Cruising to retirement: Is a retirement cruise right for you?
Retirement is an exciting new chapter for many - it’s a time when you can refocus on what you really want after a long career.
With so many modern possibilities for your retirement years, it’s important to keep your options open.
For many Australians, retirement isn’t just about slowing down; it’s about setting sail. Retiring on a cruise ship, whether as a prolonged holiday or a permanent lifestyle change, has become an increasingly popular idea to combat things like housing accessibility and cost of living, and to boost community building.
But is this lifestyle really a valid option for your retirement? Let’s look at the pros and cons.
The perks of life at sea
One of the biggest drawcards of retirement cruise life is the all-inclusive nature of packages. Imagine all your meals, dishes, housework, laundry being done for you and not having to worry about the lawns and garden. And on top of that, imagine having fitness classes, live shows, and even some medical services available all week at your fingertips.
It’s also a great way to travel and see the world, without all the stress that comes with travel planning, booking accommodation and activities.
Long-term cruising can also remove, or significantly reduce, costs associated with traditional home ownership. You can cut down on your property rates, maintenance costs, and even certain land taxes when you choose to retire to a cruise ship.
With more cruise lines now offering long-term stays and even residential ships, the idea of retiring at sea is becoming more practical than ever.
Considerations before setting sail
While it may be appealing at first, not everyone will be suited for a long-term retirement on the high seas. There are several things to take into account, and important details to consider.
The cost, while potentially lower than maintaining a home on land in Australia, can add up. You’ll need to factor in travel insurance, healthcare access, and if your ship is cruising international waters, visa admin and other critical paperwork.
There’s also a risk of growing isolation from land-based friends and family. According to Retirement Now, this is biggest barrier to long-term cruising for a lot of Australian retirees. There is however time in between sails to reconnect with loved ones, as well as internet aboard the ship.
It’s also important to consider your long-term health needs. While ships are equipped with medical staff, they can’t replace comprehensive healthcare facilities, and more complex care may require being onshore more often.
Planning ahead
While a cruise is a great holiday option, the long-term lifestyle mightn’t work for you, but that doesn’t mean you can’t enjoy yourself in retirement still.
Regardless of the retirement you’re considering, it's essential to plan well. You’ll need a retirement strategy that supports your lifestyle and can incorporate important things like travel and flexibility.
We’re here to help you make the most of your retirement, no matter where you plan to spend it. Our retirement calculators and advice services can help you explore whether this dream aligns with your financial goals.
After all, retirement should be on your terms, whether it’s a cosy spot at home, or a sun lounger on the deck of a ship sailing the Pacific.
