When you think about retirement, what’s the first thing that comes to mind? For many, travel tops the list, it’s a chance to explore the world in ways they couldn’t while working or raising a family. Pure’s Principal, Marc Horner, CFP®, shares simple tips to help you save on travel, so you can enjoy meaningful adventures without stretching your retirement budget.
Transcript
You made it to retirement, now it’s time to enjoy the fruits of your labors! And like most retirees it’s time to travel but you don’t need to spend a fortune to get an amazing experience. So here are some tips on how to save on travel.
Up-Up & Away!
When you’re flying to a destination it’s a good idea to plan your trip as far in advance as possible, but the sweet spot for booking a plane ticket is usually about one to three months for a domestic trip and two to eight months for an international flight. Think about using a different airport, some of the cheapest airfares aren’t always from large international airports and retirees can fly at off-peak times and days when prices are lower, typically Tuesdays or Wednesdays. Traveling during the off-season or shoulder season can result in substantial savings on flights, accommodations, and activities. And always use price comparison sites to find the best fare. Consider other options than hotels like vacation rentals or Airbnb’s for an extended stay that might offer cheaper accommodations.
Exploring the Open Road
Traveling in an RV allows you to visit various destinations, from national parks to quaint towns, all at your own pace which allows for spontaneous detours and extended stays. You can also meet fellow adventurers at the RV parks, sparking newfound friendships. One of the great things about an RV is the home on wheels, you’ve got your bed, kitchen and new front porch views every day. RV’ing can save on hotel rooms and restaurants. Be sure to look for campgrounds with full hookups, level sites, and easy accessibility. Take advantage of senior discounts. Consider joining an RV club, AARP or AAA membership can provide added value and you can also save on park entry fees with the America the Beautiful pass.
Hit the High Seas
Cruises are ideal for seniors for many reasons. They offer all-inclusive packages, making it easier to budget. seniors can enjoy meals, entertainment, and accommodations at one price. There is no need to worry about transportation between destinations. Everything is taken care of, making travel almost stress-free. Many cruise lines also provide senior-friendly cruises. These cruises cater to older travelers. They offer accessible cabins, easy-to-navigate ships, and special programs. Look for cruise lines that offer senior discounts, consider booking during shoulder season or last-minute deals, which can be a savings of up to 70% off normal rates.
Traveling Solo
If your single, joining a group is a great way to travel. Senior group tours do the legwork for you. You travel with fellow seniors and trips are designed with the physical capabilities of older adults in mind. Tours are generally led by expert guides steering you toward the best sites to see and usually designed so that everyone eats meals together for great socialization. You can just sit back and enjoy the experience while tour operators take care of you at every turn. This can save you time and help you avoid expensive mistakes when you’re crafting that perfect travel itinerary.
Plan for Travel
In my experience clients sometimes struggle with spending retirement savings beyond the bare necessities. It’s understandable. It’s a big change going from decades of saving to spending. So before you start living off your nest egg, be sure you have baked some fun into your financial plan. Saving on travel doesn’t mean you need to miss out, you can travel wisely and experience memorable journeys without breaking the bank! Want to find out how much fun you can budget for in your retirement, take advantage of Pure’s free financial assessment and we’ll see you on the road.
Subscribe to our YouTube channel.
IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® – The CERTIFIED FINANCIAL PLANNER® certification is by the CFP Board of Standards, Inc. To attain the right to use the CFP® mark, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. 30 hours of continuing education is required every 2 years to maintain the certification.
