You’d Save More by Retiring on a Cruise Ship for One Year Than Living in These 10 States
Written by
Gina Hagler
Edited by
Travis Woods
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Retiring soon? You may be surprised to learn that you could actually save money by living on a cruise ship rather than in your current or future home.
When determining retirement affordability, financial experts consider not only the housing costs but also that of the health care — especially when a senior living facility is something your family is looking for.
For instance, The Cruise Web, Inc. regularly sees clients staying onboard a cruise ship for a year or more to save. It’s important to note that the cost of spending a year on a cruise ship differs vastly from the several million it would take to reside fully at sea, so living on the sea for a limited period could potentially save money for retirees. This trend, referred to as the “retire-at-sea” movement, is a byproduct of increasingly lengthier cruises, with some lasting two months or more.
The ten most expensive states to retire all hit well above the million-dollar mark when considering a 25-year retirement. If we look at Connecticut, which costs around 1.1 million for 25 years, that’s approximately $44,000 for one year’s worth of retirement. Conversely, the cruise can be had for as little as $32,000. New York, California, Massachusetts, Washington, Maryland, Alaska, New Jersey and Colorado round out the remaining ten most expensive states to retire in.
The primary financial draw to living on the seas is the all-inclusive package offered by the cruise ship companies — housing, food and dining, entertainment, organized activities, and even adequate basic medical care. There is also the draw of spending time with others in a communal way — the Cruise Lines International Association reported that in 2018, more than half of the 28.5 million cruise guests were over the age of 50.
There are states, like Iowa, Delaware, West Virginia, Missouri or Mississippi, where you could comfortably find economic justification for remaining on land, as these states are the most affordable. Plus, what Iowa lacks in oceanic views, it makes up for with a vast and calm countryside.
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