Many retirees dream of spending their golden years on the go, traveling to destinations they didn’t have the time to get to while they were working.
While you might have the time to travel in retirement, it is not cheap. If you aren’t careful in your planning, you could wind up spending much more than you intended.
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Travel experts explain the best ways to travel well in retirement without blowing your savings.
Create a Retirement Budget
“A retirement travel budget is vital,” said Jay Ternavan, founder of JayWay Travel. “Retirees should anticipate spending between 5% to 10% of their annual budget on travel, with some dedicating up to $50,000 a year for more extensive journeys. Using tools like the U.S. Department of Labor’s planning worksheets can help in outlining expenses and setting realistic travel budgets.”
Jason Hull, former CFP and owner of J & J Cash Home Buyers, retired at the end of 2019 and has been traveling with his wife internationally since 2021. Because of the nature of the type of expenses that are being incurred during the travels, Hull suggested retirees consider adopting the 50/30/20 budgeting rule. The money to be spent on the travels should be taken from the 30% money set aside to be spent on the wants.
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Purchase Insurance
Insurance is another essential component, Ternavan said. “Because Medicare has restricted utility outside the United States, it is prudent to purchase travel insurance that includes medical evacuation/repatriation insurance, medical expenses not insured by Medicare, trip cancellation/interruption insurance and other relevant kinds of insurance,” he explained.
Stay In Longer-Term Airbnbs
Hull explained that oftentimes, Airbnb hosts will offer discounts for stays of 28 days or more, so he and his wife take advantage of longer stays for better deals.
“We also find that staying for so long helps us to get adjusted to a city, and we’re not rushed to do things. If the weather is bad one day, we don’t feel like we have to go see that tourist attraction. We can always go when the weather is better,” he said.
Buy and Cook Your Own Food
A benefit of staying in Airbnbs with kitchens is that you can cook more often.
“Recently we cooked in places like Manchester, England; Cologne, Germany; and Sydney, Australia. This helped balance out going out to eat more in cheaper cost of living places like Chiang Mai, Thailand; Mexico City, Mexico; and Madrid, Spain,” Hull said.
Take Free Walking Tours
When you arrive in a new place, do a free walking tour, Hull suggested.
“We often use the app GuruWalk to book a free walking tour for the second or third day after we arrive somewhere,” he said. “The guides work for tips, so we tend to pay $30 to $40 and get very motivated locals. Almost every free walking tour we’ve done has been wonderful.”
Balance Pricey With Cheaper Locales
If you’re planning to visit a place that’s pricey, make sure your next visit is to a cheaper locale, Hull suggested.
“For every Sydney, we’ve stayed in a Chiang Mai. For every Manchester, we’ve stayed in an Istanbul,” he said.
Cruise, Don’t Fly
Another way to limit costs is to cruise rather than fly, especially for international trips, according to Hull.
“We took a transatlantic cruise in 2022 to go from New York to Rome. The all-in price was just a little bit more than the price of two airline tickets, and we arrived without being jetlagged, and we were ready to start our adventures,” he said.
Additionally, many cruises stop at gorgeous locations and provide the food and entertainment all in one.
Take Advantage of Date Flexibility
Retirees already have an advantage over other travelers, according to Genni Franklin, a travel blogger at Traveling Franklins: date flexibility.
“They don’t have to worry about taking PTO or traveling during school breaks when the rest of the world has to. They are in a position where they can travel during times when everyone else is at work or school,” she said. “This strategy alone can save them big time on hotels and accommodations. Plus they can enjoy fewer crowds.”
Utilize Travel Credit Cards
Franklin strongly recommended taking advantage of credit card travel rewards. “Retirees have more time to learn how to maximize their everyday spending through credit card travel rewards,” she said.
Since retirees are often spending more time visiting family or buying their grandkids gifts, “they can take advantage of this spending by using the right travel rewards credit cards to earn points that they can use to pay for their travel without spending more than they normally would,” she said.
Consider Housesitting
If you don’t need fancy hotels for your travels, Layne Tisdel Martin — a travel agent and owner of Wanderluxed, a luxury travel agency and luxury travel blog — suggested joining the TrustedHousesitters network and housesitting.
She explained that by helping owners out with tasks such as feeding animals, bringing in mail and watering houseplants, you can stay in locations around the world for free.
Competition is high for popular locations, however. “Be prepared with a polished application letter and be one of the first five sitters to throw your hat in the ring for a handful of options you’d be happy to accept. Homeowners love getting applications from mature couples,” she explained.
RV Relocations
If you like a good RV trip but don’t want to pay the cost of renting one, you can consider RV relocations. “There are services that hook you up with car and RV rental companies who need a vehicle transferred from one branch to another. You get the car or the RV free for a certain number of days if you will move it cross country,” Martin said.
You can also sometimes add on days at a discount. “The highest charge I’ve ever seen was $25 a night to move RVs in Canada. But that’s still a pretty steep discount if the dates work for you. And retirees have more open schedules,” Martin said. She recommended a site called Transfercar.
Fly With United MileagePlus Miles
For the best award availability in the industry and ease of accumulating miles, Martin’s favorite airline loyalty program is United MileagePlus.
“With loyalty programs like Alaska Air Mileage Plan, you need to call a year in advance to find an award seat for distant or more exotic locations. With United MileagePlus, I can log in online and book a flight from Chicago to Delhi, India, this Friday for only 49,500 miles,” she said.
She said there is a decent selection of Chase credit cards that earn up to 1.5 United miles for every dollar spent. She recommended the Chase Sapphire Preferred and Chase Freedom Unlimited. “With the signup bonuses, you’ll have enough for a roundtrip long-haul flight in just a few months.”
So long as you factor your travel costs into your retirement upfront, there are a lot of creative ways to save money and see the world.
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This article originally appeared on GOBankingRates.com: 12 Ways To Travel in Retirement Without Blowing Your Savings