Where do you want to go in retirement?
Who hasn’t dreamed about walking away from a lifetime of punching the clock, packing a bag, and seeing the world? Retirement travel isn’t just for the rich and famous, and you’re certainly not restricted to the Continental U.S. Some of the most average of people visit faraway destinations, but they don’t get there just by wishing.
If your retirement dream includes world travel, then planning for retirement just became more important than before. You’ve got a lot of decisions and plans to make, and these are just a few of them:
1. Your Health
If you want to get the most enjoyment out of your retirement travel plans, you’ll need to take care of your health. That starts now, and it doesn’t just mean taking a regular walk or cutting out sugary foods. Visit your doctor regularly, and talk frankly with him about creating a lifestyle with longevity in mind. That might seem like it goes without saying. But your doctor probably has a lot of great advice that’s yours for the asking.
Certain health problems commonly emerge later in life. For example, you might have no signs of Type 2 diabetes or heart disease now. But a lifetime of putting your health on the back burner can take its toll as you age. So before a habit can transform into a problematic condition, take charge of your wellbeing.
That being said, people travel with all kinds of ailments. If it is the world you want to see, talk to your doctor about making it happen.
2. Your Finances
While your health is more important than your wealth, you need to have adequate money to travel.
The best way to understand your budget for retirement travel is to use a retirement calculator.
Look for a retirement calculator like the NewRetirement Retirement Calculator that enables you to input different amounts of income and spending for different parts of your retirement and plan for one time big expenditures (if you are planning one big trip).
3. What to Do With Your Home When Traveling the World in Retirement?
First and perhaps most important is whether to keep your home, sell it, or rent it out while you’re away. Depending on where you live, this might turn out to be a good source of money for retirement or even retirement income.
Just remember that you will eventually want to come home. Make sure the decisions you make about housing take both your travel goals as well as your long term well being into consideration.
4. Will You Miss Family?
Another big consideration is whether you can be happy leaving friends and family for extended periods of time. Technology is making this less of an issue, but video chat is not ever going to replace snuggling on the couch with grandchildren.
Rex might need a lot more than just a suitcase.
5. What to Do with Your Pet?
Pets might be another consideration. You can travel with pets to many countries, but that comes with complications of its own, including microchip requirements, such as Germany and many other countries have. Some countries, such as Australia, might also have pet quarantines or 10 days or more. If your pets will still have plenty of years left to enjoy life, you’ll need to decide whether you want to take them with you or if it’s better to place them in new homes, perhaps with a family member that they already know.
Some of the most worthwhile travel moments don’t cost a penny.
6. What Kind of Travel do You Want to Do
They say that travel is not about the destination, it is about the journey. True or not, you still probably have some ideas about where you want to go. But there are lots of decisions — who, what, when, where and why?
- Do you want big trips or smaller trips?
- Will travel be part of your retirement lifestyle — traveling as long as you are healthy? Or is it one big trip you want to go on?
- Do you want to go with tour groups or on your own?
- Are you trying to live like a local or just dabble in the culture?
- Are you staying places for a long period of time or just in and out?
7. Think About Ways to Save While Traveling
World travel can be luxurious, or maybe something simpler is more your style. If you plan to stay at the finest hotels and dine in the best restaurants on your travels, you’ll obviously spend a lot more than if you travel with a frugal plan.
Investopedia has several suggestions for traveling with a lighter budget. And here are “9 Concrete Ways to Make Retirement Travel a Reality.” House swapping lets you trade homes with someone in another country who wants to visit the U.S., and a work visa would let you take on small jobs in different countries for additional income. Staying in hostels or camping can save money, as can traveling to developing countries.
Once you have at least a general idea about your ideal retirement travel, then you can set about planning for it. However you choose to see the world, you’ll probably need more savings than if you stayed at home. If you’re the type who longs to see and learn and do as much as possible, world travel can give you that and more. But even with a budget plan, it won’t come cheap.
NewRetirement understands that no two people envision retirement the same way. And because of that, no two retirement plans are identical. If the world is calling and you’re anxious to answer, check out our retirement calculator today and start creating a healthy retirement savings and investing plan that supports your wanderlust tomorrow.
