Sailing the Seas of Retirement

Apr 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!

Jeff Schriefer
Senior Wealth Advisor
Wealth Management
859-233-8929 Office
859-252-0304 Fax
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