As the time draws near for me to retire, the idea of doing so aboard a cruise ship has been floating through my head. Hey, who am I kidding? It's something I think about constantly.

In general, living in retirement can be divided into three stages: the active, healthy stage in which a person is completely independent; the stage in which the person requires some assistance with meals and household chores; and the stage in which the person requires a significantly higher level of care. The independent phase of retirement is perfectly suited to life on a cruise ship, but the assisted living option is also very similar to what most people envision for their land-based retirement.

Both cruise ships and retirement homes provide their residents with amenities such as meals, accommodation, utilities, housekeeping, social gatherings, and additional enrichment activities such as guest lectures, movies, and art, computer, and dancing lessons. When you include the opportunity to see the world without having to deal with airports or hotels, it is easy to see why so many people consider retiring aboard a cruise ship to be the best possible option for them.

Sign up for TPG's cruise newsletter to receive news, reviews, and helpful cruising advice.

So how do you go about doing that? There is no question that it is possible to make a living on a cruise ship; any respectable travel agency will gladly book you on a cruise itinerary that spans a whole year without hesitation. Nevertheless, there is no guidebook titled "How to Retire on a Cruise Ship" that will assist you to make educated decisions about the cost and whether or not it is feasible to spend your golden years on the water.

How should one go about travelling the world entirely utilizing cruise ships? In addition to these things, what else should be taken into account? I did some good old-fashioned research to see where it would take me. Here is what I've learnt about retiring aboard a cruise ship, as well as whether or not it's a good option.

What kind of expenses are involved with retiring on a ship?

When it comes to planning a retirement budget, commercial independent and assisted living facilities that provide extras such as meal plans, housekeeping services, activities, and transportation begin on average at around $60,000 per year per person, which is equivalent to $164 per night. These facilities are available in both urban and suburban areas. (This price, of course, will change depending on where you reside, the amenities included, and the level of luxury that you select.) I was interested in finding out if retiring onboard a cruise ship could meet (or beat) what is available on land, so I evaluated facilities with amenities and payment structures that were most similar to what you could obtain on a cruise ship.

Spending one's golden years aboard a classic cruise ship.

In many instances, it is possible to negotiate with cruise lines for a lower fare on a long-term arrangement. However, I discovered that even without any special deals with the cruise line, I could book 52 consecutive seven-night Caribbean cruises from Miami on Carnival Cruise Line's newest ship, Carnival Celebration, for approximately $43,000 per person in an inside cabin. This was the case even though it is possible to negotiate with cruise lines for a lower fare on a long-term arrangement. That works out to approximately USD 118 per person, per night. (Before committing to a life without windows, give some serious thought to whether or not you could handle it.)

While I was looking for Carnival's cheapest cruises on older ships, I was able to acquire the average price for an inside cabin for less than $50 per person per night and a balcony cabin for approximately $110, including all of the port taxes and fees. That means the cost of your cruise may be as low as $18,250 per person over a year. However, the fare is not your only expenditure to consider.

If you choose to return home or switch ships, you will need to include the cost of hotel stays and flights between ports when creating your budget. In addition, there are recommendations for the employees to think about, which can add up to thousands of dollars for each individual over a year.

As a result of all of this, the bare minimum annual cost for a couple or an individual travelling alone (which necessitates additional fees for single occupancy in cabins designed for double occupancy) is just slightly more than $50,000.

Related: the best cruises for senior citizens that enjoy travelling by water

There is, of course, no maximum limit to the amount of money that one could spend on retirement on land or at sea; but, the following are some instances of what I found: It would cost around $64,000 to spend a year aboard Queen Elizabeth in a balcony stateroom, which is equivalent to $175 per night per passenger. A balcony stateroom on the Britannia with P&O Cruises for a full year can be reserved for approximately $53,000, which is equivalent to $145 per night per passenger. Both choices would provide you with the opportunity to see a significant portion of the globe.

On the other hand, a yearlong trip on a luxury liner such as Silversea, Seabourn, or Regent Seven Seas will set you back a minimum of $200,000 per person (equivalent to $548 per person every night). The good news about that pricing is that cruising with such lines includes a variety of extras, such as tours, gratuities, alcoholic beverages, and the vast majority of speciality restaurants, in addition to laundry service.

Retirement aboard a floating community

You can purchase or lease a cruise ship cabin on a luxury residential ship as an alternative to sailing on a traditional cruise line throughout your retirement years. This provides you with the opportunity to travel in style. The World is the most well-known of them, but there has been a lot of recent talk about a startup business called Storylines and its dwelling ship, MV Narrative, which is scheduled to launch in the year 2025. In addition, Victoria Cruises Line has plans to convert two of their older ships into residential ships designed for long-term living, to launch these ships in the spring of 2023.

Should you decide to depart the ship, the only additional charges you'll likely incur are those associated with port fees and/or travel expenses; nonetheless, ownership of the ship makes certain logistical aspects easier to manage. You might try renting out your cabin during the times that you aren't using it to make up for some of the difference in the total cost of purchasing your property.

