Retired couple enjoying travel after effective financial retirement planning

Planning to Travel When You Retire? Here's Where to Start

For many, retiring means finally having all the time in the world to travel everywhere you dreamed of going. However, it’s not easy to incorporate traveling into your retirement planning strategy because a lot goes into it that you may not have previously thought of. In this article, our Colleyville retirement financial advisors–which help clients in Dallas and Fort Worth plan their retirement–will offer some advice on what you should consider when planning to travel during retirement.

Determine if You’re Ready to Travel

Dreaming about your next trip is one thing, but actually paying for the plane ticket, making sleeping arrangements, and creating an itinerary are something else entirely. It may be nice to think about traveling, but are you actually ready to? There might be some things pending that require your attention before you retire, such as health insurance, social security, or even income/savings milestones. Before you make travel plans, our Fort Worth retirement planning experts recommend we first discuss everything that must be included in your retirement plan, determine if everything has been planned for and set in motion correctly. Once this has all been sorted, we can talk about your travel plans.

Understand How Much Money You Might Spend on Travel When You Retire

Retirees may plan an average of $11,077 per year on vacations. However, this number can vary significantly depending on what kind of vacations you would like to take. For example, are you a budget traveler, or do you enjoy extravagant vacations? Also, how often do you plan to travel? Will it become your new lifestyle, or do you only plan to take a couple of vacations a year for a week or two at a time?

Our Dallas Financial Advisors Can Help You Establish a Travel Budget

Your retirement budget is one of the most important parts of retirement planning, especially because income is often limited or unpredictable by the time you retire. When you work with our independent financial planners, we can work out a sensible budget every year, multiple times a year, and revise as needed. This way you can feel comfortable knowing that you have enough money to go on your next trip and can continue to achieve your retirement dreams and goals.

Our Dallas Retirement Financial Advisors Are Here to Help You Live the Retirement of Your Dreams

Traveling is a common dream many soon-to-be retirees have. However, like anything pertaining to retirement, goals differ from one person to the next. Also, many components must be addressed before you finally retire, and that’s where our financial planners in Dallas and Fort Worth come in. We are committed to helping you enjoy retirement to the fullest on your terms. If you’re ready to plan for your retirement and want travel to be a part of it, please contact us so we can discuss all your goals and work out a retirement strategy.