Five reasons early retirement is the best time to go travelling

It’s a very common misconception that travelling is only for the young.

At Attivo, however, we believe that everyone should have the opportunity to live their life to the fullest, no matter their age.

In fact, our experience and expertise also tell us that early retirement may be one of the most optimal times to go travelling, and that if it’s something you’re curious about, you should consider making it a part of your early retirement planning.

We’ve explored this in more detail in this article – with the help of some of our clients here at Attivo – as well as how our qualified and experienced Lifestyle Financial Planners can help you with your retirement travel plans.

Here are five reasons to make travel part of your early retirement planning:

1. It’s a great way to help you transition into retirement.

As we explored in our article on how to plan for retirement with five years to go, the transition from working life into retirement, while exciting, can also be accompanied by a range of emotional challenges, such as adapting to a new routine and feelings of loneliness or a loss of purpose.

Planning for, and going on, a trip can be a great way to start filling those gaps – from working travel planning into your daily routine, and meeting up with anyone who you plan to go with to get the wheels in motion, to meeting new people and trying new things during your trip.

2. You’ll have more time to travel – and to plan for it.

During your working years, the time you have for travel is typically limited to your workplace’s annual leave allowance (a minimum of 5.6 weeks’ paid holiday per year by law in the UK), leaving little time for a truly in-depth travelling experience. What’s more, you’re likely to be more restricted on time outside of work – for example, with only evenings and weekends – to get a solid travel plan in place before you go.

Once you’ve retired, however, you’ll have much more time to think about where you’d like to go, how long for, how you’ll get there and move around, and more. You’ll also be able to execute that plan without the worry of getting back to your desk in time for Monday morning.

3. Your wellbeing is more likely to allow for an enjoyable experience travel

As shared in our Guide to Retirement, early retirement is often characterised by a bustle of activity, while health care needs and costs tend to pull focus in later retirement.

While it’s certainly possible to travel later in retirement – indeed, many of our long-retired clients have no intention of stopping any time soon – it is less likely in early retirement that you will have any health issues to hold you back, or care costs to take into account.

 

“In our minds, we are always 20 years younger, but there’s a finite time to do things now. We try to think in terms of the memory dividends and doing things at an age when they will give us the experiences we might not be able to have later in life. So… don’t think you can put them off. Do the bucket list now!”

– Pete, Attivo client

4. You can make incredible memories with more people

Arguably, one of the best parts of travelling is getting to enjoy new places and experiences and build amazing memories with other people. As an early retiree, you may have other friends who have also not long retired (and are therefore also less restricted by working life) that you could bring along for an adventure.

Or, if you have children and grandchildren, you could arrange the family trip of a lifetime and make memories that they will treasure – and maybe even pass on to future generations.

 

“We started on this quest to take each family in turn on a life-changing safari trip, and it has been incredibly rewarding for us. To have fun, to experience the bush, and to see the impact on the grandchildren has been remarkable. They’ve caught the bug. Elephants brushing the vehicle, lions walking past – that thrill is unforgettable. They’ve caught the excitement that’s part of our DNA!”

– Bryan, Attivo client

5. It’s financially more viable.

Early retirement is perhaps also one of the best times to go travelling from a financial perspective. Adventurers in their late teens and early twenties will not have had as much time to save up for their travels, whilst in later retirement, you may need to focus on more practical aspects, such as care costs, planning for your estate, and ensuring you have enough money to live comfortably throughout the rest of your retirement.

It is important to remember however that early retirement often carries the greatest financial risk – from longevity risk to overspending, inflation and risk of low returns on investments. This is where the support of a financial planner becomes invaluable:

Looking for early retirement planning support? 

As you’ll have seen throughout this article, many of our retired clients have enjoyed – and still continue to enjoy – some truly amazing travel experiences.

If you’re also looking to make travel a part of your early retirement planning, we’d be delighted to help. Simply arrange your free, no-obligation retirement consultation with us, and we’ll chat through your travel plans in more detail, as well as any other aspects of retirement planning you’d like support with, and see whether we’d be a good fit to help you moving forward.