How to make the most of your retirement by traveling

Many people spend their lives dreaming about traveling, but unfortunately never find the time to go. That’s why retirement can be the perfect time to pack up and start exploring the world. If you’ve recently finished working (or are close to wrapping up), here are some tips on how to make the most of your retirement by traveling.

A guide to travel in retirement – 4 Tips

1: Planning – How to make the most of your retirement

It can be tempting to skip the planning step of traveling, but how good the trip is will depend on how well you have planned it. Planning a trip can often be overwhelming – especially if you’re considering going away for a long time – so it can be good to break it down into two parts. First, think about the experiences you have always dreamt of.

For example, have you spent your life wanting to attend Oktoberfest in Germany? How about spending a few weeks on an Antarctic Cruise? 

Once you have an inkling of what you’ve always wanted to experience, you can plan your trip around that. Also, thinking about how you can discover new experiences in places you’ve already been can help you feel less nervous about traveling abroad. It will also allow you to discover a country in a completely different light.

2: Funding your retirement travels

If you’ve been saving your whole life, it can seem daunting to spend a lot of money on traveling when you’re retired. However, there are a few ways you can fund traveling in your retirement. You can either use your pension – or consider equity release. Equity release is commonly used to finance traveling because it allows you to access wealth already stored in your property. Once you have the funds to go abroad, the next step is creating your budget. 

3: Budgeting – How to afford traveling in your retirement

Correctly budgeting for your retirement travels ensures you can travel for as long as you want, and also do everything you want to. As well as planning for a budget each day and booking all your travel beforehand, an easy way to save money is traveling during the week and in off-or-shoulder seasons. Avoiding traveling during popular seasons or school holidays, and when major festivals are taking place can help you secure cheaper flights and luxury accommodations at budget prices. However, since you’re retired, you should also remember to treat yourself while traveling. After burning the midnight oil…