If you want to see the world in retirement, find out how to plan and pay for travel after retirement with these simple steps.
In association with Key – this post is for information purposes only and does not constitute financial advice.
Once you’ve retired, you deserve to enjoy all those things you didn’t have the time or money for during your working life. After all, you’ve probably been working for most of the last 40 years or more – you’ve earnt the opportunity to enjoy yourself!
One of the most popular activities people enjoy in retirement is travelling. So let’s take a look at why you should travel and how to make the most of travel after retirement
Why travel in retirement?
There are plenty of reasons why people choose to travel in retirement. Of course, one of the main reasons is that this may be your first opportunity for extended travel in a long time. You have the time on your hands, so why not make the most of it?
You may want to take in new places, sights and experiences that you haven’t had a chance to experience earlier in your life. Perhaps you have a bucket list of places that you want to visit? Now is the ideal time to start ticking them off.
Lots of people like to expand their horizons and learn new skills in retirement, and visiting a new place is also a great way to grow as a person. What’s more, travelling can also boost your mental health: it can make you feel happier and more relaxed, as long as everything runs smoothly of course!
Planning your trip
To get the most out of your travels, you’ll need to plan your trip carefully as this will help to reduce the risk of things going wrong.
First of all, you should consider the type of trip that you want to embark upon. Would you prefer something easy and relaxing, perhaps close to home? Or do you fancy the adventure of a lifetime, somewhere more remote?
You might like to visit bucket list destinations such as Machu Picchu in Peru or enjoy a relaxing break on a golden beach in Barbados. Alternatively, you might consider some classic European destinations such as Provence or Tuscany. Just consider what you’d like to do on your travels and go from there!
Do you want the freedom to explore your destinations on your own or would you prefer an experienced guide on hand to make sure things run smoothly? And what sort of accommodation do you want – the height of luxury or something more humble?
Either way, you should take the time to source your flights and accommodation, while creating an exciting itinerary for your trip. You don’t want to look back and wish that you hadn’t crossed something off your list! And of course, don’t forget travel insurance, as that really is a must!
Once you’ve organised all of this, you’ll have time to plan and purchase any items that you need to buy before your trip.
Funding for your travel
There’s no denying that travel can be an expensive activity. You can try to economise wherever possible, but flights and accommodation are sure to make up a significant part of your costs. Day-to-day expenses such as food and drink, entrance to attractions and those little souvenirs soon mount up too.
To afford this, you could choose to draw upon your pension or savings. But if you’d prefer to leave those untouched, you could look for alternative forms of payment such as an equity release mortgage to give you the finances needed to enjoy travelling the world.
Once you’ve planned every aspect of your trip and done your pre-travel shopping, you’ll also need to make sure that you have all the necessary documentation to go travelling.
Naturally, this will include a valid passport with the right amount of time left on it, as different countries require different amounts of time left on your passport before expiry. So do check the Foreign and Commonwealth Office website to see if you need to renew your passport before you travel.
You may also need to organise the correct visas for your destination and may need to get the appropriate vaccinations before you travel. You can find all the information that you need on the Foreign and Commonwealth Office website.
Travelling during retirement can be an exciting and fulfilling hobby, and by following the simple steps above, you should be all set to plan and enjoy your travels all over the world.