10 tips for saving and planning an extended trip during retirement

Travel can be a totally liberating experience, no matter what age you decide to do it. Having the mobility and the chance to leave an environment in which you are comfortable and familiar to immerse yourself in a completely new world of cultural experiences is an invaluable sensation that leaves a lasting impression.

Due - Due

For those of us who have started planning for retirement or at least considered the financial considerations after leaving the workforce, the desire to browse the world or at least the country, can easily help make your golden years more memorable.

While traveling is considered one of the best experiences you can have in your lifetime, it's not always possible for those of us who have just retired from a burn midnight oil at our 9 to 5 for the past two years.

Factors such as health, mobility, energy and, most importantly, finances can easily derail your travel plans to exotic destinations once you leave the workforce. On top of that, there's also the fact that having to plan a holiday or vacation abroad is very different now than it was when you were younger.

If you plan to travel during your retirement, which according to a recent American Advisors Group survey is 35% (Millennials), 39% (Gen X) and 65% (Baby Boomers), have a Executing plan well ahead of time can be considered a cost saving option, regardless of your financial situation.

While it's safe to say that traveling these days is much more convenient and accessible to many people, with the surge of online booking sites and mobile travel apps, not having the funds or the finances to do so can make the journey into your retirement seem far-fetched or even completely unattainable.

A 2021 report found that about 41% of Americans about to retire say it would take a miracle to make them financially prepared for retirement. In the same report, 59% of Americans say they will continue to work well after retirement to compensate for lost income or any unforeseen financial problems.

These solid numbers reveal how many Americans have already realized they are not financially fit to retire in the next few years.

While financial and economic conditions have been hard to swallow in recent months, inflation and the cost of living have been a major impediment even for the most financially prepared, with 80% of workers citing inflationary conditions impacting their career choices.

While it's impossible to say if travel and leisure will ever be this affordable, even though prices have gone up, it's time to start planning and saving for those post-retirement travel plans you have. postponed for too long.< /p>

Let's dive into the top 10 ways to plan and save for an extended retirement journey.

A survey by RBC Wealth Management found that travel and vacations were among the top 10 most anticipated activities by people aged 50 and over, whether or not they are already retired.

As with many other things that come with retirement and living well during your golden years, planning ahead is perhaps the biggest concern, and often many people take the time they currently have for granted.

If you're looking to tick a few exotic destinations off your to-do list in the years to come, planning well in advance helps determine your level of financial preparedness.

As a general rule, many people tend to budget for the basics that their pension fund and social security will need to cover once they leave the workforce. Items such as rent, mortgage payments, insurance, and utilities take up a large chunk of anyone's retirement funds.

When you're looking to spend more time on the road or in the air, having a significant portion of your retirement savings dedicated to it means you're well ahead of your schedule. Some experts suggest that you start planning a...