For instance, Storylines is offering staterooms either for the entire duration of the ship's existence or for shared ownership on a quarterly or annual basis. There are also lease alternatives available for twenty-four years. Residents will be required to pay an all-inclusive living fee per person each month in addition to the initial purchase or lease cost. This fee will cover everything from meals and beverages to housekeeping, laundry, Wi-Fi, and of course, fuel for the ship.

How does the cost of this alternative compare to the others? An inside cabin that is 237 square feet in size and has a virtual window often costs one million dollars to purchase for the duration of the life of the ship. A rental agreement for twenty-four years costs approximately $650,000. An additional all-inclusive living price covers onboard services such as food, housekeeping, and Wi-Fi, among other things. The required payment for an inside cabin is $2,586 per person per month, assuming double occupancy; this comes out to $62,064 annually for two persons living together. The average purchase price for a condominium with one bedroom and 1.5 bathrooms was $2.7 million, while the monthly maintenance rate was $111,000.

To draw a comparison between the prices of the MV Narrative and those of typical cruise liners, the living fee for an interior cabin aboard the ship is $85 per person per night, while the living fee for a suite with one bedroom is $152 per person per night. These amounts are in addition to the initial expenses that are associated with purchasing or leasing.

If you can invest in the purchase or lease of a stateroom, your cost per night (in addition to the price of the purchase or rental) may be lower than the cost of traditional cruising. You should talk to a financial advisor before investing your retirement savings in a startup company that has not yet brought a product to market because the MV Narrative is not yet under construction and is not scheduled to be built at one of the main cruise ship-building yards. However, because the MV Narrative will not be built at one of the main cruise ship-building yards, you should.

What makes life on a cruise ship such an appealing option for retirement?

We talked about the things that are provided aboard the ship as well as the possibility of retiring for the same amount of money, or even less, than what you would anticipate paying for retirement accommodations on land. This may be enough of a motivation for some people, but apart from that, what other factors contribute to the desirability of retiring on a cruise ship?

It's the journey itself for many people. Altering your surroundings daily can be an invigorating way to live. For some people, going on a trip, even one that goes to the same ports multiple times could be more enticing than sitting at home the whole time.

The idea of finally not having to worry about things like going grocery shopping, preparing meals, or keeping up with home maintenance is at the top of most people's lists of things they want to accomplish once they retire, and all of those things would be possible on a cruise ship. The avoidance of harsh weather conditions is another consideration for retirees. It is feasible to design the itinerary for your retirement trip in such a way that you are always headed away from areas where there is snow and cold weather.

Another advantage of taking a cruise is the ambience that can be found on board the ship. That is not at all like the atmosphere you would expect from a typical senior care community. It doesn't matter whatever ship you choose; you can be sure that everyone aboard will be thrilled to be there. That mentality has the potential to spread. Being on a cruise ship can be more appealing if one is not only surrounded by people of retirement age but also by those of younger generations.

Related: How do you know which cruise line is best for you? A reference to the most often used lines

The experience of living aboard a cruise ship offers the chance to connect with new individuals. In certain situations, there would be a whole bunch of new people showing up every week or two. Imagine the number of new acquaintances you could add to your circle in a single year. On each cruise that they go on, certain passengers wind up befriending members of the crew. It may be difficult to pass up the chance to remain aboard and continue cultivating those connections for extended periods.

Then there are those individuals who take pleasure in being in the company of other people while just engaging in fleeting exchanges with those others. Even someone more comfortable in their own company can decide that the lively atmosphere of a cruise ship is preferable to the more isolated lifestyle of retirement.

What are some of the things that can give you second thoughts about living on a cruise ship full-time?

Spending time with family, particularly one's grandchildren, is considered by some to be the most enjoyable aspect of retirement. The cruise retirement does not preclude the possibility of that happening, but it does make the situation somewhat more complicated. When you live on a cruise ship that is hundreds or even thousands of miles away from where your grandchildren do, it is challenging to be the kind of grandparent who can frequently babysit for them. If your family wants to come to see you, they are going to have to foot the bill for everyone's cruise fare.

The same is true when it comes to cultivating long-lasting partnerships. As a result of the constant turnover of passengers and crew members, your interactions will be ephemeral. Single retirees who spend their entire lives aboard a cruise ship in the Caribbean may find it challenging to meet the person who will become the love of their life. Making the effort to talk to new people can be draining, especially for people who like to keep to themselves.

It looks like you're out of luck if you prefer the company of animals to that of other people. The inability to bring your pet along on a cruise, as is the case in the vast majority of circumstances, is something that many elderly people find to be an inconvenience.

Similar question: Can you bring your dog on a cruise? These are the cruises that can accommodate animals.

When I asked people why they couldn't retire on a cruise ship, the number one response I got was that they couldn't stand the sensation of being confined. Even on a ship of significant size, you are restricted to going just where the ship travels, and the space you term "my own" is probably going to be much less than what you are used to. There is a certain restriction placed on one's independence, but this is typical of many different types of housing for retirees.

