You are heading towards 60 and have ‘seen the world’ with your experience. Surely, you must be planning to pack your bags and see it again—this time literally after you are done with years of hard work. Nothing should stop you now. Isn’t it?
But, keep in mind, many things may be beyond your control. One of which is limited resources, particularly now, as money is never in abundant supply after retirement. You should realise that soon you won’t be earning anything.
So, before you make your grand travel plans for life beyond 60, consider these tips which may help you save and spend wisely while you travel:
Go for group tours: If you want to take a memorable tour, but don’t want it to be heavy on your pocket, then opting for a group tour would definitely be a good option for you. These days, some tour companies, alumni associations and retirement community travel groups organise group tours for senior citizens. Such tours are not only cost-effective compared to independent tours, but are also safer as they are designed by experienced groups and people keeping the needs of senior citizens in mind.
Opt for travel insurance: You may not want to think of anything going wrong on your trip, but buying a travel insurance policy is one of the wisest decisions you can take. The advantages associated with travel insurance are worth every extra penny you spend on it. For instance, while travelling to an unknown place, you may fall ill owing to change in climate or your flight may get cancelled due to bad weather. Similarly, your baggage may get lost or your house or valuables may get damaged while you are away on your trip.
Look for tour packages: You are going to explore the world and want to enjoy every bit of your trip. But why spend more for something which you can get, say, at half the price? Opting for tour packages is one such option which may help you cut your travelling cost and decrease your tour budget substantially. Visiting all tourist spots is also possible as tour packages are designed to cover all major spots in a city. But, keep in mind the reliability of the travel company or agency that you are opting for. Bring in the fact that you don’t have to worry about your food and all because that is usually included in the package. Also, going site seeing etc. is fun when you have strangers from the same tour group etc.
Go budget, look for deals and discounts: If you have opted for a good tour package, then most of your travelling needs will be taken care of by the concerned travel company or agency, like flying, sightseeing and accommodation needs. However, if you have decided to go on your own, then you should try to get the best deals and discounts available in the market.
Travel during the off-peak season: Everyone wants to go to hill stations like Shimla, Manali and Mussoorie during the months of May and June or during the winter time to see snowfall. But is it necessary that you also go to such places during the peak season itself? Would these places lose their beauty and charm if you go there, say, in March or April or in any other month? The fact is, if you visit your favourite destination during the off-peak season, then you will not only be able to get good deals on your hotel stay and many more such things, but you can also see the entire place taking your own time and avoiding the tourist rush.
Do your research: Also, before packing your bags, read about the place you are keen to visit. This will give you some idea about the place, its people, their culture and food, among others. For instance, if you are keen on visiting a particular museum, check their timings before you land there so you plan accordingly instead of missing it out.
If you are young and want to lead a hassle-free life post retirement and also want to tour the world in style, then start planning right away. Although there are many financial instruments available in the market today, pick with care. Retirement plans offered by insurance companies like HDFC Life are also a good option. There are multiple options – you can go for a ULIP based product that or even a guaranteed pension plan. There is even a single premium plan in which you can perhaps put in a performance bonus from your work years and let it grow to a much larger sum.