Planning to Travel During Retirement? Here’s How You Can Start

When we think about retirement, one of the first things that comes up is traveling, and doing it at our own pace with no work schedule to worry about. However, the reality is that traveling costs a lot of money, and it needs to be planned way ahead. It’s crucial to strike a balance between fulfilling your wanderlust and safeguarding your retirement.

Here’s how you can start planning your travel goals for retirement:

Define your travel goals clearly

Start by asking yourself what kind of experiences you’re looking for. Do you wish to immerse yourself in different cultures, relax at serene beaches, or explore historical sites? Understanding your travel preferences will help you create a more focused and cost-effective travel plan.

Once you have your goals pinned down, you can create a travel budget that aligns with your overall financial plan. It’s important to consider how travel expenses will impact your long-term financial goals. Allocate a portion of your savings for travel and stick to it, ensuring that your journey towards new adventures doesn’t derail your financial stability.

Plan meticulously

Research is key — and you should have more time to do that now! Look for destinations that offer rich experiences at a lower cost. Domestic travel has a lot to offer. Many destinations in Southeast Asia also boast affordable travel options with diverse cultural experiences.

Use travel guides and online resources to compare costs and find the best deals. Planning ahead can lead to significant savings, especially in terms of accommodations and flights.

You can also consider off-peak seasons for certain destinations for better deals. Make sure to check first why they’re off-peak, you wouldn’t want to be stranded on an island during typhoon season. But for some places, off-peak may mean fewer crowds and more time and space to take it in.

Make the most out of senior citizen discounts

Your senior citizen ID can go a long way. Many local destinations offer discounts for seniors on accommodations, transportation, and attractions. Don’t hesitate to inquire about these, as they can significantly reduce your travel costs.

Cash in on your credit card rewards

You may have credit card rewards that you can convert to airline miles or travel perks. With Metrobank World Mastercard or Travel Platinum Visa, for example, you can get 1 air mile for 2.5 rewards points.

Better yet, leverage the benefits of travel credit cards. Metrobank World Mastercard earns 1 mile for as low as PHP17 foreign currency spend. You can also get lower fees for foreign currency transactions at 1.85%, plus up to 50% off on deals in the Philippines and around the world. The Metrobank Travel Platinum Visa lets you earn 1 air mile per PHP17 spent on airlines, hotels, and foreign currency transactions.

Retirement is your time to explore and enjoy life’s pleasures, but it’s also a period to be strategic about your finances. Learn more about it:

• How to plan your retirement budget: a checklist for expenses
• How to build a healthcare fund for your retirement
• Ways to budget your retirement hobbies