Updated September 2021 Retirement: that long-pursued event, when you get to leave a lifetime of workdays behind and enjoy the fruits of your labor, by taking an extended vacation getaway. Most people look forward to retirement and all the free time they will have to finally do the things they love most, traveling being one of them. In many cases, retirees have the opportunity to travel abroad and see some of the many amazing and interesting locations outside 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 will need to plan and prepare for it to travel the world in retirement.
Planning for a Longer Stay
No longer having work commitments means you have the freedom to spend more time away from home. However, vacationing for more than a couple of weeks means your money management, lodging, living expenses and health coverage all have to be carefully thought out. What do you need to do in order to make sure you’re ready for an extended vacation? Let’s 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 while others simply find a place to rent for an extended period of time. In either case, be sure to consider age-appropriate conveniences and comforts. For example, you might want to avoid living where you will be required to climb stairs on a regular basis. You will likely want something that is close to other conveniences like grocery stores, pharmacies, restaurants, and entertainment options. Are you hoping to unwind by the ocean, or visit famous tourist sights? Everyone has different priorities so just be sure your location fits your retirement lifestyle needs.
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 focusing on 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, consider purchasing an additional short-term travel insurance policy for backup should you fall ill and need treatment while traveling abroad. Plan on a checkup with your doctor well before you leave and be sure to have sufficient medication to cover your entire trip as it may not be available for purchase 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. Always make sure your cards are accepted at your chosen destination, and that they are usable 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 a must do. Using these simple tips will help your trip go smoothly, allowing you to be relaxed and ready to go explore the world.
We hope you found this article about Travel 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 www.Groco.com. Unfortunately, we no longer give advice to other tax professionals gratis.
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