Depending on your financial circumstance and existing retirement plan, setting aside money for eventual travel might seem irresponsible. However, with the right wealth management strategy, there is no reason you should not be able to enjoy your golden years to their fullest.
Traveling in Retirement Can Be Difficult Without Savings
Everybody knows that having a plan for retirement is a practical necessity. However, very few Americans budget enough money to provide the retirement they deserve. Consider that:
- About 40% of Americans are not currently saving for retirement and do not have a comprehensive retirement plan.
- An estimated 50% of all Americans aged between 55 and 66 have no personal retirement savings.
- Of the Americans aged 55 to 66 who do have personal retirement savings, fewer than 30% have more than $100,000 in personal retirement savings.
Nevertheless, and in spite of the federal government’s own findings, many retirees do find ways to afford travel:
- About 26 million senior citizens live on an annual income of less than $27,000; however
- The average retiree spends an estimated $11,077 on travel each and every year.
Travel Doesn’t Have to Be a Dream
Even though many retirees seemingly cannot afford travel, responsible savings and expenditures can permit occasional indulgences. A retirement planning professional can help you assess your finances and create a strategy designed to let you live comfortably, even if you are already approaching retirement age and feel you have insufficient savings.
Oftentimes, the key to affording travel—even on a tight budget—is evaluating your present financial circumstances. You could:
- Analyze the source of your expected post-retirement income.
- Tactically reallocate cash reserves to investment accounts in accordance with your risk preferences, potentially bolstering your savings even after you have exited the workforce.
- Prepare in advance for the financial burdens of travel by calculating your everyday needs and expenses at home.
- Explore what kind of travel you find fulfilling, deciding whether you would be best served by taking a single, extended trip every year or enjoying shorter vacations every few months.
- Sit down with a wealth management professional to discuss your goals and the strategies you need to not just meet but exceed them.
A Wealth Planning Professional Can Help Fulfill Your Retirement Goals
Sometimes creating a budget is more difficult than sticking to it. Everyone—even people who worked in finance—can benefit from a professional wealth manager and financial advisor’s perspective. Quraishi Law & Wealth could help you prepare for retirement by:
- Taking a full account of your current income and retirement goals, suggesting novel solutions to help you live your post-retirement dream.
- Appraising your critical long-term needs, such as health insurance and anticipated care expenses, to ensure you have the money for both practical necessities and recreation.
- Helps you make informed investment decisions, which allows you to build a streamlined portfolio that not only preserves your existing wealth but expands it.
- Exploring legal and estate planning strategies that let you create an intergenerational legacy for your loved ones while reducing your tax obligations in the present.
Speak to a Professional Today
Traveling after retirement can seem like a distant goal if you started saving late or made the mistake of thinking that social security could carry you through your golden years. Irrespective of your circumstances, Quraishi Law & Wealth specializes in helping Arkansans of all backgrounds obtain the happy, healthy, and fulfilling retirement they deserve. After all, a lifetime of hard work deserves a happy ending. Please send us a message online or call us at 870-275-4304 to speak to a professional and schedule your initial consultation as soon as possible.