How to plan for travel in retirement

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Retirement allows you to explore the world and cross destinations off your travel bucket list.

However, planning and preparation are key to fully enjoying your travels. That includes the itinerary itself and how you will pay for your travels. 

In this article, we’ll discuss four crucial tips to plan exciting, stress-free travels in retirement.

1. Create a Budget

Budgeting is the most crucial piece of planning retirement travel. That involves a monthly budget and a travel-specific budget.

The monthly budget helps you keep your expenses lower than your income so you can save for travel each month. It also enables you to find and cut unnecessary expenses to free up even more savings for trips. 

The travel budget comes into play when you’re planning a trip. You must first determine how much you are willing to spend on a particular vacation. Then, you allocate that amount to several travel expenses, such as:

• Travel to the destination (plane tickets, gas, etc.)
• Accommodations
• Food
• Entertainment/cultural events

Setting that travel budget helps you focus more on enjoying the moment since you don’t have to worry about whether or not you can afford particular expenses while on vacation.

2. Start Saving Early

The earlier you start saving for retirement, the more time you have to set aside money. Plus, your savings and investments have more time to potentially earn and compound returns. 

First, use a 401k calculator to estimate how much you must save for your overall retirement with travel factored in.

Then, take advantage of tax-advantaged accounts, such as 401k’s and individual retirement accounts (IRAs), to set aside more and boost your retirement savings.

This will leave you with more financial room to budget for retirement travels. 

3. Research Vacation Plans Thoroughly

Researching thoroughly in advance gives you enough time to figure out all the travel details. That includes your destination, how you’ll get there, accommodations, and what activities you’ll participate in.

Planning further ahead of time also helps you time your travel to get lower prices on certain expenses. For example, you could book a flight and a hotel during the off-season far in advance to get a lower price on each.

4. Take Advantage of Discounts and Deals

Hunting for discounts and deals can help you whittle down your travel costs and stretch your budget further. This can be easier in retirement since many airlines, hotels, attractions, and entertainment may offer discounts for seniors.

You can also consider alternative travel options. For example, you could use a house-sharing platform like Airbnb to access more affordable accommodation options.

If you plan to travel often, a travel card is worth considering. These earn miles on purchases, redeemable for free and discounted travel. Usually, these cards reward you with more miles per dollar when spending on travel-related items, such as flights and rental cars. 

They may also offer free checked bags, travel insurance, and complimentary seat or room upgrades.

The Bottom Line

More free time in retirement means you can travel more. However, spending some of that free time planning and preparing can reduce the stress and worries that may accompany traveling.

Budgeting, saving early, researching vacation opportunities ahead of time, and using deals and discounts can help you bring the cost of your dream vacation down and help you travel more. So start planning your travels today with these tips to make the most of your golden years.