How to Travel Well on a Retirement Budget

How to Travel Well on a Retirement Budget

As a business owner, you understand the importance of budgets. If you’re nearing your retirement years, you likely already have a budget or savings account set up for your travel expenses while in retirement. If that’s true for you – excellent! If you haven’t yet started saving for the travel adventures in your go-go years, then this post should be very helpful for you.

 

Traveling during retirement isn’t quite the same as traveling during your working years – you’re now working with a fixed income. Your finances are no longer as forgiving as they were when you were younger. Now, there’s little to no room for error. These tips will help you maximize your savings and avoid mistakes as much as possible! So, if you want to avoid saying goodbye to that dream round-the-world trip with your spouse, we recommend heeding these retirement-travel tips.

 

Tip #1: Budget for Retirement Travel

This tip may seem obvious, but it is the very first step to planning for retirement travel. Without successful completion of this tip, you won’t find any satisfaction in any other efforts you make towards booking your dream vacation.

The best way to ensure you have the funds for your adventures in retirement is to create a fund that is strictly for these expenses. Think about your early days of financial planning when you worked diligently to create an emergency fund for your young family. Think about this travel fund the same way. And start early! The more time you give yourself to save up, the better chance you have of saving the money you will need for all the fun things you want to do on your trip.

 

Tip #2: Book at the Right Time

Now that you have the funds to book your dream trip, you want to make sure you use that hard-earned money as effectively as you can. An easy way to make your dollar go further is to book your trip at the right time – meaning, not at a peak traveling season. You can save loads of money from the get-go by simply taking your trip during the offseason. Since you’re in retirement, you no longer have to work around your schedule at the office or your boss’ vacations. Take advantage of this flexibility! And don’t forget to book early! Just like you want to start saving up early, you also want to book your trip in advance.

To learn more about the cheapest times to travel and the best times to book a flight, click here.

 

Tip #3: Senior Discounts

To further boost your savings while traveling, make sure to take advantage of all your senior discounts. This includes AAA, AARP, and warehouse clubs. While dining at a restaurant, simply ask your waiter if they have a discount for seniors – it doesn’t hurt to ask! Other places that may offer discounts include your lodging, local events, and attractions. If you are a veteran, make sure to ask for these types of discounts as well.

 

 

Some of the best plans are made with good intentions, but you will never reach your goals without making a set plan and taking action. This is especially true for your retirement goals. We understand that your finances are important to you, so we want to be there for you in any way that we can. Take action with Good Life Financial Advisors of NOVA today!

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