Travel the world without sacrificing your retirement plans

Allworth financial advisor Darren Dindinger, MBA, CFP®, CRPC®, provides practical tips on how to travel during retirement without overspending or jeopardizing long-term financial goals.

 

For a lot of people, retirement is when they finally start checking off their travel bucket list. After years of hard work, the idea of exploring new places—whether it’s visiting grandkids across the country, taking a dream European tour, or spending a few weeks somewhere sunny—feels well-earned.

But here’s the reality: travel costs can add up quickly. Flights, hotels, meals, and unexpected expenses can sneak up on you, and the last thing you want is to feel like you’re dipping too far into your savings. The good news? You can see the world and stay financially on track—it just takes some thoughtful planning.

Here’s how to travel smart without sacrificing your retirement goals.

1. Build Travel Into Your Budget

This is the starting point. If travel is important to you—and for many retirees, it is—it deserves its own line in your budget. Think of it like any other expense: housing, healthcare, groceries... and travel. By setting aside money for trips each year, you avoid pulling unexpected chunks from your savings.

Practical Tip:

• Create a travel fund. Set up a separate account or bucket within your savings where you can earmark money specifically for travel. This makes it easy to keep track of what you’re spending and ensures it doesn’t overlap with funds for essential expenses.
• Plan in advance. Know which trips you want to take this year (or next) and estimate the costs. Being proactive allows you to save for specific goals without stress.

2. Use Your Retirement Flexibility to Maximize Travel Savings

Most people plan their vacations around work or school schedules, often traveling during weekends, holidays, or summer months. This increased demand drives up prices for flights, hotels, and attractions. But as a retiree, you have a unique advantage—flexibility.

Take advantage of your open schedule by traveling during off-peak times. Mid-week flights are often significantly cheaper, hotels offer better rates, and popular destinations are far less crowded during the “shoulder season” (the period just before or after peak travel times). By adjusting your travel plans, you can save thousands and stretch your travel budget even further.

Practical Tips:

• Use tools like Google Flights or Hopper to track flight prices and spot the best deals.
• Research destinations where the shoulder season offers ideal weather, smaller crowds, and lower costs.

These savings can add up quickly, allowing you to travel more often or invest in longer, more meaningful trips. Retirement offers the freedom to plan smarter—use it to your advantage!

3. Use Points, Miles, and Senior Discounts

If you’ve been saving up points on a credit card or through a loyalty program, retirement is the perfect time to put them to good use. Many credit cards offer flexible travel rewards that can be used for flights, hotel stays, and even car rentals. And don’t forget about senior discounts—many airlines, hotels, and attractions offer reduced rates if you’re over 60.

Practical Tip:

• If you don’t already have one, consider a travel rewards credit card that aligns with your spending habits and travel goals. Look for cards with no foreign transaction fees and flexible redemption options.
  • Credit cards don’t have to lead to debt as long as they’re used for purchases you can afford and pay off in full each month.
• Always ask about senior discounts. Many businesses offer them but won’t advertise them unless you ask.

4. Balance Short-Term Entertainment with Long-Term Goals

While it’s exciting to plan trips and see the world, it’s important to make sure travel spending fits within the bigger picture of your retirement plan. Before booking that dream trip, take a moment to ask: Does this align with my goals?

For example, if you’ve set a budget to cover travel for the next 20 years, overspending on one trip could mean cutting back later. Budgets are meant to keep you on track, but they don’t have to be restrictive. If your budget allows for a little splurge here or there, remember, the goal is to enjoy retirement and not just to save. If you plan thoughtfully and work within your financial boundaries, you can enjoy amazing adventures year after year without worrying about the future.

Identify your travel priorities before you plan a trip. Are you most excited about seeing the sights, connecting with loved ones, or trying new food? Focus your spending on what matters most to you and save on the rest.

• And don’t forget to align with your spouse’s priorities too! Make sure you're both on the same page before splurging on something they might see as unnecessary.

5. Review With Your Advisor

Before committing to big trips, it’s a good idea to check in with your financial advisor to see how the expenses fit into your overall retirement plan. They can help you create a budget that balances your travel goals with other important priorities like legacy planning, healthcare, or home upgrades.

Your advisor’s role is to help you find ways to achieve what matters most—both in the short term and the long term—so you can enjoy your retirement without compromising your financial security.

Final Thoughts: Travel Smart and Enjoy the Journey

Retirement is a time to savor the experiences you’ve worked so hard for. With the right planning, you can see the world, spend time with family, and create memories that last—without putting your financial security at risk.

The key is simple: build travel into your plan, be strategic about costs, and remember that the joy of retirement comes from balance.

If you’d like to talk about how travel fits into your retirement plan or want help creating a budget that works for you, I’m always here to help. Let’s make sure you can explore the world with confidence—without sacrificing the goals that matter most.

Darren Dindinger, MBA, CFP®, CRPC®

Financial Advisor

I remember seeing my father nearly lose everything during the dot-com bubble. Although he was working with an advisor, he felt ignored and alone during this life changing event.

That’s why I’m passionate about educating my clients every step of the way. I don’t view financial planning as just a job. My goal is to help you to appreciate the wealth you’ve created and use it towards your passions as you transition into your retirement years.

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