In addition, the cabin you book might not be constructed for senior living in the same way as apartments in a retirement home or senior community would be planned for senior life. Also, you will have fewer alternatives for cable TV plans and phone calls, and the costs of Wi-Fi connections will be more expensive than they are on land.

Even though cruise ships have doctors and nurses on board, they are not trained to deal with catastrophic medical emergencies. You would need to be able to handle managing prescription prescriptions from a distance for extended periods, and you would also need to schedule time off the ship for routine exams. If you experience a medical emergency, you may be transferred to a nearby hospital via helicopter, as the distance between the ship and the nearest hospital may be rather great.

Relatedly, do cruise ships have medical professionals such as doctors and nurses, as well as medical centres and hospitals?

You will not be able to rely on Medicare for your health coverage when you are outside of the nation in the vast majority of instances. For that, you will require a travel or ex-pat health insurance plan, the fees of which can range anywhere from about one hundred dollars per month to thousands of dollars, depending on the specifics of your coverage. In addition, your retirement from cruising could be cut short at any time because of health problems. They won't think twice about kicking you off the ship if they believe you would receive better care on land; in that case, you'll need to find a new home as swiftly as possible even though you're dealing with a medical condition.

In addition to the importance of your health, you must always have a reliable backup strategy. Factors like mechanical failures, shutdowns due to natural disasters, and commercial decisions made by the cruise company can have a significant impact on your plans, even more so than in most land-based living arrangements. You will need to have annual travel insurance as well as sufficient funds on hand to cover hotel stays and transportation costs from virtually any location on the planet.

How to get started making plans for a retirement aboard a cruise ship.

You should consider going on a longer cruise as the first step towards determining whether or not you want to make cruising a more permanent choice for retirement. On my voyage on the Grandeur of the Seas with Royal Caribbean the previous year, I became acquainted with a lady who was in the process of making arrangements for the cruise line's 274-night globe tour. This woman was conducting research on several different storage devices in the hopes that one of them would make her life simpler during her extended voyage. She was taking stuff on her trip that most people going on a weeklong cruise wouldn't even consider, such as rolling plastic bins for beneath the bed and drawer organisers.

In addition to that, she was making efforts to improve her loyalty status with Royal Caribbean. When the time comes for retirement, those who have maintained the greatest levels of loyalty are eligible for benefits that save money. Together with spa treatments and dinners at specialised restaurants, discounts on Wi-Fi service, and free or discounted cruise nights, complimentary laundry service is at the top of the list of valuable advantages that are included at the highest levels on conventional cruise lines. Even the most elite cruise lines, such as Silversea and Seabourn, provide free nights and discounts to their most loyal passengers.

The better your status is when you retire, the more privileges you start with; however, if you sail with the same line for an entire year, you will swiftly progress through the loyalty rankings.

The woman I met was trying to increase her overall number of status points by taking advantage of Royal Caribbean's smallest ship's low-cost solo trips, which yield double points. Domestic partners or spouses who reside in the same household are eligible to share status, regardless of the number of voyages that each individual has completed individually. Other ways to increase your status include sailing in an upper-level suite or taking advantage of promotions that award double points, such as the promotion that Celebrity Cruises is doing this year on European voyages.

Related: A primer on how to sign up for reward programmes with cruise lines

The first steps towards retiring aboard a cruise ship might also include selling one's home (or making preparations for it to become a rental), getting rid of unnecessary possessions, and finding new homes for one's pets. You should also consider speaking with a financial counsellor for assistance with residence laws and money management that might enable you to enjoy retirement for an even greater portion of your working life.

Bottom line

Purchasing a floating residence on a residential ship or booking a year's worth of back-to-back cruises on a standard cruise ship are both fascinating options for those who want to spend their golden years at sea. Retirement on a cruise is an exciting idea. In either case, retiring at sea is accompanied by its fair share of benefits as well as drawbacks. You will have the chance to go to other parts of the world and interact with a large number of new people, but you might also find that you miss the ones you left behind.

It is possible that the financial issues, particularly those about health insurance, will be challenging, necessitating careful planning with the assistance of competent advice. You will also need a contingency plan if your health at some point makes it impossible for you to continue being on board.

The most effective strategy is to make extensive preparations in advance, beginning with several extended voyages to test the vessel and ensure a comfortable fit. Many of the measures that you would take in preparing for a world cruise would also be things that you would undertake to pave the way for a full retirement on a cruise ship. As soon as you are certain that you have what it takes to sail nonstop for an extended period, such as a decade or more, you can start making plans to replace your life on land with a new one spent at sea.

Making plans for a cruise? You can get started with these tales:

• These are the five-cabin positions on a cruise ship that passengers covet the most.
• An introduction to the process of selecting a cruise line.
• The eight stateroom placements that are the most undesirable on any cruise ship.
• The complete list of items that you need to bring on a cruise.
• An overview of the most well-known cruise lines in the industry
• 21 helpful hints and suggestions that will make your trip more enjoyable.
• 15 reasons why cruisers are a money pit.
• The complete guide to picking the perfect accommodation on a cruise ship.

10 Cruises for a Warm-weather Destination from Florida Getaway