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Don’t Forget to Include Travel in Your Retirement Budget

Here’s some expert advice on how to budget for travel in your retirement savings plan – plus tips on how to save money when traveling.

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For many seniors, traveling is one of things they most look forward to in retirement. But travel can be costly.

Prior to the global coronavirus pandemic, an early 2020 AARP survey found that retirees planned on taking four to five leisure trips within the year – spending about $8,000.

That’s a lot of money to spend for someone on a fixed income, but it’s doable if you budget properly. Check out this feature in Travel & Leisure magazine offering Expert Advice on How to Include Travel in your Retirement Plans.

The top takeaways are to start saving for retirement as young as you can, to work with a financial planner to ensure you have the savings you want and need for retirement (and continue to check in with him/her to monitor your savings versus spending), and to always maintain an emergency fund for unexpected expenses such as healthcare.

You can keep travel costs down by traveling off season, searching for deals and specials, and taking advantage of senior discounts. Some other suggestions on how to save money on travel include trying a home exchange or participating in a volunteer program.

Is travel included in your retirement plans? The Seniors Trust invites you to share your suggestions on how to save money while traveling on Facebook and Twitter.

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