Traveling in Retirement on a Budget

Traveling in Retirement on a Budget Cornerstone Wealth Management

Traveling in Retirement on a Budget Cornerstone Wealth Management

Retiring is a lifetime achievement marking a new chapter of exploration, journey, and relaxation. That’s why so many retirees choose to travel when they enter retirement! But affording the retirement you planned for isn’t a walk in the park, especially nowadays with inflation affecting where and how we spend, especially when it comes to traveling. Plus, market downturns affect our income streams, so it may be wise to watch how you spend and live frugally so as not to put a strain on your retirement savings. However, retirement is a new beginning – a time to explore and do what matters most to you. Traveling is usually expensive, but these tips can help you live the retirement life you hoped for while on a budget.

Travel to Cheap Locations

Fortunately for US Citizens, the US Dollar is strong compared to other currencies out there. If you’re thinking of international travel, consider traveling to places like Costa Rica or Mexico. If you’re looking to stay in the states, there are still plenty of cheap places to travel where you’ll find relatively cheap hotels, and food, along with the fun activities you look for on a vacation. In major cities, you’ll have to deal with large crowds, long lines, and high prices across the board. Atlanta, Georgia has the perks of a major city without the high process of New York or San Francisco. And Tampa, Florida will have friendlier prices compared to Miami or Los Angeles, but the same quality of beautiful sunsets and beaches.[1]

Plan Your Trip FAR in Advance

With inflation increasing airfare prices to levels that make a considerable dent in budgets, it’s crucial to purchase your tickets far in advance so you can get the best deals on your vacation flights. But that doesn’t mean you have to book your flights 10 months in advance. The sweet spot for domestic flights is around one to three months out, and for international flights, it tends to be two to eight months in advance.[2]

Travel During Non-Travel Months

If you’re beholden to the work week or the school calendar, you’ll likely have to travel when prices are competitive and everyone is trying to book the same flights. But luckily for you, since you’re in retirement, you can plan your travel when others can’t. When you book flights on the travel offseason, you can take full advantage of less competitive airfare prices!

Don’t Use a Rental Car!

Although using a rental car may make your travel plans easier, they are more expensive than ever given the current supply shortages affecting the car market. Because of this, you may want to plan your trip to a cheap place that is walkable, bikeable, or has readily available taxis or ride-sharing services. It may even add to your travel experience to end up having a great conversation with a local driver or enjoy biking down a quaint street.

All in all, your retirement should be a time to relax and enjoy new experiences that you’ve always wanted to have, no matter your budget. But managing your retirement savings and income streams yourself can feel like another job altogether. And that’s why we’re here – to help you plan your finances around your needs and goals. Click here to schedule your complimentary retirement readiness meeting to get started.

 

[1] https://www.travelandleisure.com/trip-ideas/cheapest-places-to-travel
[2] https://www.kiplinger.com/personal-finance/spending/leisure/travel/604132/a-penny-pinchers-guide-to-travel


The article and opinions in this publication are for general information only and are not intended to provide specific advice or Recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your Individual situation. This content was created by Lone Beacon.

Registered Representatives offer securities through Independent Financial Group, LLC (IFG), Member FINRA/SIPC. Investment Advisor Representatives offer Advisory services through Independent Financial Group, LLC (IFG), a Registered Investment Adviser. Cornerstone Wealth Management, Cornerstone Tax Advisory and IFG are unaffiliated entities.

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