No more moving to Florida: Americans are now retiring on cruise ships and this is how it works

As many baby boomers get set to retire this year, some are looking for a different way of life than the typical retirement home or seaside condo. Instead, they’re living the rest of their retired lives at sea - or at least a good chunk of it.

A new wave of Americans retiring on cruise ships

A woman named Jo Johnston is one of those who has decided that a life at sea suits her best. She told CBS News that she sold anything that wouldn’t fit in her car, and then sold her car to be able to afford multiple long-term cruises.

Johnston’s most recent cruise was with Holland America’s “Grand World Voyage”, which lasted 124 days. It left from Florida and took her to places like Bali, Cape Town, and Barcelona. According to the travel site Cruise Critic, more and more companies are adding cruises lasting between three and six months. Last year, a residential cruise launced, offering customers the option to buy a cabin starting at $130,000.

Johnston says she’s been on “six or eight cruises of 80 days or longer” since she retired. She reiterated that you have to be conscious of what you spend, but it’s easy to keep track as meals, travel, entertainment, and housing are all bundled into a package of around $100,000 a year. Financial advisor Charlie Branch said that retiring at sea could potentially be more cost-effective than retiring on land, of course, “depending on how you were living when you were on land.”

It’s also important to have a plan for health coverage while on a cruise ship. While there is typically a doctor on board to help with basic needs and emergencies, it’s important to find a long-term plan that works for you before setting sail.

Still, for many Americans, the pros outweigh the cons. Johnston spoke about the community she’s built on board, saying they “are so welcoming and they look out for you.” She also spoke about the perspective it gives her to experience so many different places and cultures.

“I’ve come to appreciate politics around the world, how people everywhere are more alike than they are not, and just how beautiful the world is,” she said.

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