Travel in Retirement Without Overspending: 7 Expert-Backed Tips
Many retirees dream of spending their golden years on the go, traveling to destinations they didn't have the time to get to while they were working. While you might have the time to travel in retirement, it isn't cheap. If you aren't careful in your planning, you could wind up spending much more than you intended.
Below, travel experts laid out the best methods for traveling well in retirement without blowing your savings.
Frugal Living Pros: Cut 4 Everyday Services That Drain Your Budget
Find Out: 8 Low-Effort Ways To Make Passive Income (You Can Start This Week)
1. Create a Retirement Budget
"A retirement travel budget is vital," said Jay Ternavan, founder of JayWay Travel. "Retirees should anticipate spending between 5% to 10% of their annual budget on travel, with some dedicating up to $50,000 a year for more extensive journeys. Using tools like the U.S. Department of Labor's planning worksheets can help in outlining expenses and setting realistic travel budgets."
2. Purchase Travel Insurance
Insurance is another essential component, Ternavan said. "Because Medicare has restricted utility outside the United States, it is prudent to purchase travel insurance that includes medical evacuation/repatriation insurance, medical expenses not insured by Medicare, trip cancellation/interruption insurance and other relevant kinds of insurance," he explained.
3. Take Advantage of Flexible Travel Dates
Retirees already have an advantage over other travelers, according to Genni Franklin, a travel blogger at Traveling Franklins: date flexibility.
"They don't have to worry about taking PTO or traveling during school breaks when the rest of the world has to. They are in a position where they can travel during times when everyone else is at work or school," she said. "This strategy alone can save them big time on hotels and accommodations. Plus, they can enjoy fewer crowds."
4. Stay Longer in One Place
Jason Hull, former CFP and owner of J & J Cash Home Buyers, retired at the end of 2019 and has been traveling with his wife internationally since 2021. He explained that oftentimes, Airbnb hosts will offer discounts for stays of 28 days or more, so he and his wife take advantage of longer stays for better deals.
"We also find that staying for so long helps us to get adjusted to a city, and we're not rushed to do things. If the weather is bad one day, we don't feel like we have to go see that tourist attraction. We can always go when the weather is better," he said.
Learn More: Enter for a Chance To Win $500 in MoneyLion's Summer Break Giveaway (No pur. nec. Ends 7/4/26. See official rules at mlion.info/summerbreakofficialrules)
Another benefit of staying in Airbnbs with kitchens is that you can cook more often.
"Recently we cooked in places like Manchester, England; Cologne, Germany; and Sydney, Australia. This helped balance out going out to eat more in cheaper cost of living places like Chiang Mai, Thailand; Mexico City, Mexico; and Madrid, Spain," Hull said.
5. Balance Expensive Destinations With Budget-Friendly Ones
If you're planning to visit a place that's pricey, make sure your next visit is to a cheaper locale, Hull suggested.
"For every Sydney, we've stayed in a Chiang Mai. For every Manchester, we've stayed in an Istanbul," he said.
6. Use Travel Rewards Credit Cards Strategically
Franklin strongly recommended taking advantage of credit card travel rewards. "Retirees have more time to learn how to maximize their everyday spending through credit card travel rewards," she said.
Since retirees are often spending more time visiting family or buying their grandkids gifts, "they can take advantage of this spending by using the right travel rewards credit cards to earn points that they can use to pay for their travel without spending more than they normally would," she said.
7. Look for Alternative Lodging Options
If you don't need fancy hotels for your travels, Layne Tisdel Martin -- a travel agent and owner of Wanderluxed, a luxury travel agency and luxury travel blog -- suggested joining the TrustedHousesitters network and housesitting.
She explained that by helping owners out with tasks such as feeding animals, bringing in mail and watering houseplants, you can stay in locations around the world for free.
Competition is high for popular locations, however. "Be prepared with a polished application letter and be one of the first five sitters to throw your hat in the ring for a handful of options you'd be happy to accept. Homeowners love getting applications from mature couples," she explained.
To help Americans navigate the added cost of summer, MoneyLion is giving away $1,000 every day through July 4. Enter the Summer Break Giveaway here (No pur. nec. Ends 7/4/26. See official rules at mlion.info/summerbreakofficialrules)
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
More From MoneyLion: