So, you want to become a world traveler in retirement, but you’re also a responsible person who knows they need to support themselves for the next 30 years. It’s a common conundrum in retirement. But, with careful planning and some creativity, you could fulfill your dreams of travel in retirement without overspending.
Make A Budget
Setting a travel budget is one of the rules of retirement to consider, especially if you want to take advantage of your abundance of free time and make multiple or extended trips. You can look at your retirement income, subtract essential expenses, then decide how much of the left-over funds you want to put towards travel. Consider the cost of vacations, as well as visits to family, and travel to special events like graduations and reunions you want to attend.
Decide Where to Go
If you look beyond Western Europe for a vacation, you’ll find that travel is much less expensive. Museums, food, and hotels in major cities in Western Europe can break the budget, while the cost of living, amenities, and entertainment in many other parts of the world are much lower.
Decide When to Go
Just as important as choosing where to travel is choosing when to travel. You might want to push your ultimate dream vacation back a year or two in order to budget for it properly. You can also help reduce the cost of a trip by scheduling it for the offseason. Airlines may offer deals, hotel rates tend to be lower, and, as an added bonus, destinations tend to be less crowded. Once you’re retired, your schedule will be more flexible. You can use this to your advantage by traveling on Tuesdays and Wednesdays, which tend to be the best days for saving money.
Enjoying your retirement doesn’t have to mean overspending. Planning and creativity can go a long way towards maximizing the value of your travel budget. Traveling in the offseason or in the middle of the week and considering new destinations can help you fulfill your travel goals without overspending. Before your plan your dream vacation, you have to plan for your retirement. At BML Wealth Management, we can help you create a retirement plan that accounts for your individual retirement goals. Click HERE to schedule your no-cost, no-obligation review today.
