When you think of retirement, what comes to mind? Are you skydiving in Asia, or biking through France? Does your vision include cruising across the open ocean, or road-tripping from Mexico to Canada? Many people envision a retirement full of travel – but how do you prepare for that? In this episode of Retirement Readiness, Tim Regan and Katie Umland talk traveling in retirement, from planning to budgeting and everything in between.
One of the most important aspects of retirement planning is to be honest about your true needs and wants. While a retirement spent traveling is a common goal, it’s not right for everyone – and it’s okay if you’d rather live the home-body lifestyle than spend your days waiting in airports.
“Sometimes they just have this concept of “I want to travel.” But usually a tiger doesn’t change his stripes,” Tim says. “Usually, it kind of mirrors what people have done while they were working – that’s kind of how they live their life once they’re in retirement.”
If you do envision a retirement full of adventure beyond your own backyard, it’s important to factor it into your financial plan. A retirement that begins with heavy spending on travel could impact your later years, leaving you with little extra cash for fun. The key is in intentionality.
“It really is a balancing act of being intentional so that we can live the best life, that we can do as much travel as we want to, but yet we’re not spending so much money that we’re going to be sorry when we’re 77 and can’t do the things we want to do.”
To put your retirement timeline into perspective, one recent report showed that men can expect a retirement nearly 19 years long, while women can expect their retirement to last slightly north of two decades.
Tim and Katie also touch on how family members’ geographic locations could impact your potential travel plans. Click “play” to hear more about how to make your retirement travel dreams a reality, and be sure to check out our other Retirement Readiness episodes!
Key Timestamps
- 00:00:42 – Many people have the expectation of traveling in retirement, even if they did not travel much before. However, retirement travel habits often mirror pre-retirement habits.
- 00:01:54 – The location of adult children often influences travel plans in retirement. Some retirees travel more to see their children, while others take advantage of the freedom to explore new destinations.
- 00:04:15 – Retirement travel doesn’t have to be international. Exploring nearby cities and towns, taking road trips, or visiting specific attractions like presidential homes can be enjoyable retirement travel options.
- 00:08:00 – Before planning retirement travel, it’s important to consider personal preferences and motivations.
- 00:14:39 – Regan and Umland highlight the need to find a balance between living the best life and not spending too much money in retirement. They mention the possibility of regretting overspending in later years when physical limitations may restrict travel opportunities.
- 00:15:02 – The host encourages listeners to take their best thoughts on the go and emphasizes the value of travel experiences in shaping retirement plans.
Key Takeaways
- Many times, people who don’t travel much prior to retirement feel expectations to travel in retirement – even if it’s not exactly what they want.
- Bringing intentionality to your travel plans can help balance living a great life both now and in your golden years.
- Your children and grandchildren’s location might impact your travel plans down the road, especially if they live far away or even overseas.
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