a long-term stay discount and senior discount. Breakfast is included, and some hotels have happy hours in the evening as well. That leaves $196 a day for lunch and dinner in any restaurant you may want, and even have option for room service. The hotel may provide a spa, swimming pool, a workout room, a lounge and washer dryer, laundry, gratuities, special TV movies, shampoo, and soap.
And add in approximately $5 to $10 in gratuities per day and the staff will be standing by to help you. There may also be city bus stop out front and a possible hotel shuttle service, and seniors can ride for free. On Saturdays or Sundays, one has the option to meet other nice people, by calling a church bus. And, for a change of venue, you could take the airport shuttle bus and dine at one of the nice restaurants there in the gallery/concourse level.
Read Also: Stanford Health Care Retirement Savings Plan
Downsides Of Cabin Life
For commercial cruise ship retirees who do not have enormous budgets, the most affordable accommodations are small, inside cabins. These rooms are often too small for extended living and usually don’t have windows. Yes, there are plenty of public spaces, but living for months without a window may become challenging.
Meet The Retirees Who Live On Cruise Ships
- Save this for later.
When Jeff Farschman, 72, first retired from his role as vice president at Lockheed Martin Services in 2004, he planned on spending his winters as a snowbird enjoying the warm temperatures of the Caribbean. But that all changed when Hurricane Ivan wreaked havoc on Grand Cayman, his island of choice, in September of that same yearso he made what would become a life-changing pivot. Since hed already booked himself on a week-long cruise to Bermuda, Farschman decided to extend his travels to include six back-to-back cruises culminating as a 47-day trip. This extensive journey became the impetus for how he now spends his retirement: living seven-to-eight months annually aboard Holland America Line cruise ships.
It turns out Farschman is just one of dozens of retired people spending a bulk of their time living at sea. There are plenty of ways to make it happen, from combining stand-alone itineraries to purchasing a unit on a residential cruise ship. People ask, don’t you get bored at sea? says Janice Yetke, 77, a retired travel agent who lives four months a year aboard a ship. I say, are you kidding me? Let me show you a daily program. There’s so much to do if you want to do it.
Around the world cruises are a popular way to spend months at sea.
- The 23 Best Places to Go in 2023
Also Check: Retire At 55 With 2 Million
Richmond Hill Retirement Residence Independent Living And Assisted Living
The independent living and assisted living services provided at Richmond Hill Retirement Residence are tailored to fit each individual lifestyles. Residents enjoy a secure independent lifestyle with help when they need it.
You can choose from any one of the private or semi-private rooms offered at here. All residents have access to all of our common areas as well as our landscaped grounds. We have an experienced and trained staff to serve the unique needs of our senior residents living in Richmond Hill. We promote our employees to serve with compassion, kindness and patience. We designed the dining area at Richmond Hill Retirement Residence to be a cozy, home style setting for our residents and family members. Our specialty is customized menus that provide delicious, home cooked meals that meet the needs of all residents.
Every Day’s A New Adventure: The World Is Waiting For You
There’s always something to do on-board or on-shore when you’re living on a cruise ship. Explore ancient ruins, do a class with one of the expert teachers in some of the destinations you visit, learn to make pizzas with Italian chefs, snorkel with Manta Rays or explore some hidden grotto on a deserted beach in the Greek Islands. Learn how to dance in Fiji and partake in a lovo feast . There are so many options and Cruise Retirement can help you explore them all. There’s sitting at home looking out at a scenery that never changes or there’s a different lifestyle where every day brings new horizons and cultural experiences.
Recommended Reading: Forbes Best Cities To Retire In Each State
Cruise Ships V Residences
If youre looking to retire at the sea, you have the choice between booking a number of cruises, or booking a residence on a residential ship. While prices can be incredibly steep for a residency with a private ship like The World, there are some other options such as Storylines. Marty Finver is a Florida cruise fanatic who is trading out back-to-back cruising for a residency.
Back-to-back cruising, while extremely enjoyable in the past, can be a pain in the neck at times.
No matter how careful you are, there will always be gaps between cruises and this involves extra costs of hotels, flights and other inconveniences.
