Ask any soon-to-be retiree of their plans, and we bet traveling the world will be on their list. It’s a daydream that crossed everyone’s mind at a certain point. However, once you retire, it could become your reality.
Today, we will take a look at what it takes to spend your retirement discovering a whole new world. Consider these three areas to decide whether traveling is right for you and let our tips help you get it right.
Before the Big Decision
If you determine that you’re ready for a life of travel, there will be a lot of planning involved. This process makes or breaks retired nomads, and it begins with a frank assessment of your readiness.
Ask yourself the following:
- Do you enjoy traveling or vacations? The former comes with many inconveniences, and you need to be sure you can enjoy them. Otherwise, stick to holidays.
- Do you need to be at home? If you’re about to have grandkids, you may want to go back home quite often. Other obligations may also be calling your name. In this case, you may determine months on and off the road.
- Are you healthy? Seeing the world doesn’t require peak physical performance, but traveling is stressful. If you suffer from chronic health issues, talk to your doctor beforehand. Also, make sure you can afford medical care abroad.
Once you’ve decided that a life of travel is for you, it’s time to talk about the ways you’ll finance it. Funding travel and living expenses is a challenge, and your pension and savings may not be enough.
So, you need to think about this before you retire. Take advantage of savings options and create a nest egg. Also, try paying off as much of your debt as possible to leave yourself space in the retirement budget.
However, if you haven’t thought about any of this beforehand, you will need to create a budget. If you own a company, you might sell it (get more detail about making the most of your sale). You could make some short-term investments as well. Also, use credit cards that offer rewards – those points may fund a significant portion of your travel expenses.
The final, and most exciting, step is choosing your travel options. There are too many of them to name here, but the most prominent are as follows.
Cruises are much loved among retirees. They are also the most convenient, as they often come with all-inclusive deals, high-quality food, and specialized themes. With their growing popularity, cruises now offer options for seeing every corner of the Earth.
Train travel lets you enjoy the scenery and takes you away from the crowds. They are especially convenient for in-land journeys. Make sure to find a train with a great restaurant, though!
Vivacious seniors enjoy the total freedom road trips offer. They allow you to access all out-of-the-way places you can only dream of in planned trips. Start with a rental car before you buy a recreational vehicle, though.
The Bottom Line
If you find yourself craving an adventure in your retirement, circling the globe may be the best way to fulfill the desire. As long as you’re smart about it, it may end up being the best decision you’ve ever made.