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The Ultimate Guide to Traveling in Retirement

Aug 24, 2021 | Retirement Planning

67% of American workers dream of traveling once they retire, according to a survey from the TransAmerica Center For Retirement Studies.

You’ve worked your whole life to reach this point, and you’ve finally made it. Your job is soon going to be far in the rearview mirror, and you are no longer tied down by the demands of a 9 to 5.

The world is truly your oyster when it comes to traveling in retirement. Whether you’ve always dreamed of taking a road trip across America or all you want is some R&R at a classy resort, planning is an essential piece to making your retirement travel go smoothly.

Are you looking for tips on how to travel in retirement? Let’s take a look at what you need to know.

Budgeting For Traveling in Retirement

One of the obstacles that might stand in the way of your dream of traveling in retirement is the cost. However, with careful planning, you can create a budget that allows you to wander the far reaches of the earth without emptying your bank account.

The first thing you will want to consider is your everyday expenses. Determine whether or not you have enough cash flow to cover your cost of living and put some money towards traveling. You might find that you are all set and ready to start booking flights, or you might determine that you have some work to do.

You can then determine if you need to adjust your monthly expenses in order to save for travel and how many trips you can afford to take each year.

Consider earmarking travel savings in a liquid money market account, savings account, or certificate of deposit.

No matter how you organize your budgeting for travel, it’s a good idea to start preparing ahead of time if you’re planning to travel in retirement.

Prioritize Your Destinations

If you’re planning on enjoying retirement by traveling the world, you likely have a long list of places you want to go and sites you want to see. When you are considering where to go first, consider focusing on the more physically demanding locations first.

For example, have you always wanted to climb the mountain trails to Machu Picchu or go on a backpacking trip through Europe? If so, you might want to do these trips soon after retirement when you know your health is still in good condition.

Tap Into What Truly Interests You

When you can go anywhere in the world, it can feel almost overwhelming deciding where to go. It’s easy to get influenced by other people or by media culture to think that one place is must visit even though, if you really thought about it, you don’t find it that interesting.

Look inward and consider what you are interested in and why.

Maybe you’re interested in ancient ruins, or maybe you want to visit some of the most impressive European cathedrals. Are you more of a National Parks explorer or more of a Caribbean cruise passenger? Understanding what you are looking for out of a travel experience can help ensure that you get to enjoy your retirement to the fullest.

Think Seasonally

If you’re planning on traveling internationally, you’ll want to consider the on and off-season for travel in different locations. If you’re heading to the southern hemisphere, don’t forget that their summer is the northern hemisphere’s winter!

Additionally, many more tropical places have a wet season and a dry season. Weather events like hurricanes and monsoons are also something to be considerate of. Research the best seasons to visit your desired vacation spot so you don’t end up spending what was meant to be a beach vacation stuck inside during the rainy season.

Another thing to consider, though, is that the off-season prices will often be more affordable in popular travel destinations. This is something you will want to factor into your decision-making, as moving a trip a month forward or backward might end up saving you quite a bit of money.

Consider Slow Travel

Now that you’re retired, you have the rest of your life to do what you want! When you are traveling on a budget, it doesn’t necessarily mean that you have to take shorter trips. In fact, taking fewer, longer trips could end up saving you money and lead to a more relaxed experience.

Flights are often one of the most expensive parts of traveling. You might consider traveling to fewer places but staying longer while you’re there, offering you the opportunity to really get to know the place and the culture.

Leaving Your Home Safe and Sound

Assuming that you haven’t sold all your possessions and are bopping around the country in an RV, you’ll want to take care to leave your home in safe condition while you’re away. Here are some things you’ll want to think about:

  • Installing a wi-fi remote-controlled thermostat
  • Go paperless with all your bills and mail
  • Consider installing a home security system
  • Arrange for a house and/or pet sitter
  • Hold or forward your mail
  • Sell or park your car in a safe place

You also might consider renting out your home if you’re going to be traveling for long periods of time.

Is It Time For You to Come Up With a Retirement Income Plan?

The more planning you do ahead of time, the easier traveling in retirement will be. Deciding how much you will need in order to retire can be a complicated question to answer, and it can seem even more difficult when you add on your dreams of traveling the world.

When it’s time to retire, the last thing you want is to ever have to fret about money again. We can help you secure your monthly income for retiring so you can have a truly relaxing and enjoyable retirement. Contact us today to learn more about how we can assist you.

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