Living On A Cruise Ship And Sail The World
For a change of scenery, one can even live on a cruise ship. This alternative could also be less expensive than an assisted living or nursing home facility while providing some of the same perks and benefits. Living on a cruise ship could be a lower-cost way for seniors to take advantage of similar amenities to those provided by assisted living facilities. There are all-you-can-eat meals, a swimming pool for low-impact exercise, regular companionship, educational lectures, entertainment, and even access to on-board doctors and nurses in the cruise ship medical center.
Spending a day or more in each port, one can take in on the most beautiful scenery on in the world, with plenty of leisure time to explore the cultures and customs at the cruise ships ports-of-call. One can lavishly enjoy the sights and wonders of the world from a new cruise residence.
You May Like: Can I Retire At 62 And Still Work Full Time
Contact Us To Get Pricing & Schedule Tours
* Required Fields
Prefer to speak to a live person? Talk to a local senior living advisor today
We are so grateful to have found Richmond Hill Retirement Residence. My Mom has been living at RHRR for two and a half years and we couldnt be happier. Every staff member is kind and caring and makes my Mom feel like she is living with family. They know every residents name and in our case our extended family too! I have received numerous texts from the life enrichment team, sharing photos and special activities of which my Mom has participated. They really do make the residents their number one priority!During this very difficult time with Covid-19, the staff have done their very best to keep the residents happy and safe. They have kept us well informed and up to date with all happenings regarding new protocols and public health information.Thank you to all the staff at RHRR for giving my Mom a very special place to live that allows our family to rest easy knowing that she is well cared for and safe. There truly is no better place for our Mom!!
Health Care Costs On A Ship
In addition to considering health care support services aboard, keep in mind that these services are not free. On most ships there’s a cost to get medications or use the ship’s infirmary. In addition, “you may need to be transported by helicopter off of the ship,” says financial adviser Michael Gerstman, of Gerstman Financial. “There are insurance policies that cover the cost of such transport,” but premiums vary based on age, length of travel, and type of coverage.
Don’t Miss: Can You Retire Early If You Have A Disability
Premium Staterooms And Suites On Request
A wide range of staterooms and suites are available for rent on board at the following sizes: The average size of the interior staterooms is 226 sq. ft. . You don’t have to give up the view either, as you can admire the current landscape through a 100 cm LCD screen.
There are sea view and veranda staterooms of about 237 sq. ft.
And suites average 280-1,270 sq. ft. in size.
Sleep-Relax: King-size premium mattresses and elegant cotton bed linen, as well as hypoallergenic pillows in various sizes ensure you get the maximum rest. All beds can be converted into a double bed or two single beds on request.
I think the best solution is definitely Victoria Cruises Grand Voyage because it is specially for adults over 40 without kids. All of the equipment and entertainment are prepared for these people. The staff are also professionally trained to take the best care of them. As a senior or mid-aged adventurer, you will find the highest level of elegance, luxury and comfort.
Our standard interior stateroom includes:
The exact list for the booked cabin can be viewed at LINK
Both of our cruise ships have 3 doctors, 1 dentist and a fully equipped onboard-hospital prepared for every emergency!
The question on everyone’s mind is what medical care can be provided on board?
This is a question that is of particular concern to older travelers.
Other Considerations For Retiring On A Cruise Ship
Aside from the financial aspects of retiring on a cruise ship, theres an emotional component to consider as well. 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.
Its important to think about how youll stay connected with the ones you love back home. For example, you may arrange a weekly Skype call, or stay in touch via email, text, and online chats. At the same time, consider how youll expand your circle once youre aboard the ship.
Cruise ships can offer recreational activities so that you have a way to stay active while engaging with other passengers. As you compare cruise lines, consider what opportunities for socializing they provide.
Also, take into account the broader list of amenities to determine whether a cruise line offers the features that interest you most. For example, you may be looking for an on-deck walking track, gym, or yoga studio so you can keep up your fitness routine. Or you may want a cruise that allows you to pamper yourself with regular spa treatments. Youll want to look at everything to make sure it fits with your vision for retirement.
Read Also: Average Amount Needed To Retire At 65