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.
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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
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