How to Travel the World in Retirement
How to Travel the World in Retirement
Retirement: that long-pursued time in life where you get to leave the workday behind and enjoy the fruits of your many years of labor, for much longer than two or three weeks a year. Most people look forward to retirement and all the free time they have to do the things they love the most. For many, that includes traveling. In many cases, retirees finally have the chance to travel abroad and see some of the many amazing and interesting locations outside of the United States. However, dreaming of traveling the world in retirement and actually pulling it off are two different things. In other words, if you want to see the big wide world when you retire, you have to plan and prepare for it.
Planning for a Longer Stay
Because you don’t have to worry about work anymore that means you have the freedom to spend more time away. However, that also means you have to plan for a longer stay, which means your money management, lodging, living expenses and health coverage all have to be taken care of. So what do you need to do in order to make sure you’re ready for an extended vacation? Lets’ take a look.
• A Place to Stay – when you travel abroad you will have several lodging options. Many wealthy individuals choose to purchase second homes overseas. Other people simply find a place to rent for an extended time period. In either case, be sure to consider age-appropriate conveniences and comforts. For example, you might want to avoid living where you have to regularly climb stairs. You will likely want something that is close to other conveniences like grocery stores and entertainment options. Everyone has different priorities so just be sure your location fits your lifestyle needs in retirement.
• Health Care – inevitably, declining health is part of the aging process, which means unless you retire very early in life you’re going to spend more time worrying about your health and by default your healthcare when you retire. Therefore, be sure that your medical coverage is sufficient to cover your needs, especially when you are traveling overseas. If your coverage is lacking then consider purchasing an additional short-term travel insurance policy, which could help should you fall ill and need treatment while traveling abroad. Plus, always be sure to have sufficient medication to cover your entire trip, because you might not be able to find it in foreign pharmacies.
• Do You Have Enough – lastly, always take (or have access to) enough money for your trip. While carrying some cash is a good idea, the safest way to cover your expenses is with a debit or credit card. Using one that doesn’t incur fees for foreign transactions is obviously the best bet. And always makes sure your cards are accepted where you’re going and that they will work at local ATMs and banks.
Spending time touring the world in retirement is a great way to enjoy your golden years. However, planning ahead for overseas travel in retirement is extremely important. So make sure you are completely ready before you go, and then go explore the world.
We hope you found this article about “How to Travel the World in Retirement” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
Who Really Qualifies as a Dependent for Taxes?
How many dependents do you really have? Who can really be counted as a dependent? These are some of the most common questions that all taxpayers have. Can you count all of your children, live-in help, or perhaps a dog or other family pet? What about a friend who decides to crash at your place…
Obama Looking to Stick the Wealthy With Even More Taxes
His second term in office is winding down, but President Obama would still like to raise taxes on high net worth individuals before he checks out of the White House at the beginning of next year. Although the president has already taken several measures to raise the effective tax rate on the wealthy, he is…
Which Tax Breaks Help High Net Worth Taxpayers the Most?
It’s no secret that the United States government generally taxes high net worth individuals at a much higher clip than those in the lower- and middle-income brackets. However, despite that fact, there are still many provisions in the tax system, if used properly, can help wealthy earners save on their taxes. So what are some…
Tax Preparers Get Busted for Fraudulent Practices
Every tax season is full of stories and tales of people who go to great lengths to avoid paying taxes. In addition there are dozens of reports of unscrupulous tax preparers that get caught trying to cheat the system: either their clients or the IRS, or both. We want to share a few of those…