Throughout the course of our lives, there are numerous financial challenges to bear in mind. From budgeting for your new home to saving for marriage, the fiscal conundrums can be extremely stressful and leave households struggling to cope with the demands of everyday life.
Despite this, the potential cost of retirement is a financial concern that outweighs all others, particularly in the current climate. While some individuals are struggling to save enough to fulfill their future retirement ambitions, for example, others find it hard to maintain their quality of life once they have ceased to work.
Why Saving at Sea May Be an Attractive Option for Citizens
Such trials and tribulations can be overwhelming, while they may also distract citizens from evolving their future plans. This may cause some to miss out on some incredible opportunities, at least if recent research released by the Bolsover Cruise Club is to believed.
Essentially, the brand estimated a cruise package that would theoretically enable pensioners the chance to spend the whole of their retirement at sea. This would include annual visits to exotic and far-flung locations such as the Caribbean, New Zealand and South East Asia, while incredibly the package would only cost £139 more per month than the amount typically required for traditional retirement.
So, by increasing your annual retirements spend by just £4,439 per annum, you can spend your final years travelling across five continents, enjoying endless luxury and accessing the highest quality amenities imaginable.
The comparison with saving for traditional retirement is extremely interesting. Based on the average UK salary of £26,500 and a career starting age of 22, you would typically be required to save an average of £711 per month to afford the cost of a standard retirement. In contrast, choosing the spend your retirement at sea would cost just £850 each month, meaning that this actually represents a practical option that delivers genuine value for your hard-earned money.
The Bottom Line: The Importance of Considering Your Retirement Options Carefully
Of course, these figures are subject to change, while they are based on current levels of inflation and existing industry averages. The precise numbers are unimportant, however, as the most important takeaway is that you must consider your retirement options carefully before laying out detailed plans for the future. It also reinforces the importance of saving for retirement from a young age, as this options up a wider range of options as your grow older.
This is crucial, particularly given the news that an estimated one in five citizens have no discernible savings to speak of at present. This means that they are likely to face something referred to as retirement poverty once they cease to work, with neither state or private pensions capable of sustaining them.
So if you want to avoid this and fulfill fanciful dreams of spending your retirement at sea, now is the time to act and take decisive steps to securing your future.