Retirement Travel: 5 Steps to Plan and Save
Last year, we hosted our first company cruise: a 10-day Mediterranean trip with a great group. It was an unforgettable trip. But one sentiment that came up again and again was: This trip reminded me how much I enjoy traveling and how easily it is to let everyday life push it aside.
Many people feel drawn to travel in retirement but hesitate to act. There are always reasons to wait, but these are the years you’ve earned to do what matters most to you. Travel doesn’t have to be extravagant, but it does need to be intentional. Here are five ways to plan and keep it a priority.
1. Clarify Your Vision
What kind of travel excites you? International trips? RV life? More weekend getaways? Clarifying what you want—and why—brings focus. Write down your top destinations and experiences. This gives form to ideas that might otherwise stay vague.
2. Include Travel in Your Budget
Travel can become a recurring cost in retirement. That’s why it should be part of your financial plan. Work with an advisor to estimate what your preferred trips might cost and how often you want to go. This helps you build travel into your income strategy.
Some retirees create a separate travel fund. This makes it easier to track spending and enjoy trips without second-guessing.
3. Prioritize by Timing, Health, and Cost
Retirement unfolds in phases. Early retirement often brings more energy and flexibility. Later, you may value comfort and ease.
Think of travel in stages. Early on, tackle the trips that require more stamina like international travel, hiking, or longer itineraries. Later, focus on what feels sustainable in terms of health and finances.
4. Save Strategically
If you haven’t retired yet, start setting aside money now. Small, consistent contributions to a dedicated savings account can grow into a travel fund. If you’re already retired, consider reallocating some discretionary spending toward travel.
Credit card points or miles can also help reduce costs. Look into travel rewards cards but use them wisely and avoid interest by paying off the balance each month.
5. Be Flexible and Look for Value
Retirees often have more control over their schedules, which gives you a leg up on finding deals. Travel during off seasons or mid-week to save on flights and lodging. Check for senior discounts, loyalty programs, or last-minute deals.
Make It Count
Travel in retirement isn’t just a reward, it’s an opportunity to stay curious, connected, and engaged. With clear goals and smart planning, your travel dreams can be part of a lasting lifestyle, not just a one-time splurge.
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Julia Carlson is a registered representative with LPL Financial. Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC.
Information in this material is for general information only and not intended as investment, tax, or legal advice. Please consult the appropriate professionals for specific information regarding your individual situation prior to making any financial decision.
