Many Americans have travel ambitions during retirement, yet the potential cost of globetrotting may keep some from realizing those dreams.
Fear not: Traveling, even internationally, can be done on a budget with some smart planning.
To help you hit all the destinations on your bucket list, here are 15 tips for people hoping to retire — or even retire early — and travel on a budget.
If you’re over 50, take advantage of massive travel discounts and trip-planning resources
Over 50 and love traveling? Join AARP today — because if you’re not a member, you could be missing out on huge travel perks. When you start your membership today, you can get discounts on hotels and resorts, airfare, cruises, car rentals, and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
An AARP membership not only unlocks discounts that could save you hundreds on your next trip, but you’ll also have access to deals on vacation packages, guided tours, and exclusive content to help plan your next getaway.
Important: Start your membership by creating an account here and filling in all of the information (do not skip this step!). Doing so will allow you to take up to 25% off your AARP membership, making it just $15 the first year with auto-renewal.
Be flexible with dates
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If you are a retiree, you might be able to keep more money in your bank account by being flexible so you can save on flights and hotels once you step up your travel game.
This could mean booking a vacation in advance and choosing to leave and return on the dates with the cheapest flights. Or it might mean being open to booking a trip when airfares suddenly plunge or hotels reduce their prices to fill empty rooms.
Travel during off-season
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Traveling to hot destinations during "shoulder" seasons — when travel demand briefly dips — is a great way to avoid major crowds and save some cash.
For European destinations, the shoulder season is typically spring or fall. Visiting hot spots — such as Paris or Rome — during these seasons is a favorite strategy among travel enthusiasts because the weather is still pleasant and it's easier to score great deals.
Prioritize purchases
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If travel is a priority, cutting back on spending in other areas can make vacations more feasible.
That might mean fewer dinners out or cutting back on things like expensive gift-giving.
Earn a $250 travel bonus with this incredible card
There's a credit card that's making waves with its amazing bonus and benefits. The Bank of America® Travel Rewards credit card has no annual fee and you can earn 25,000 bonus points after spending $1,000 in purchases in the first 90 days of account opening.
You can earn additional points just by using this card for your everyday purchases — unlimited 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center and 1.5 points per $1 spent on all purchases. The 25,000 bonus points can be redeemed for a $250 statement credit toward travel or dining purchases.
If you want to travel and dine out more, the Travel Rewards card can help you get where you want to go.
The best part? There's no annual fee.
Look up exchange rates
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Your dollars will go further in specific destinations when the U.S. dollar is particularly strong compared to foreign currencies.
For example, if a trip to Japan is on your travel bucket list, you may want to look up exchange rates and plan your trip when the dollar is strong compared to the Japanese yen.
Monitor flight prices
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Begin monitoring flight prices a few months before your trip. Get familiar with what a typical round-trip costs and regularly monitor the prices.
That way, if a deal pops up, you will recognize it and can jump on it.
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Beware of foreign-transaction fees
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Foreign transaction fees can really add up on international vacations. Check out what sort of fees your credit cards charge.
In some cases, it may be worth it to apply for a credit card with perks like no foreign transaction fees and ATM fee reimbursement.
Make the most of travel rewards
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Savvy travelers can save big by taking advantage of travel credit cards to earn travel rewards. Many credit cards let customers use points to book travel, including flights and hotels.
If you plan to travel by air frequently, it may also be worth it to sign up for a frequent flyer program so you can use miles to pay for future flights.
Plan ahead
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Travelers who plan ahead can save money.
Airlines typically have their flight schedules planned 11 months in advance, so you can track flight prices for months before booking.
This will also provide ample time to shop around and get the best deal on a hotel.
Combine destinations
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If two or more travel destinations on your bucket list are relatively close together, you can save big money by combining multiple destinations into one trip.
For example, many tourists visiting Europe will hit two or more countries on the same trip. You can book a "multi-city" flight or a round-trip that flies into one city and out of another.
Get a protection plan on all your appliances
Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more.
Whether or not you’re a new homeowner, a home warranty from Choice Home Warranty could pick up the slack where insurance falls short and protect you against surprise expenses. If a covered system in your home breaks, you can call their hotline 24/7 to get it repaired.
For a limited time, you can get your first month free with a Single Payment home warranty plan.
Skip the rental car
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The cost of rental cars can really add up. And while renting a vehicle might still seem convenient, plenty of hot tourist destinations have easy-to-navigate public transportation options.
It's also often wise to book accommodations within walking distance of the sites you plan to see.
Find travel buddies
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Finding friends who will split travel costs — like hotel rooms, gas, rental cars, groceries, and more — can cut your overall vacation cost significantly.
Even planning a trip with just one other travel buddy or couple can lead to major savings.
Skip overpriced hotspots
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A weekend with the family in Disneyland or at a beachfront condo may seem like a dream. But savvy travelers can save a lot by avoiding hotspots known to overcharge tourists.
If a hotspot is a must-see destination for you, consider being flexible about the dates and seasons you travel so you can take advantage of opportunities to save.
Do some grocery shopping
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Food prices can add up quickly on vacation, especially if the accommodations you're staying in do not have much of a kitchen.
Doing some grocery shopping — either before leaving or after you arrive at the destination — can help keep spending on food in check.
Pack light
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If you're traveling by plane and can fit all your essentials into a carry-on bag, you'll save a lot by not shelling out extra cash to check a bag. Checking just one bag can add $30 or more to your costs each time you board a plane.
Pro tip: If you are looking for budget flights, make sure you're not booking a "basic economy" trip that charges extra for carry-on bags — unless you plan to pack extremely light.
Rent your home
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If you are dreaming of a long vacation — say, a month or longer — you might be able to earn some passive income to add to your travel budget by renting out your home.
You can rent your home on a travel marketplace, such as Airbnb, or find a short-term tenant.
Bottom line
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Retirement is a great time to see the world, but planning long or extravagant vacations on a fixed budget might seem intimidating.
However, with some careful planning, you can build fulfilling travel goals into your retirement budget and lower your financial stress.
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Earn 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases
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Why we like it
The Bank of America® Travel Rewards credit card is great for individuals who enjoy earning rewards and traveling.
Cardholders will enjoy the flexibility to redeem points with no blackout dates and receive a statement credit to pay for travel and dining purchases.
Earn 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center and 1.5 points per $1 spent on all purchases.
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