Traveling during retirement is a popular goal among older adults who are done with their full-time working days.
An RBC Wealth Management-U.S. poll found that 63% of Americans age 50 or older have the goal of traveling. However, doing so can cost a pretty penny and more than half of the survey respondents felt concerned that high travel costs could put their plans on hold.
The good news is that there are ways you can travel as a retiree without breaking the bank. Travel + Leisure and Allianz travel insurance have rounded up some methods for taking trips and enjoying retirement and here are a few.
Give voluntourism a try
While volunteer trips abroad aren’t usually free, Allianz reported that living costs could be inexpensive or handled on your behalf.
“[Baby] Boomers volunteering overseas is a huge trend,” Shannon O’Donnell, author of “The Volunteer Traveler’s Handbook” told National Geographic. “They have a deep interest in finding projects that resonate within their own lives and supporting those projects for years. They understand that change occurs gradually.”
Pad your budget
Part of saving money while traveling is making sure you allocate enough to account for unexpected costs. Travel + Leisure recommends people put an extra 20% aside for their excursions. Even if you don’t spend it, you’ll have more to spend on travel-related activities of your choice.
Consider rental homes
Although hotels have their benefits, if you’re going on a trip with extended family, it may be more cost-effective to stay in short-term rentals using sites such as Airbnb, HomeAway and VRBO. Buying groceries and cooking rather than dining out for the entire trip also saves money, according to Budget Your Trip.
Think about insurance
An unforeseen health concern could force you to pause your travel plans. Consider buying travel insurance for higher-priced vacations so you don’t lose your full payment if a medical problem arises, Travel + Leisure advises.
Ahead of your trip, you can check what your health insurance covers, too. If you travel frequently, an inexpensive annual travel insurance plan may be a consideration, according to Allianz. The website also noted you may be able to get rental car insurance on some annual car insurances, saving expenses in the event of a car accident on your trip.
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