Funds in transit
3 money-saving travel tips for retirees
Though a transient lifestyle is something few people aspire to during much of their lives, come retirement, the idea of staying in a place for only a short time has more appeal.
According to a recent study from the Transamerica Center for Retirement Studies, 36 percent of baby boomers want to spend their retirement traveling. Many are succeeding in doing just that, as a study from the luxury travel network Virtuoso found that today’s seniors spent an average of just more than $11,000 per year on travel. That was more than any other generation, highlighting just how much older adults like to explore.
Retirees who fear they cannot afford to travel can explore the various ways for seniors to cut costs and still satisfy their wanderlust during retirement.
TAKE ADVANTAGE OF AGERELATED DISCOUNTS
Some adults prefer to hide their ages, but when it comes time to travel during retirement, honesty is the best policy. Many businesses that cater to travelers offer discounts to seniors. Car-rental agencies, hotels, travel agencies and cruise lines may offer direct discounts to customers 65 and older, while membership in organizations such as AAA and AARP may make seniors eligible for additional discounts. Discounts on lodging and airfare might net the biggest savings, but even discounts on various smaller expenses can add up to big savings.
SAVE MONEY WHILE TRAVELING
To save additional money on trips, Sandra Hayes, vice president and Gold
Club director for First Security Bank in Conway has several suggestions. First, travel offseason and fly off-peak days or times, if possible. Pack light so you do not have to pay for extra baggage or overweight baggage at the airport. Try making a checklist for packing. Staying organized will help prevent having to purchase items that you have at home and forgot to pack. Depending on what city you are visiting, try walking to many of your destinations that are close to your hotel, which can save quite a bit in cab fare. If you do need to ride, try taking public transportation, and purchase a frequent-travel card that covers the time that you are there.
TRAVEL AS PART OF A GROUP
Group travel may not appeal to everyone, but it should appeal to older, budget-conscious travelers. Retirees who are uncomfortable driving at home will likely be even less comfortable driving in foreign countries where the rules of the road are not the same. Traveling in groups, whether it’s with a retirement community, a religious organization or another program, can save travelers substantial amounts of money. Many hotels and tourist attractions offer steep discounts for group tours. A hidden benefit of signing up for a group tour is the chance to meet new people and develop new relationships with fellow globetrotters.
First Security Bank’s Gold Club offers a variety of trips throughout the year. The Gold Club is exclusively for those 50 and older with a minimum balance of $5,000 in a personal account or any combination of accounts with First Security Bank. Benefits of the Gold Club include escorted domestic and international travel, local social events and much more. Previous Gold Club trips have been to Yellowstone National Park.
“All of our trips are covered by travel insurance, which protects you if you have to cancel due to illness or emergency — also, if you are injured or have to be hospitalized while on a trip,” Hayes said. “We feel that it is very important.”
Many working professionals hope to spend the bulk of their retirement traveling the globe. While such a goal is potentially costly, there are various ways to save and still see the world.