Yes, You Can Retire on a Cruise Ship. Here’s What It Costs

Cruising around the world on a cruise ship in retirement may seem like a fantasy, but it might not be as far-fetched as you think. If it’s appealing to you, the best way to find out if it’s something you could afford is to learn about the costs—and then save for it. The costs can vary pretty dramatically, so it’s important to know your must-haves vs. could-live-withouts.

Key Takeaways

• The average annual cost of renting a stateroom on a cruise ship is about $78,000, according to one expert, but it varies.
• There are several other expenses to consider, such as ship services, staff tips, excursions, and more.
• Many retired people require medical coverage, accessibility, and medications, so these should be important considerations for those thinking about life on a cruise ship.

The Basic Costs of Retiring on a Cruise Ship

There are many variable costs when considering retiring on a cruise ship. The most significant expense you’ll encounter will be your stateroom. Stateroom costs vary by location and type, with rooms near the ship’s center (midship) typically being the most expensive. Ocean views, balconies, and more can add to the costs.

Jennifer Gardner, a travel agent and cruise specialist at Southern Touch Vacations, averaged prices for a seven-day Caribbean cruise for Investopedia.

“All staterooms are charged double occupancy unless the ship has solo rooms available, and they are rare at this time and sell out fast,” she says.

“[An] interior stateroom from an average cruise ship (not one of the new mega-ships) costs an average of about $1,500.00 per seven-day cruise, equaling approximately $78,000.00 per year,” she adds.

Other Costs

Stateroom costs are just the beginning of the expenses you’ll need to plan for if you’re considering a cruise ship retirement. Daily expenses can add up, so you’ll need to create a budget and stick with it unless you can be more carefree with your money than other travelers.

One of the more important daily expenses to consider is gratuities and tips.

“This is how most of the staff on the ship is paid,” Gardner says. “Gratuities [average about] $18.50 per person, per day for a regular stateroom, $21.00 per person, per day for a suite.”

If there are two of you in a suite, you should plan for an extra expense of about $42 per day, on average.

Also, Gardner says you should consider other expenses that are not included in stateroom costs.

• Beverage Packages: Beverages included in your package are generally lemonade, tea, water, and regular coffee. Gardner says soda packages range between $8.99 and $15.00 per day, and alcohol packages range between $79.00 and $100.00 per day.
• Wi-Fi Packages: If you want to communicate with your loved ones, manage finances online, and stay connected and informed, you’ll need a wi-fi package. Gardner says these average about $20 per day per device, and the price usually drops the more devices you have.
• Phone Service: Gardner states that some cell phone companies have at-sea plans, but she recommends wifi packages to her clients.
• Laundry: Most ships do not have laundry rooms for guests. The staff can do your laundry (at an additional cost).
• Excursions: Some cruise packages include specific excursions, but you might also want to budget for additional options.

Special Considerations

Ship type and age also factor into the costs you might encounter. Gardner says older and smaller ships are generally less expensive than newer ones. If you’re looking for a ship to retire on or spend an extended amount of time on, you should consider that larger and newer ships (like the enormous mega-ships with family-oriented on-board activities) will be full of the noises and activity levels families bring. If you enjoy being around children and families, this might not be an issue, but if you’re looking for a quiet ship to relax on, you might consider non-family oriented ships.

Other factors to consider are finding cruise line promotions and using a travel agent to book your stays. As a travel agent, Gardner says she can access rates and other promotions not found on cruise line booking pages. She adds that you may be able to lower the overall costs by booking your stay through an agent.

Important

Discussing your retirement plans with a financial advisor before booking anything is a good idea. They can help you ensure your success and navigate the best options for you.

Accessing Your Funds

Traveling requires spending, so you’ll need to be able to access your money while on a ship or in another country. Exchange rates might apply, and many ships carry enough cash to convert a limited amount of currency.

Gardner says using credit cards while traveling on a ship is best. “There are credit cards that will convert for you and do not have foreign transaction fees. I would recommend finding the best credit card that works for you and making sure to let them know you will be traveling internationally. I do not recommend using a debit card.”

Medical Considerations

Medical costs are also an issue. 

“Most U.S. insurance companies do not cover expenses for medical bills outside of the U.S.,” Gardner says. “A travel policy would need to be purchased. These can be purchased through the cruise lines for each sailing, or annual policies can be purchased through a third-party insurance company.”

Most ships have medical centers with staff, but they are not designed to deal with the chronic conditions and ongoing care many retired people deal with as they age. Also, if you require medications, you may need to coordinate periodic delivery or arrange a sufficient amount with your doctor before embarking.

The Bottom Line

Though retiring on a cruise ship is possible, there are many costs to consider. If you’re thinking about living on a ship, it’s a good idea to talk to your financial advisor and then a travel agent to find the right one at the right price so that you can make your money last.