Eleanor Hamby and Dr. Sandra Hazelip are two widows proudly boasting of their epic trip after circumnavigating the globe in 80 days.
They should be proud. Even Phileas Fogg, fictional hero of Around the World in 80 Days, couldn’t claim an equal achievement. He was 40. These women are in their 80s.
Must Read
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAP
- Robert Kiyosaki says this 1 asset will surge 400% in a year — and he begs investors not to miss its ‘explosion’
Now Hamby and Hazelip are out to prove late-life adventures are achievable (1) with their new book Here We Go: Lessons for Living Fearlessly from Two Traveling Nanas. It may inspire the nearly two thirds of Americans over 50 who dream of traveling in retirement.
But for many older adults, an epic trip may seem more like a pipe dream. As RBC Wealth Management reveals, for one in two Americans who worry about the cost of travel in retirement (2),
For one thing, most older adults live on a fixed income. Two-thirds depend on Social Security checks (averaging $1,976 per month), (3) just to get by.
What’s more, the AARP reports that one in five Americans over the age of 50 has no retirement savings at all. (4) To make matters worse, older adults tend to pay a premium for travel relative to their younger counterparts.
In the face of all these challenges, it may seem like travel is a frivolous expense for older Americans. But as Hamby and Hazelip can attest, travel is an achievable goal, if you plan for it.
Comparison shop options for dream trip
If you’re approaching retirement, start planning now.
While it might be tempting to kick the can and the costs down the road, traveling early in retirement when you have fewer health concerns may increase your pleasure in the experience.
Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
Planning early allows you to start saving for retirement travel on top of your nest egg.
If you’re already retired, it’s still a good idea to plan travel months — if not a year — ahead for logistical and budgetary reasons.
One of the pleasures of planning is daydreaming. That’s encouraged as long as you price out the realities. Here are some things to consider.
Destinations
Consider a variety of destinations and comparison shop the potential costs online. For example, a trip to the Greek Isles might be more affordable than a tour of the Irish countryside.
If you’re on a tighter budget, you may have to identify destinations that may not be as exotic but that don’t break the bank. For example, you may want to consider domestic travel to a beautiful location you haven’t visited in the continental U.S.
This pre-trip research will give you a better idea of what you’ll need to budget for travel, including flights, car rentals and accommodations.
Accommodations
By the time you’re in your 70s or 80s, your needs and tastes in travel may have changed from your backpacking 20s.
For example, you may once have bunked down in a cheap hostel and now cringe at the thought of sharing a room with a stranger.
You may also prefer accessible accommodations with wheelchair-friendly ramps, elevators, wide hallways and doors and walk-in showers.
Work the cost of such accommodations into your travel budget.
Health-care needs
Don’t forget to keep travel insurance — both trip cancellation and health insurance — top of mind.
Travel insurance typically costs more for mature travelers, but for many, it’s well worth the peace of mind that comes with it.
Travel advantages in later life
While older adults may pay a premium for things like accommodation and travel insurance, they may also find opportunities to save on travel that might not be available to those in their working years or parents with young children.
Retirees with flexible schedules and responsible attitudes are ideal house-sitters. Generally, this involves getting to stay at someone’s house for free. In exchange, you might need to watch pets, collect mail, and water plants.
Find a house-sitting job in your dream destination and suddenly more affordable accommodation options open up. Trusted Housesitters is one place to find leads on gigs. (5)
Find a housesitting job in your dream destination and suddenly more affordable accommodation options open up. Trusted Housesitters is one place to find leads on gigs. (5)
But if you plan on housesitting, do your due diligence on visa requirements. Housesitting can be considered work (even if unpaid) in certain countries. Check with your destination country’s visa office regarding the rules.
On her blog HouseSitMatch, International housesitter Corrine Petteys recommends you always have a valid passport with at least one year to expiry, a tourist visa for the country and that you know how long you can stay.(6)
Leaning into off-peak and last-minute travel deals could help you tap into savings.
Bringing along a friend or two could help you split the costs — and double the joy, like Hamby and Hazelip.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Tiktok (1); RBC Wealth Management (2); Senior Citizens League (3); AARP (4); Trusted Housesitters (5)
What to read next
- Want to retire with an extra $1.3M? See how Dave Ramsey’s viral 7-step plan helps millions of Americans kill debt and build wealth — and how you can too
- I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
- There’s still a 35% chance of a recession hitting the American economy this year — protect your retirement savings with these 5 essential money moves ASAP
- This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchase. Here’s how to buy the coveted asset in bulk
Join 200,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.