When we’re not in lockdown, travelling is a great way to explore exciting locations, try new things and connect with different people and cultures. It’s a high priority for many retirees seeking to take advantage of their free time and financial independence and also allows them to challenge themselves, have fun and unwind.
Travelling regularly can be an expensive hobby, but with a little forward planning you can stretch your travel budget and retirement savings further than you might think, especially as we’re currently restricted to domestic travel (and potentially travel bubbles in the near future).
There are a variety of ways to save when travelling depending on your method of travel and where you want to go. Below are a few tips that may be helpful.
Saving money on travel usually involves taking advantage of one of the fundamentals of economics – supply and demand. If you are willing to be flexible with your travel plans, you may be able to save a considerable amount of money.
Getting to and from places while travelling can be costly, so below are a couple of alternative options.
One of the most important things to consider before planning any travel in retirement is how you’re going to pay for it.
Consider whether you can cover your travel from your regular income (account-based pension payments and other sources of income like the Age Pension) or if it will mean making an additional withdrawal from your retirement savings. If you need to withdraw from your retirement savings, you should consider what impact this could have on your long-term standard of living.
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