Think you’ll travel more once you retire?
70% of Americans say they will.1
In many (though certainly not all) ways, traveling today is easier than ever.
We assume you’ve got domestic travel covered, so let’s focus on some things to help keep you safe (and sane) when you head overseas.
What follows are 4 basic "goes" for trips across the pond.
Once upon a time, you were forced to plan vacations around your work schedule or kids’ school breaks.
As a retiree, you have the luxury of flexibility.
You’re no longer confined to traveling in mid-summer, meaning you can hit your destination’s ‘shoulder season’ – a time when crowds are a little smaller, and yet most businesses are still open.
Examples of “shoulder season” include:
Shoulder season also means cheaper prices. In some cases, you can save 25% to 30% on hotels and flights (compared to peak travel season).2
And don’t forget, retirees can often get discounted pricing on:
Most people simply pack too much stuff. Sure, a steamer trunk gives you more room, but using a carry-on gives you flexibility.
Due to weather or mechanical problems, about 25% of all international flights are delayed at least two hours.3
When you’re on vacation, and you’re waiting for a connecting flight, if you have your luggage by your side and your flight gets cancelled, you aren’t stuck at the airport waiting for announcements and searching for the correct baggage carousel. You’re on your way to the hotel to get some sleep while everyone else angrily stands around wondering what to do.
Additionally, a common reason for international hospital visits is tourists whose luggage has been lost or stolen, and they don’t have important medications with them.
Remember, flight delays and cancellations happen.
And if you’re rushing to catch a connecting flight, you’ll have your carry-on with you instead of guessing as to whether your checked luggage will make it to your destination.
Additionally, since carry-ons are smaller and lighter, they’re much easier to maneuver through the cramped spaces of planes and trains.
Also, seasoned travelers well know that airlines are charging for bags. Many will allow one free carry-on. Do that and save money, worry and time.
Suggestions for packing light:
When flying back home from another county, you’ve probably had to endure a long line at Customs.
But there are ways to avoid this.
Look into the U.S. Customs and Border Protection’s ‘Global Entry’ program. It offers expedited re-entry for pre-approved travelers.
It takes a little effort, but once you qualify, you’ll get:
While Europe is generally safe, pickpockets, purse snatching, and group muggings are not uncommon.
You need to be careful.
Before you depart:
Retirement travel dreams won’t materialize if you haven’t properly planned and prepared for the costs. If you plan to upgrade your travel once you retire, don’t be one of the 58% of retirees who don’t have a retirement travel budget.4
Even worse? Many retirees discover their travel expenses are 40% higher than originally expected.3
Make your retirement travel goals a part of the discussion you have with your financial advisor.
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1The NBRI Circle of Excellence Award is bestowed upon NBRI clients meeting one or both of the following criteria: Total Company score at or above the 75th percentile of the NBRI ClearPath Benchmarking Database and/or improvement of five (5) or more benchmarking percentiles in Total Company score over the previous survey.
2Scott Hanson (2011, 2012, 2013, 2014, 2015 & 2016) and Pat McClain (2012, 2013, 2014, 2015 & 2016). Barron's© magazine is a trademark of Dow Jones L.P. The ranking reflects the volume of assets overseen by the advisors and their teams, revenues generated for the firms and the quality of the advisors' practices.
3As of 01/20, Allworth Financial, an SEC registered investment adviser and AW Securities, a registered broker/dealer have approximately $8 billion in total assets under management and administration.
4Barron’s 2019 Top 50 RIA Firms. Barron's© magazine is a trademark of Dow Jones L.P. The ranking reflects the volume of assets overseen by the advisors and their teams, revenues generated for the firms and the quality of the advisors' practices.
✢Scott Hanson, Investment Advisor 2005, 25 most influential people in the financial services industry. The ranking reflects 25 people who Investment Advisor magazine believes have had or will have the greatest influence on the financial services industry.
✼Pat McClain, InvestmentNews 2014, Invest in Others Community Service Award, presented to an advisor who has made an outstanding impact on a community through managerial contributions to a non-profit organization.
†Financial Times, FT 300 Top Registered Investment Advisers, June 2019. The ranking reflects six areas of consideration including the company's years in existence, industry certifications of key employees, AUM, asset growth, SEC compliance record and online accessibility and calculates a numeric score for each company.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.