Planning for Retirement Travel – Are You Ready?
Do you dream of a life of travel during retirement? Almost everyone does! A new study conducted by the Transamerica Center for Retirement Studies® (TCRS) and Global Coalition on Aging (GCOA) reveals that Americans both aspire to travel in their retirement and understand the critical role that travel plays in their lives for their personal well-being, both physical and mental.
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The survey illustrates that Americans view travel as a component of good health and important for both stress reduction and personal happiness. However, they are not saving enough to make these travel goals a reality.
In fact, only 12% of those surveyed indicated they had given “a lot” of thought to saving for travel in retirement… those are the people who will make their travel dreams come true! Are you one of them?
Make sure you’re ready! Have you been thinking about that dream visit to Hawaii? A weeklong trip to Kauai for two, staying at a 4-star resort or vacation home, will cost between $5,000 – $7,000. While there are many travel options for all budgets and goals, the most important step is to plan for it!
7 Easy Steps to Plan for Retirement Travel
- Establish your goals for retirement travel
- Consider destinations, frequency & length of travel, level of service expected (2 star vs. 5 star), consider whether you will want to provide vacations for extended family
- Establish your annual travel budget in today’s dollars
- Consult a Travel Agent or conduct your own research to determine estimated costs, including airfare or miles driven, accommodations, activities, dining & entertainment
- Consult with your Financial Advisor to factor in inflation and incorporate into your retirement plan
- Utilize loyalty programs to accumulate miles and rewards – choose programs whose rewards do not expire or can be renewed
- Begin saving now!
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