For many retirees, one of the first things that they tick off the bucket list is to travel the world. Many start traveling right away while they still have the money and energy to jet-set around the globe, while others wait until they’ve settled into the retired lifestyle before they book their plane tickets. Either way, there are going to be some ups and downs when it comes to traveling in retirement.
Learn about some of the most important things that retirees should know about traveling, which will hopefully better prepare you for your life’s next big adventure.
Residents of care facilities can still travel
Yes, you can still travel even if you are a resident of a reputable nursing home or an assisted living facility as long as your doctor deems you healthy enough. Although you may not want to wait until you are in a home to travel, knowing that you can still take vacations as a resident can help put your mind at ease about checking into a nursing home—or aging, in general.
Your financial situation will determine almost everything related to travel
Where you can go, what type of vacations you can take, what food you can eat, which tours you can join—your finances will determine almost every aspect related to travel. Even if you have saved up quite a nice sum for this exact purpose throughout your career, you still have to be careful about spending if you want to keep traveling for as long as your health permits.
That said, here are some financial tips that can help you out:
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Take an honest look at your finances
Calculate your retirement accounts, savings, investments, pensions, Social Security, and other sources of funds that you may have. Doing so can help you determine if your financial situation can accommodate the type of travel plans that you have for retirement.
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Consider downsizing
Selling your home and moving into a smaller one is a big step, but this can help you generate a sizeable amount of funds for travel. The same goes for selling other assets, such as vacation homes and vehicles.
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Make a budget
Whether you are going abroad or the next state over, you need to have a budget for travel expenses that make sense considering your financial status.
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Supplement your income
Your savings and pension alone may not be enough to support your travel expenses. If this is the case for you, you can replenish your bank account by taking on part-time or freelance work, even while traveling.
You don’t have to stop working
Even if you have already closed the chapter on your career, that doesn’t mean you have to stop working. Many retirees continue to make a living by taking on part-time jobs, freelancing, selling art, and starting small businesses. Not only can working help you increase your travel funds even further, but it can also help fight off the boredom that inevitably comes with not having to go to a full-time job every day.
Furthermore, you can also work while traveling, especially in the age of remote work. You can teach English abroad, pick up freelance jobs online, or start a blog, among many other possibilities.
Traveling with a group can be more beneficial
Traveling with a group can decrease your overall expenses, including transportation, accommodation, food, and tours. So, if you have retiree friends that want to travel as well, why not create a travel group?
Aside from the financial benefits of traveling with a group, you are also much safer when you are with other people, especially when traveling in other countries. You are less likely to get scammed, robbed, or pickpocketed if there are other people to watch your back.
You still have to prepare for the future
The ‘now’ may seem like the future that your younger self prepared for, but you still have to think about what older you will face. There may come a time that you won’t be as independent anymore. And when that time comes, you have to have a contingency plan. For example, you can start looking into assisted living facilities as early as now. Or if you plan to age at home, research home health care services in advance.
If traveling was one of your main retirement goals, you are properly eager to turn your dreams into a reality. But before you set out on your first trip, don’t forget to make the necessary preparations to ensure that your finances are stable; your health is in check; and that you have a plan for the future.
