Four Keys to Budgeting for Travel in Retirement

Get more out of what you spend on travel by investing it appropriately before you need it and being flexible with your travel dates.

An older couple walk arm in arm outside an apartment with their luggage.
(Image credit: Getty Images)

The holidays have been over for a month. The family left long ago, and now it’s just … cold. What about booking that next trip? But as a retiree, how much can you responsibly spend?

Budgeting for travel in retirement can be a bit trickier than during your working years when that expense just comes out of a bank account that rebuilds itself with your paychecks. Generally, the travel expense we suggest for our clients ranges from an annual amount of $10,000 up to $50,000. Being single vs. traveling with a family has a big impact on that number. How you travel — hostels vs. The Four Seasons, Spirit Air vs. Emirates — also really moves the needle.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Evan T. Beach, CFP®, AWMA®
President, Exit 59 Advisory

After graduating from the University of Delaware and Georgetown University, I pursued a career in financial planning. At age 26, I earned my CERTIFIED FINANCIAL PLANNER™ certification.  I also hold the IRS Enrolled Agent license, which allows for a unique approach to planning that can be beneficial to retirees and those selling their businesses, who are eager to minimize lifetime taxes and maximize income.