How to Plan For Travel in Retirement
Traveling during retirement is the dream. After all, you spent most of your life working and now you have the free time to do whatever you want, so why not see the world? There is always one thing that can stand in the way though: money. How can you save up enough money to travel once you’re retired, where do you go, and what traveling options do you have? Let's take a closer look at how to plan for travel in retirement.
Saving for Your Traveling Adventure
You know what you want to do, but how do you get there? How do you create that nest egg for when you say goodbye to the nine to five and venture out into a world of seeing new places and trying new food? There are a lot of options.
First, it is best to set up a low risk investment and funnel a certain amount of money into that account every couple of weeks or months (whatever works for your budget) so that it collects interest. Now your money is making money by just sitting in an account. For your retirement travel nest egg, you probably want the account to be relatively low risk as you continue to build up the sum of money.
Another way to save money for your retirement adventures is to downsize. You may be living as two people in a three- or four-bedroom house, but doing so may not make sense. If you are keen on traveling a lot once you're retired, you should think about selling your family home and moving into a smaller residence. This will cut down on your utility bills and you will usually be able to make a profit off of selling a larger home in order to move to a smaller one.
Planning Your Trip
This can be an extremely daunting task, especially if you have no idea where to start. As with anything, it is best to keep it simple. When planning any trip myself, I take to the internet and follow these steps.
First, figure out your travel dates. Book your flights, accommodations, and transit from location to location. Then you can look at activities. For some people, myself included, it can be really fun to plan out a trip, but for a lot it can be really stressful.
That’s why, if this does not sound appealing, you can use a travel agent. They are a very lovely group of people who have traveled to the countries they sell trips to, and can offer some amazing insight on what to expect when you go. And they are worth the additional money to save yourself from the headache of trying to plan a trip. A good travel agent will also be one that you keep coming back to, and who can help you to plan private travel, group travel, or even cruises.
Deciding Where to Go
Now that you have the money to fund your travels, where exactly should you go and how should you get there? The answer to this question really depends on your interests.
Do you want to see the world and experience new cultures, a different way of life, and eat diverse foods? It would probably be very rewarding for you to partake in private guided tours traveling through South America or Southeast Asia.
Maybe you are more interested in being very active, going on hikes and bicycling through wine country. In that case, you would find a small group bicycling tour through some European countries like France and Italy very appealing.
Or maybe you want to see new countries and have a very structured schedule. If so, then a bus tour of Australia is right up your alley. If this sounds great, but you would like a little more freedom with your time, then a cruise may be a better option for you.
Some people might be more interested in taking to the road by yourself or with your partner and seeing more of America and all the great places that make it so famous. In that case, you should rent or buy an RV and take to Route 66. No matter which category you fall into, there is an option for everyone.
Whether the style of traveling is private, guided, a small or large group, cruises, or RVing, all of them are popular for many retired folks. The main goal is to spend as much time as possible traveling in a way that suits your needs and lifestyle preferences.
Quick Tips to Get the Most From Your Adventure
Here are some final tips on how to plan for travel in retirement:
- Plan ahead. Knowing your itinerary ahead of time will save you from missing transportation.
- Relax, you have the time available now, so don’t try to jam your trip full of activities. Doing so can make your trip exhausting and less enjoyable.
- Talk to others who have traveled to the countries you are going to. They may have some tips to make your trip that much better.
- Download a map onto your smartphone or buy a map of the cities you will be in. It’s very easy to get lost while traveling, but you avoid this by keeping a map on you.
- Keep an open mind. When traveling, you might see things you would never have at home so it is good to keep your mind open so that you enjoy your time away.