Did We Budget Enough for Travel in Early Retirement?
Dec 3, 2023
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The hosts discuss their plans for travel in early retirement, including budget considerations and potential conflicts. They explore living in expensive cities, house exchange, and joking about living together. They also talk about planning budget-friendly hiking trips and a future journey called the Camino, as well as the importance of being informed and prepared for safe retirement travel.
Planning for early retirement travel requires careful consideration of budgeting and prioritizing destinations based on personal preferences and financial feasibility.
Finding a balance between fulfilling travel dreams and being available for family responsibilities is crucial in early retirement.
Deep dives
Planning for Early Retirement Travel
In this podcast episode, Eric and Jason discuss their plans for early retirement travel as they approach the empty nest phase. They talk about the challenges of planning for long-duration and different types of travel, as well as the importance of aligning travel goals with their respective partners. Budgeting for travel is also a key consideration, with the need to balance financial feasibility and fulfilling travel experiences. They explore the idea of prioritizing certain travel destinations or experiences based on age and physical ability, as well as the potential isolation that can come with early retirement travel. Overall, they emphasize the importance of thoughtful planning and finding ways to incorporate travel into their retirement years.
Balancing Travel with Family Commitments
Eric and Jason discuss the balancing act of retirement travel and family obligations. They acknowledge the challenge of accommodating aging parents and college-aged children, trying to find a way to spend quality time with both. The conversation revolves around finding a balance between fulfilling travel dreams and being available for family responsibilities. They also touch on the potential isolation that can come with early retirement travel, considering the lack of friends or family members who are also retired. They express the need for compromise and flexibility to meet both personal travel goals and family commitments.
Budgeting for Early Retirement Travel
Eric and Jason delve into the financial aspect of early retirement travel. They discuss the importance of budgeting for specific travel goals, particularly if certain destinations or experiences are important for their happiness in retirement. The conversation revolves around the need to consider costs, including accommodation expenses, and how to plan and allocate funds accordingly. They emphasize the need for a flexible budget, understanding that some years may involve more significant spending while others may require more conservative financial planning. They highlight the significance of planning and prioritizing travel experiences based on personal preferences and financial feasibility.
Factors to Consider in Retirement Travel
In this podcast episode, Eric and Jason cover several factors to consider in early retirement travel planning. They discuss the importance of timing, considering that physical abilities and health can change over time. They explore the opportunities for adventure travel and athletic experiences in the early retirement years, which may not be possible as they get older. They also touch on the idea of currency arbitrage, taking advantage of favorable exchange rates for travel to certain countries. The conversation includes the challenges of finding travel companions and the potential isolation of early retirement travel. Lastly, they address the impact of family obligations and aging parents on travel plans.
What happens if all the travel you want to do after retiring would break the budget? In this episode, Eric and Jason talk about the importance of travel to their early retirement plans. Topics discussed include financial concerns, disagreeing with your spouse, the value of planning by age range, and much more.
