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All Aboard: Retire on a Ship

By U.S. News & World Report

Retirees can live anywhere they want to, and it doesn’t necessarily have to be a single place. Some retirees choose a life at sea, constantly moving from place to place on a cruise ship.

For example, Beatrice Muller lived on the Queen Elizabeth 2 from 2000 to 2008, when the ship retired from service. Muller was 82 when she began living aboard full time. Another retiree, Claire MacBeth, sailed on back-to-back Cunard cruises for more than a dozen years. And Lee Wachtstetter, 86, ditched her five-bedroom home in the Fort Lauderdale area and is a seven-year resident on Crystal Serenity. Wachtstetter estimates she pays around $165,000 per year for her single stateroom, food, drinks, entertainment and gratuities. And prior to Crystal, she lived for three years on a Holland America ship. All three of these widowed women wanted the cruising life.

A 2004 study by Lee Lindquist, an instructor of medicine at Northwestern University Feinberg School of Medicine, that was published in the “Journal of the American Geriatrics Society” found that when considered over a 20-year span, “a representative cost-effectiveness analysis was performed that showed that cruises were priced similarly to assisted living centers and were more efficacious.” The cost of assisted living on land can vary greatly by facility, location and need. Retirement on the water is an intriguing possibility to consider. Here’s a look at some of the ways to retire on board:

Travel the World without leaving home. In contrast to living on a cruise ship with regular staterooms, The World , launched in 2002, offers 165 residences, ranging from studios to three-bedroom apartments. The homes — and the ship — are owned by the residents, who determine the global itinerary of this “residential yacht.” The average age of residents is 64. Some live on the The World full time, while others spend several months per year on board. In addition to the cost of the home, there are annual fees to cover the yacht’s upkeep and operations, salaries for the crew and food costs. This kind of luxury living, with a full-size tennis court, pool, gym and spa, doesn’t come cheap. Residences range from about $1 million to $13 million, not counting the annual fees, which are about 10 to 15 percent of the cost of the residence.

Sunk? Although The World is a reality, and people have lived or are living on cruise ships, there are a few ships that haven’t made it out of the harbor. For example, Utopia has been in the planning stages since 2008, but no ship yet. The Four Seasons Ocean Residence (2008) fell victim to the real estate and financial crisis. The Freedom ship (late 1990s) was proposed as an almost mile-long floating city with 50,000 residents, but has not materialized.

Ships on the horizon. Plans are percolating for two water communities with different approaches:

Alive at Sea. CEO and founder Jimmy Fanning plans to target mature adults between ages 65 and 80. Residents can “live aboard” a cruise ship and enjoy independent or assisted living with all the amenities a cruise ship has to offer, including meals, housekeeping, exercise classes, a spa, movies, some entertainment, room service and basic medical care. All the creature comforts, and none of the work. In addition, residents will live among their peers, enjoy a strong sense of community and be able to ” follow perfect weather” with an itinerary that will allow them to explore locations for several days at a time.

The ship would accommodate about 700 passengers. About 300 of the outside cabins would be for the residents. The inside cabins would house the crew and staff. Staterooms will be about 250 square feet. Of course, there would also be common areas, dining facilities, a spa and fitness facilities.

Staterooms would be leased for $10,000 each month per person. No tipping will be allowed, and there are no additional costs except in the casino, the wine cellar and the purchase of tobacco products. The price is the same whether it’s independent living, which would include housekeeping, meals and laundry, or assisted living.

The Marquette. Developer David Nelson and his wife, ReNae, plan to live on this floating condo community they are creating. The Marquette will ply the rivers and intracoastal waterways of the U.S. year-round, with the opportunity to visit a variety of ports. The plan is to have approximately 200 condos for 400 residents. Different ownership packages are available, with full-price ownership ranging from $300,000 for a 528-square-foot condo to $500,000 for a 924-square-foot condo. In addition, fractional half ownership and two-month ownerships are also offered. A homeowner’s association fee of about $27 per square foot per month (based on the price of the cabin) will be assessed to cover fuel, docking, insurance and salaries.

If you are ready to sail beyond the safe harbor and let the wind lead your travels, living aboard may be just the ticket.

Jan Cullinane is a best-selling retirement author, speaker and consultant. Her current book is “ The Single Woman’s Guide to Retirement “ .

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All Aboard: Retire on a Ship originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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