Investments? Plenty!
Children? Settled!
Health? Perfect!
Retirement? On the road!
All your life, you plan and save for retirement, from healthcare to logistics, household expenses to entertainment, and so much more. As retirement looms nearer and nearer, odds are you begin to feel more and more excited about all the possibilities ahead of you. The endless days of glory and freedom. The days when you truly have all the time in the world!
But wait... What WILL you do once you've retired? If you desire to lay low and spend your golden years relaxing, then there probably isn't a lot to plan. On the other hand, what if you want to live an active retirement? What if you want to travel, hike, sail, swim, fly, cycle, walk, or drive? That's where the real retirement fun begins. Saving up and making plans is one thing, but actually hitting the road can be quite overwhelming. So, here's your all-in-one checklist to help you prep for the journey of a lifetime!
Tie Up Loose Ends
Before you kiss your home goodbye in favor of the open road, it's important to tie up any loose ends from the pre-retirement days. Make a list of any pending payments, current loans, incomplete retirement paperwork, and so on, so that you can stay on top of any unfinished business and take care of it before you depart.
Plan The Trip
Are you going to travel solo? With your spouse? Or with a group of friends? Will you be traveling within the country, or will you travel internationally? Will you be away for a month? A year?
What modes of transport will you use? For instance, are you going to buy an RV for a large group, or a minivan for just you and your partner? Perhaps you'll use all those airline miles you've been saving up for the past couple of years. Maybe you’ve chosen to travel by train. Or maybe your dream retirement travel is based on a world-class, year-long cruise journey!
These are just some of the many key decisions you’ll need to make before hitting the road. Be sure to factor in how long you'll travel for, where you'll travel to, and who you'll be traveling with. From solo bicycle journeys in the Himalayas to group trips in Australia, your options are endless. Planning your trip is fun and exciting, but it definitely requires some foresight.
Look At Your Funds
Next stop, financial planning. You might have big bucks deposited at the bank, or maybe even bars of gold stowed away in a safety deposit box, but if you’re travelling, you probably shouldn’t be carrying around mounds of cash or valuable jewelry. Instead, you'll need active and fluid modes of payment. Consider making the shift to digital wallets or bank cards so that you don’t have to keep track of a bunch of cash or travelers checks.
Additionally, if you’re planning to travel for a long time and/or spend a decent amount of money on your adventure, you might want to consider a source of income. Consider renting your property, investing in stocks, or even freelancing while you’re on the go.
Healthcare
Don’t let your health get in the way of your travels. Life on the road has the potential to be hard on your health, so you’ll want to ensure that your healthcare is squared away before you set out. Make sure your health plan is current and equipped to cover a range of medical care, from emergencies to routine healthcare services.
Packing — Light or Heavy?
While the choice is ultimately yours, the general rule of thumb is to pack light. Avoid cramming luggage full of food, toiletries, and self-care items—you can always purchase basic items like these on the go. Try to bring only what you need to lighten your load. Additionally, especially if you’re traveling by plane, keep in mind the hefty price tags on checked baggage. The less you pack, the less you’ll have to worry, and the cheaper your travel will be.
Final Thoughts
For those seeking to live out active golden years, retirement is an especially exciting time. The roads, sky, and sea are beckoning. However, there are many decisions to finalize and loose ends to tie up before you take off. Set aside time to take the proper measures, ultimately ensuring that your time on the road (or sky or sea) is the best it can be.
At Triada Advisors, we work with current and future retirees to determine their passions and purpose, their current and future financial well-being, appropriate income and investment strategies, and their legacy plans and philanthropic intentions. If your lifelong goals include living an adventurous retirement, we’re here to help you figure out the logistics to make your goal a reality. Contact our team today to get started.
References:
https://www.cnbc.com/2021/04/01/retirees-ready-to-hit-the-road-should-check-their-medicare-coverage-.html
https://www.tahoedailytribune.com/news/opinion/planning-to-hit-the-road-in-retirement/
https://www.nhpr.org/post/retirees-deciding-hit-road#stream/0
The content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Any investment strategies mentioned may not be suitable for everyone.