16th Nov 2018
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Boomers spending the inheritance on cruising
rear view woman and water

Baby boomers are spending more money than ever on cruises, according to new data from finder.com.

The research shows that in 2017 more than 750,000 Aussie travellers aged 50 and over went on a cruise, accounting for 57 per cent of the total 1.34 million Australian cruise passengers.

The average length of a cruise was just over nine days, and analysis of 300 cruise deals revealed an average spend of $1467 per couple on a twin room.

More than $556 million collectively was spent on cruises in 2017.

The rising popularity of cruising coupled with our ageing population means around 1.4 million boomers are expected to cruise in 2018.

A survey of nearly 6000 older individuals by National Seniors Australia and Challenger found that leaving an inheritance is no longer a high priority. In fact, many would rather spend their money on travel.

The most popular destinations for retirees included New Zealand, the Mediterranean, Asia, Northern Europe, Alaska, and Antarctica – and the average age of cruisers in 2017 was 67.

“Almost one in 10 Aussie baby boomers took a cruise holiday last year. This older demographic tends to prefer longer expeditions, sparing no expense on transatlantic or world cruises,” said insurance expert Bessie Hassan.

While Ms Hassan claims that no expense was spared on cruise costs, we know that if there are savings to be found, you’d like to know about them. So here are a few tips to save you big bucks on cruise insurance.

Choose lower benefit amounts
You’ll save money on policies with lower benefit amounts, but be aware that you’ll be forgoing added protection.

Choose a higher excess
Roll the dice and choose a higher excess in order to pay less for your premium.

Choose your activities wisely
Insurers may want to charge you more to cover you for scuba diving or adventure activities, so choose low-risk activities and save.

Leave the valuables
If you really don’t need your tablet, DSLR camera, jewellery or other valuable equipment or accessories, then leave them at home. An insurer will charge you extra to cover high-value items.

Look for discounts
Ask for seniors discounts, multi-policy discounts and look for travel insurance coupon codes to help you save money on your policy.

Did you go on a cruise last year? Will you be going on one soon?

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    COMMENTS

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    Cowboy Jim
    17th Nov 2018
    7:55am
    Just got back from a cruise around the islands of French Polynesia, got a good offer and took it. Had to fly to Tahiti via New Zealand and back which upped the price a bit. Was worth it and I can recommend it. Cruising with Aussie lines of course has the advantage of no currency changes, our cruise was in US$ and that made it 27% more expensive. Most of my fellow passengers were in the 60s age group and we had some Aussies with us, not enough of them though to stock Aussie beers! Had to drink Dutch beer instead.
    Go for a cruise people as long as you are able bodied, just check that there are not too many tender ports involved. Getting into life boats is not easy after 70 years of age.
    MICK
    17th Nov 2018
    8:20am
    Congrats on an enjoyable time Jim.
    We only ever did one cruise. It was seriously nice but convinced us we are not cruising people. Would much rather rent a car, Airbnb accommodation and see the country properly.
    I read that man people cruise for the food. Nuts but to each their own.
    I was a bit curious about your last line as I thought it was older folk who mostly went cruising because they were physically unable to tour any other way, at least not with significant discomfort.

    Good article but I found the title offensive. There seems to be a growing mindset that boomers should spend all they own and leave nix for their children and that is not what decent people would do. Disappointing Leon!
    Cowboy Jim
    17th Nov 2018
    10:34am
    Good point Mick, about renting a car and travel the place more extensively. Certainly do not go on cruises for the food, still one good meal a day for me and the wife. Sweet counter looks like a confectioner's shop and we leave that well alone. The attraction for us is every day another place for about 8-10 hours and still the same hotel room without packing and unpacking and with our 4* status, free laundry and pressing of all our clothes every day, half price wine packages, half price mini bar and generous internet provisions.
    You are right about some people cruising because of a handicap like no longer allowed to drive, reliance of wheelchair etc., this might apply to cruises in the Med but in a lot of ports in the Pacific and Asia one has to be able to use tenders to reach the towns. Difficult for some folks. We lost an elderly lady a fortnight ago in Rarotonga; accident getting in or out of tender. Do not know which, was on land myself at the time. The people who saw it were offered counselling by phone if they wished.
    GeorgeM
    17th Nov 2018
    9:09pm
    Thanks for tips, CJ.

    Agree, MICK, the title is a bit offensive. Of course, if people have excessive money, they might as well spend some of it and enjoy your retirement years, rather than save every dollar for passing on inheritance.

    I also believe the revised Assets Test by the moronic Libs have strongly encouraged the part-pensioners and those who just missed out on pensions as a result of that change, to spend like crazy, have a good time, AND increase pensions! Unbelievably stupid Govt who must be thrown out, although I don't recommend the Gender-obsessed Labor either as they also won't help you retirees!
    OlderandWiser
    18th Nov 2018
    3:15pm
    Labor wants to overtax those same retirees who were robbed by LNP - taking 30% of their dividend. Of course Labor CLAIMS it's an unaffordable extravagance to tax people on low incomes fairly. Notice, though, that their policy takes NOTHING from the well off. It ONLY attacks the battlers with lower superannuation balances or private shareholdings and not enough income to be liable to pay tax. And they are selling the policy with a pack of outright lies. Self-managed superannuation funds are NOT getting cash refunds of $83,000 to $2.5 million and paying no tax. It's IMPOSSIBLE, because there's a $1.6 mil cap on tax free pension accounts in super.

    Thousands who lost $8000 - $12000 a year in the assets test change will lose that much again under Labor's rotten policy. Appears neither side will be content until we are all broke and living on a pension.
    JayUK
    17th Nov 2018
    9:24am
    My kids’ inheritance is being spent on flights to visit them in Sydney as they both emigrated from UK.
    missmarg
    17th Nov 2018
    9:25am
    Great if you are a couple doing a cruise but not much fun and very expensive if you are a solo traveller. Rather spend my money on a land based tour - get to see more and also have a chance to mix with others.
    OlderandWiser
    17th Nov 2018
    10:43am
    Not for me, but good luck to those who enjoy it. I would like to leave an inheritance, but the current stinking government and their Labor alternative both subscribe to the view that that's unacceptable. You save - we take it off you. You spend - we give you handouts. I'd be 20% better off with HALF my savings. If Shorten gets his way, I might as well blow more 60% of it as quickly as I can, but I'll still be punished for life for not having been a pensioner in March 2018.


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