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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
Super, Retirement - 3 min read
Retirement is the perfect time to travel. The kids are grown up and taking care of themselves, you’re not constrained by your employer’s demands and schedule, and you finally have the freedom to explore the world.
After you retire you’ll definitely have the time to travel, but will you have the money? Hoping you’ll be able to travel probably won’t be enough; you’ll have to plan for it. But planning and preparing now are certainly achievable. Use the following 3 tips to ensure that your travel dreams come true in retirement.
Be as specific in your travel plans at possible. Are there certain places you’ve always wanted to visit? People with specific travel plans are almost three times as likely to save enough money than those without specific goals, so be as specific as you can.
Once you know where you want to go and how long you want to stay, you can calculate the costs of that travel. It’s not uncommon to underestimate the costs of travel, and that’s where people run into trouble. Therefore, give yourself a 20 percent cushion when you calculate your costs, and then allow for inflation, at least 3 percent per year between now and then. If you end up with too much money saved, you can always take another trip or upgrade your travel.If traveling during retirement is a priority to you, consider downsizing your home early as a part of your plan to fund your travel. Downsizing reduces many of your day-to-day costs such as utilities, property taxes, and maintenance repairs. The savings from all of these reduced expenses can be used to fund your travel savings.
Once you retire and start traveling, it’s much easier to maintain a smaller home while you’re away, so it makes sense to downsize early if traveling is a priority for you.
By calculating travel costs and factoring inflation, planning for the “go-go” years, and downsizing early, you can ensure that your retirement will be filled with the kind of traveling you’ve always dreamed of. To speak with a retirement expert about your own planning, reach out to us.
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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