One of the most rewarding aspects of retirement is the opportunity to reclaim your time and invest it in pursuits that bring joy, fulfillment, and personal growth. For many retirees, travel is not just a leisure activity but is a long-held aspiration and a central part of their vision for this next chapter of life. If traveling in retirement is on your to-do list, the following considerations can help you evaluate your options and build a strategy that supports your desire to explore the world on your financial terms.

Be strategic about timing. When it comes to retirement travel, timing matters. Many retirees choose to embark on their most ambitious trips during the early years of retirement, when physical and mental health are often at their peak. These initial years may involve longer or more frequent journeys, which can result in higher travel expenses. If this aligns with your personal goals, consider front-loading your travel budget to accommodate a more active lifestyle early on in retirement. Adjusting your financial plan to reflect this pattern can help you enjoy your adventures while maintaining long-term financial stability.

Define your travel style and preferences. Understanding your travel preferences is key to estimating costs and planning effectively. Are you envisioning short road trips to nearby destinations, extended RV road trips, or regular international travel? Each approach comes with its own financial implications. For example, domestic travel by car may be relatively affordable, while overseas trips can involve higher costs for airfare, lodging, and insurance. By clarifying the type and frequency of travel you envision, you can tailor your retirement plan to reflect realistic spending expectations and avoid surprises.

Look for ways to reduce travel expenses. Travel doesn’t have to break the bank. There are many ways to reduce costs without sacrificing enjoyment. Consider renting a home or apartment if you plan to stay in one location for an extended period as this can be more economical than staying in hotels. Take advantage of your flexibility as a retiree by traveling during off-peak seasons, when prices for flights and accommodations are often lower. With a little research and planning, you can stretch your travel dollars further and make each trip more affordable without sacrificing the experience.

Review your insurance coverage. Insurance is an often-overlooked aspect of travel planning, but it can be crucial, especially in retirement. Travel insurance can provide peace of mind by covering unexpected events such as illness, trip cancellations, or lost luggage. It’s also important to understand the limitations of your health insurance coverage. Medicare, for example, does not provide coverage outside the United States, and even domestic travel may require supplemental insurance depending on your provider. Reviewing your insurance needs before you travel ensures you’re adequately protected wherever your journey takes you.

Retirement is a time to embrace new adventures, and travel can be one of the most fulfilling ways to do so. Consider connecting with a financial adviser to create a well-crafted financial strategy that supports your lifestyle and brings your retirement vision to life without compromising your long-term goals.

Trisha Schaar, CRPC, CLTC, APMA, is a financial adviser with Echelon Wealth Partners, a private wealth advisory practice of Ameriprise Financial Services, LLC in Marshall, MN. She specializes in fee-based financial planning and asset management strategies and has been in practice for 8 years. To contact her, ameripriseadvisors.com/trisha.m.schaar, (507) 532-2210, 100 West College Drive, Suite 103, Marshall, MN