ANNOUNCEMENT: Royal London confirms acquisition of Responsible Life and Responsible Lending - Find out more

Sailing into retirement with equity release

Article | Mar 2023

A year spent on a cruise ship is cheaper than a year in a retirement home!

So, you have relentlessly worked your entire life, dreaming of the moment you can finally retire. Well, guess what? That day could be here! As you stand at this point of a new chapter in your life, the possibilities are endless. So, why settle for the ordinary when you can embrace the extraordinary?

Did you know that retiring on a cruise ship could save you up to £5000 annually compared to a traditional retirement home? It’s true! Even the late Queen Elizabeth proclaimed her love for her royal yacht, expressing that there’s no better place to truly relax than on a magnificent yacht or cruise ship. For many retirees, a luxury cruise adventure is the epitome of retirement living. It’s a chance to connect with like-minded individuals, explore new cultures, and create memories that will last a lifetime. It’s no surprise that around a third of cruise-goers are aged 60 or older – this is the lifestyle that they want and deserve!

Picture yourself on the deck of a magnificent cruise ship, surrounded by deep blue waters and breathtaking vistas – you'd probably think that sort of lifestyle is unattainable even with equity release. However, contrary to popular belief, retiring on a luxury cruise can be more affordable than traditional retirement options.

Research last year showed that care homes can cost over £1,500 per week, with the average residential care home setting you back up to £39,000 a year. That figure could then rise if nursing care is needed, according to The estimated cost of retiring on a senior cruise according to Chase is around £34,349 – that’s almost £5,000 less for a much more luxurious and adventurous setting! According to our research, we’ve found that there 90% increase in Google Trends related to the term ‘living on a cruise ship’ in the last year, showing that more and more people are thinking about setting sail into retirement life on their dream cruise.

What if you’re interested in shorter term cruises only?

If you’re not interested in retiring fully to a cruise ship, you can still embark on an adventure unlike any other. Responsible Life want to highlight that you can enjoy financial freedom in retirement through equity release. You could explore exotic destinations and connect with like-minded individuals, all whilst enjoying retirement bliss on a luxurious senior cruise.

Therefore, the question arises, how would one use equity release to fund the experience of embarking on their dream cruise?

Equity release is the act of releasing money that is held within the value of your property while you’re still living there. It can help homeowners over the age of 55 achieve a variety of goals, ranging from gifting an early inheritance to loved ones to funding home improvements or setting sail on a dreamy voyage.

But what would the logistics of this be? Long-term cruises might pose challenges with lender occupancy rules, with most requiring occupants to be present in the property for a 6-month period each year. However, short-term cruises could still be a fantastic option. A lot of retirees may opt to go on several short-term cruises, making it much easier, allowing for total enjoyment and relaxation knowing that they have the freedom and financial flexibility covered to enjoy these trips-of-a-lifetime, without having to worry about costs thanks to equity release.

From the moment you step aboard, there’s something for everyone, whether it be ticking off your bucket list dreams, going on adventurous pursuits like rock climbing and surfing, perfecting your culinary skills, or simply just truly unwinding and relaxing.

These opportunities extend beyond mere leisure, offering the chance to delve into retirement hobbies you may have never had the time or resources to explore before.

By leveraging equity release, you can completely transform your retirement plans. You can create a plan filled with adventure, financial freedom, and enrichment. It provides a cost-effective alternative to the traditional retirement options, allowing you to enjoy a more luxurious lifestyle.

However, bear in mind that releasing equity will reduce the value of your estate and may affect your entitlement to means-tested benefits. One of our expert advisers can explore this with you and help you to understand if equity release is for you.

If you are wanting to use equity release to sail the seas in a dream retirement, you can get in touch and book an appointment with one of our advisers to find out more information!

Go back



Required fields = *

Equity Release


To find out more about how we use and protect your data please view our Privacy Policy here.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.