Retiring is a life milestone that marks the beginning of a new chapter of exploration, adventure, and leisure. That is why many retirees choose to travel after they retire! But saving for retirement isn’t easy, especially with inflation affecting where and how we spend our money, especially when it comes to travel. Furthermore, market downturns affect our income streams, so it may be wise to manage your spending and live frugally to avoid putting a pressure on your retirement assets. However, retirement offers a fresh start – a chance to discover and pursue your passions. Traveling is generally expensive, but these suggestions might help you enjoy the retirement life you’ve always wanted while staying within your budget.
Travel to Cheap Locations
Fortunately for U.S. Citizens, the U.S. Dollar is strong compared to other currencies out there. If you’re thinking of international travel, consider traveling to places like Costa Rica or Mexico. If you’re looking to stay in the states, there are still plenty of cheap places to travel where you’ll find relatively cheap hotels, and food, along with the fun activities you look for on a vacation. In major cities, you’ll have to deal with large crowds, long lines, and high prices across the board. Atlanta, Georgia has the perks of a major city without the high process of New York or San Francisco. And Tampa, Florida will have friendlier prices compared to Miami or Los Angeles, but the same quality of beautiful sunsets and beaches.[1]
Plan Your Trip FAR in Advance
With inflation increasing airfare prices to levels that make a considerable dent in budgets, it’s crucial to purchase your tickets far in advance so you can get the best deals on your vacation flights. But that doesn’t mean you have to book your flights 10 months in advance. The sweet spot for domestic flights is around one to three months out, and for international flights, it tends to be two to eight months in advance.[2]
Travel During Non-Travel Months
If you’re beholden to the work week or the school calendar, you’ll likely have to travel when prices are competitive, and everyone is trying to book the same flights. But luckily for you, since you’re in retirement, you can plan your travel when others can’t. When you book flights on the travel offseason, you can take full advantage of less competitive airfare prices!
Don’t Use a Rental Car!
Although using a rental car may make your travel plans easier, they are more expensive than ever given the current supply shortages affecting the car market. Because of this, you may want to plan your trip to a cheap place that is walkable, bikeable, or has readily available taxis or ride-sharing services. It may even add to your travel experience to end up having a great conversation with a local driver or enjoy biking down a quaint street.
All in all, your retirement should be a time to relax and enjoy new experiences that you’ve always wanted to have, no matter your budget. But managing your retirement savings and income streams yourself can feel like another job altogether. And that’s why we’re here – to help you plan your finances around your needs and goals. So, talk to us today to get started on your journey to an enriching retirement.
[1] https://www.travelandleisure.com/trip-ideas/cheapest-places-to-travel
[2] https://www.kiplinger.com/personal-finance/spending/leisure/travel/604132/a-penny-pinchers-guide-to-travel
Disclosures: This is for informational purposes only, does not constitute individual investment advice, and should not be relied upon as tax or legal advice. Please consult the appropriate professional regarding your individual circumstance.
Advisory services offered through Asset Strategy Advisors, LLC (ASA). Securities offered through representatives licensed with either Concorde Investment Services, LLC (CIS), member FINRA/SIPC, or RCX Capital Group, LLC (RCX), member FINRA. Insurance offered through Asset Strategy Financial Group, Inc. (ASFG). ASFG and ASA are independent of CIS and RCX.
