Sailing the Seas of RetirementApr 1, 2015 | Wealth Management
Shortly before Lee Wachstetter’s husband passed away, he told her to keep on cruisin’. Mama Lee, as she is now known, took it to heart and now this vibrant 86 year old gal is sailing the seas every day aboard Crystal Cruises’ Serenity. There are certainly plenty of perks. On board she gets several meals a day, cocktail parties, dancing, shows, swimming pools, socializing, see the world, no yardwork or home maintenance, and there’s a doctor on board (think Dr. Bricker from the Love Boat.) While many may not be able to afford Mama Lee’s retirement paradise ($167k/yr), there are still folks who decide to live on a cruise ship year round rather than pay for assisted living. However, there are obvious drawbacks. First of all, while there is a doctor on board, she will not have the resources available to deliver the medical attention you will require with certain health conditions. Also, a health emergency at sea usually requires waiting until you get to the next port that could waste valuable time. Finally, living at sea will keep you away from kids and grandkids. However, if you are healthy enough and can afford it, retirement at sea, even if only for 3-6 months each year, could be a viable option.
One question I have from an estate planning perspective, what is Mama Lee’s state of residence? This is an important question as states tend to differ on some of their estate and probate laws. As you can see, living on a cruise ship could muddy the estate planning waters. (I apologize for the very bad pun.)
And as Norman Vincent Peale said, “Live your life and forget your age.”
Have a great week and Happy Easter!
Senior Wealth Advisor
Investments offered by Wealth Management Division at Bank of the Bluegrass & Trust Company *Are not FDIC Insured * Are not Bank Guaranteed * May Lose Value*
The information presented in this blog is general in nature. It is not intended to provide, and should not be relied upon for accounting, investment, legal or tax advice. Investors should consider their individual financial circumstances and the inherent risks of investing prior to making any investment decision.
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