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In this video, Jamison Smith, wealth advisor at EWA, offers a retirement tip regarding travel planning. He suggests that retirees should have a game plan for when and how often they travel during retirement. Smith advises doing more traveling earlier in retirement while one is healthy and active, as travel enthusiasm might decline in later years. He also mentions the pros and cons of buying a vacation house and recommends considering it later in retirement when one may be less interested in extensive travel. Planning travel carefully is essential to ensure you can explore the places you want to see before health issues may limit your options. Smith encourages viewers to reach out with any retirement planning questions.
Hi, I am Jamison Smith, a wealth advisor here at EWA. This is another video in our series, which is Ten Tips for Retirees or anybody that’s getting close to entering retirement. So this tip is to have a game plan around when and how often you’re going to do your traveling in retirement.
So one of our other videos was to make sure you know how you’re going to spend your time. It’s a big shift from working all the time to now being retired, and a lot of people don’t know what to do with themselves.
So what we’ve found is have a game plan around traveling and do it earlier in your years of retirement while you’re healthy as you get into your later seventies/eighties – a lot of times, people don’t want to travel as much.
And this also comes along with we always get asked if people that want to buy a vacation house when they get into retirement, let’s say they’re in their mid 60s, they want to go buy a vacation house somewhere outside of their primary residence.
We always talk through the pros and cons to this, and one of the big drawbacks that we find is clients that buy a vacation house, they feel obligated to go there when they want to take a trip. So a lot of times, what we found the most beneficial is, while you’re young and healthy, do all your traveling.
Go travel the world, go to all the places you want to go to. And then later on in retirement, maybe in your 70s, buy that vacation house when you don’t want to be as active, traveling all the time. And that way you would be spending more time at the vacation house after you’ve already spent time traveling to all the places that you want to see.
Yeah. Important to just make sure that you have a plan around when you want to do your travel, because a lot of times, health reasons will come into play, and if you wait too long, you can’t explore the places that you’d want to.
So if you have any questions about your retirement plan, feel free to reach out.
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