For many, plans for later life include escaping to explore far-off places: heading for distant horizons and open roads. Freed from the restrictions of 9 to 5 work and the responsibilities of a young family, we dream of heading off into the wide blue yonder, and fulfilling long-held dreams of travelling the globe. But is this realistic?
Well, yes – but it’s better if you put a bit of planning in before you pull out the suitcases. Travel can be exciting, energising and eye-opening, but travelling as you get older requires more than putting a spare pair of clothes in a rucksack, grabbing your passport and closing the door behind you.
“You may still be fit and healthy, but you might feel differently about jet lag or sleep deprivation, compared to how you felt aged 30" says Mark Hodson co-founder of independent travel site 101 Holidays. "Travelling might mean crossing multiple time zones, getting up very early, bumping along in a truck – your physical resilience may have changed and you need to be realistic about that.”
Make the most of your freedom
So how to get the best out of travel in later life? A key point, says Hodson, is to think hard about what you want.
“Build your own bucket list and avoid following the herd,” he says. “Be creative and thoughtful about what you want to do.”
The rise in popularity of apps like Instagram puts increasing pressure on particular locations, which can sometimes spoil the very thing travellers want to see. But the world is big and beautiful, and there are still plenty of hidden gems to discover. Slowing down can be by far the best way to find them, as can thinking differently about travel. It’s no longer necessarily about lounging around in a spa or on a beach, as it might have been when all you wanted to do was switch off from the daily pressures of work.
Instead, your travel might be part of a programme of lifelong learning. From yoga to creative writing, there’s a range of companies offering residential courses. Whether it ties to interests you’re discovering at home or is a completely new adventure, an immersive experience can shift your learning up a gear.
But realism certainly doesn’t mean staying at home. The big upside to being retired is the extra time you have, which gives you the chance to take the longer trips you’ve always dreamt of (let’s face it, there’s not much point in going to Australia for a weekend).
You have the time to slow down, perhaps take an extra day or two to relax after a long journey, so you’re fresh for the next adventure.
Prioritise your travel plans
It’s worth taking the long view when it comes to prioritising your travel; you can cruise around the Med at any age, but if you fancy the salt flats of Bolivia or following the iconic Route 66, it’s probably better to fulfil those dreams aged 65 than 85.
One reality to face, is that travel insurance does get more expensive as you get older; a topic discussed in our podcast episode, Travel in Retirement. So it’s likely to be a larger element in your budget.
“It’s a non-negotiable, but you need to ensure it’s appropriate for your age and health,” says Mark.
How to budget for that trip of a lifetime
Planning the way you travel can make quite a difference to the costs. We see people taking advantage of the ability to withdraw a tax-free lump sum from their pension pot to invest in the means to travel – perhaps buying a motor home or a narrowboat. Others may choose to release money from their property, maybe through downsizing or, if they’re a homeowner aged 55 or over, by taking out a lifetime mortgage, a type of equity release, to fund a big trip.
There are lots of options with equity release, but remember, it’s a loan secured against your home so there’s plenty to think about.
You don’t have to pay back the loan until you die or move into long term care, but you might want to protect some of the equity you have, in order to be able to pass it on to children and grandchildren; or choose to pay interest, so the debt doesn’t build up. Any unpaid interest is charged on the loan, plus any interest already added. The recipient of a gift from a lifetime mortgage may have to pay inheritance tax on the money they receive though, and a lifetime mortgage will reduce the amount of inheritance you leave behind. It could also affect any means-tested benefits you’re receiving.
It’s important to take good advice, and a financial adviser will make sure you understand how a lifetime mortgage works, and whether it’s right for you, as there may be cheaper ways to borrow money.
Money considerations might mean being open to new experiences. Would you be happy with a same-sex room share with someone you didn’t know? Think about a volunteering holiday; you may find you can get accommodation free in return for sharing your time or expertise. Flights can be expensive, but could you take your time and go overland for less?
In recent years the travel industry has created more and more opportunities ideal for solo travellers, so there’s no reason for anyone to stay at home. It may take a bit more planning, but nothing beats the thrill of opening a door into a different world.
For more inspiration, hear the stories of two women who picked up their passports with their pensions, and haven’t looked back since. Elizabeth shares her Arctic experience, and June tells of her journeys across the four continents of the world on planes, trains and a Harley-Davidson. You can meet them in series two of our podcast, Rewirement.
