With the right planning, you can have the retirement of your dreams, whatever that may be.
For many retirees, travel can be a big part of the vision they have for their post-work lives. But the question is, how can you conveniently and comfortably travel without breaking your budget? There is good news in the answer to that question. With an appropriate strategy, you can enjoy plenty of adventures without emptying your wallet.
Many people presume that traveling is going to be a part of their retirement. After all, once you’ve punched the time clock for the last time, you may finally have the time you need to check out that far-flung Civil War battlefield or secluded beach. But it does take more than just time — it takes money.
An article by Money, “15 ways to travel in retirement on a fixed budget “1 delivers some great advice on traveling while on a fixed income. The first thing is to weigh your priorities. If you’re on a fixed income, and you want to travel regularly, you may have to cut back on things like home renovations and dinners out. But, if you’re passionate about traveling and there are still plenty of places you want to see, that may not be much of a sacrifice for you.
In addition to being willing to cut back, you should do your best to be flexible. For some people, that means beginning the planning process as early as possible. By making your plans early, you have more opportunities to take advantage of deals on things like hotels and airplane tickets based on travel dates.
The flip side of that flexibility is also being willing to make some last-minute decisions. For example, airlines, hotels, and other operators will often deeply discount prices at the last minute to fill seats or rooms. So, if you’re able to travel at the last minute, you might be able to take advantage of some truly outstanding deals.
Another great way to travel regularly and still save a few bucks is to travel during what’s referred to as the shoulder season, which is the time of year in a certain area when the weather is still good, but the peak tourism season has ended.
With no job to tie you down anymore, you’ll be better positioned to take advantage of this great time to travel. It’s not uncommon for hotel rates to be significantly reduced during shoulder times. And remember, the weather is still generally very good during this period, which means you have very little to lose by booking during the shoulder season.
As you start planning for travel adventures after you retire, it’s critical to be smart about your destination. For example, you could take your grandchildren to Disney World for a week, but, for the same amount of money, you might be able to enjoy a full month in a warm and beautiful country with great culture and lower travel costs. Croatia is one example of such a destination.
Another great money-saving option is flying into one city and leaving from another. For example, you could fly into San Francisco and then rent a car or take the train to San Diego, which would allow you to see more of California while also potentially saving a few bucks on your plane tickets.
Doing your research can help you find all kinds of tips like these — there’s no shortage of thrifty travelers who are willing to share their secrets.
Planning for retirement means more than just putting money away. To develop a strategy that helps bring you closer to your goals, you may want to consider speaking to a financial services professional.