For financial security at retirement

Tips

If you saved all your working days to live the retirement of your dreams, you probably want to travel and to experience the best hotels, meals and adventures while you are on the road. In fact, travelling is the number one goal of retirees, even more than spending time with friends and family. But instead of blowing the bank, you likely want to spend your money wisely to ensure many great trips to come. Travel Leisure recommends the following smart ways to save as well as wise ways to spend as you tour the world.

Travel during off-peak times

Since you don’t have to cram yourself onto Friday through Sunday flights to get back to the office anymore, take advantage of lower pricing during lower-travel times. That means flights that leave Monday through Wednesday, especially during the late morning or afternoon.

Get the discounts you’re entitled to

Always mention that you are a retiree when you book and you may be able to get substantial discounts on hotels, flights, or rental cars. Some airlines offer discounted “senior fares” to anyone 65 or over who books online and some hotels also offer up to 50 per cent off for guests who are 60 and up.

Think about getting travel and health insurance

One downer about retirement travel is that health issues are more likely to delay a trip than in younger years. For a pricier vacation, it may be worth purchasing travel insurance so you are not out the full amount of the trip if a medical issue comes up. Also, check in advance what your health insurance covers while you are abroad.

Budget with a cushion

Most people underestimate the total cost of their travel, so when you are setting money aside, allot an extra 20 per cent for unforeseen costs. If you don’t end up spending it, you can always treat yourself to an extra-luxurious meal your last night or roll it over into your next trip.

Think about who’s going

Are you booking flights and hotel for just you and your spouse, or is it a multi-generational trip, which can cost three times as much? Look out for cheap hotels. However, be conscious of security. Ask for there are locals who rent their houses for a short period of time. Renting such houses may be cheaper than paying for more than one hotel room for a while.

Consider a home swap

To save money on a rental while you travel, especially if you’re doing a longer-term stay, you might want to swap houses with a local. It can be great to have a resource that knows the neighbourhood and can recommend “inside” things to do, see, and eat, plus you won’t incur any hotel costs.