One of the great benefits of retirement is having the time and freedom to pursue interests that didn’t fit your schedule when you worked 40 or more hours a week. If extended travel is on your bucket list, you’ll want to account for the cost of it while you plan to retire. Here are five tips to help you prepare to hit the road when you’re ready to retire:
one) Include travel as a line in your retirement plan
Without the funds to travel, you probably won’t go too far. When planning your living expenses in retirement, you should consider the impact that travel costs will have on your budget. Depending on the extent of your travel plans, it could add up to a significant sum. Carefully examine what you could spend annually, and if necessary, explore some less expensive options to make the most of retirement travel.
two) Try to maintain good health.
In order to handle the rigors of the trip, it helps to be in good physical shape. Just as you need to plan ahead to keep your finances in order, it is also important to maintain your physical health. In the years leading up to retirement, focus on healthy eating and regular exercise to prepare for what might be a more active retirement lifestyle.
3) Don’t delay your plans
Once you reach retirement age, you have time to travel, but you don’t want to wait too long to get going. Most retirees try to plan their biggest travel excursions in the early retirement years. They are in better shape and have more stamina to handle the physical challenges that accompany major travel. As a result, some people choose to spend more money in the early years of retirement, and then cut back on lifestyle expenses later in life when travel has decreased.
4) Determine your travel priorities
Where do you want to go in retirement? If you are married, are you and your spouse interested in the same destinations? Do you expect to join tour groups or do you prefer to travel on your own? Start making a list of where you want to go and try to determine what the budget might be to help you make an accurate financial estimate.
5) Be organized and ready
If you plan to spend time abroad, make sure you have a valid passport ready to go well in advance. If the countries you are visiting require a visa to enter, make sure you know what needs to be done to make that happen. If you plan to travel across the country in an RV, do some research ahead of time to see what type of platform will work best for your needs. In short, don’t let the first day of retirement come without having a plan so you can start traveling right away.
The key point for anyone with serious travel ambitions in retirement is to go beyond dreaming and make meaningful preparation in advance. That includes saving money, taking care of your health, and researching possible trips so you can make the most of your trip during retirement.