Retirees often picture travel as part of their lifestyle once they stop working, but Todd Calamita, a certified financial planner and founder and president of Calamita Wealth Management, warns retirees about an expensive travel mistake to avoid. When discussing travel for retirees with Money Talks News, Calamita explains that retirees shouldn’t limit their vacation time to a week-long stay or sign up for expensive vacation packages.
Not having to report back to work means retirees have the freedom and flexibility to extend their vacations, which can surprisingly be cheaper than planning a short trip. Calamita mentions how he “… stayed with a family for $35 a night in Spain and very much enjoyed the cultural exchange part of it.” For his month-long trip, which took place during the high season, he “… used an expat housing service — Dasha Living — and paid $4,200 for the entire month, which is often the cost of a week-long family trip to the beach.” Going in the off-season, when there are fewer tourists, can reduce costs by up to another 50%, according to Calamita.
Staying longer means avoiding travel upgrades that can be a total waste of money, including those expensive travel packages that pack too many activities into a short period. Retirees who plan longer stays can spend time exploring an area at their own pace and include rest days, which are easier on the pocket. It’s also important to keep in mind that, for many retirees, simply switching from one hotel to another can be exhausting — and expensive.
Read more: Retirees Are More Likely To Run Out Of Money If They Make These Mistakes
Tips and tricks to avoid expensive travel mistakes as a retiree
A happy retired couple driving a convertible with the top down where the man is driving and the woman has her hands raised in the air. – Goodboy Picture Company/Getty Images
Even if you follow Calamita’s advice and book longer trips, learning from the retirement regrets of those who have been there is a good way to avoid making similar mistakes, including those related to travel. To avoid expensive travel mistakes, take some advice from travel expert Rick Steves, who recommends visiting places like Portugal during the shoulder season, when crowds are fewer and prices can be lower too. Choosing to travel during the shoulder season often means better deals on flights and accommodations, which leaves you more money for other travel expenses, like trying local cuisine or visiting historical sites.
While there are several ways to get top-notch deals on hotel rooms, booking a month-long stay at a vacation rental can sometimes be equivalent to the price of staying in a hotel for a week. Renting a place with a kitchen allows you to cook some of your own meals, so you can stretch your dollars even further. And renting a car for a month at a time can also be more cost-effective than getting one for just a few days or a week. If you rent a car using your Costco membership, you might discover additional savings you weren’t expecting. Using a credit card that offers travel rewards lets you earn points on your travel expenses and purchases. You can then use the points to reduce costs for things like flights and accommodations, which can add up to big savings on travel.
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