Retirement can be your springboard into an exciting new stage of life! With the baby boomer generation living into their 80’s and 90’s, retirees are repainting the picture of retirement from frail to fulfilling.
Raised on fitness gurus like Richard Simmons and Jane Fonda, baby boomers are taking an active lifestyle into their golden years. According to the AARP, less than 24 percent of adults exercised in regularly in the 1960’s, but that figure grew to 59 percent by 1984. This active lifestyle comes with various physical and mental health benefits; according to nidirect and the ADAA, staying active lessens mental deterioration, increases memory, and reduces stress and anxiety. Travelling, in particular, is one of the most effective ways to stay energized and active in retirement.
Make Travel a Priority
Retirement is the ideal time to set off on travel adventures that weren’t possible during your career. Now that you have more time, you can enjoy the extended vacations that you have always wanted to take. The key is to make sure that your retirement finances don’t run out. Luckily, there are several ways to optimize your experiences while stretching your travel dollars.
Take advantage of slower travel options. Slow travel is ideal for retirees because it requires less money at the expense of taking more time – which is now abundant! Instead of travelling with firm start and end dates, staying longer in each destination and soak in the culture. The extra time in each city will also help you avoid tourist traps and will stretch your budget.
Consider extending your visits to new cities with house renting options. New online services such as Airbnb and VRBO make it easy to book extended stays in the world’s greatest cities. Instead of staying in a hotel, these home rental options provide significant discounts to long-term visitors to avoid vacancies.
For travelling around the US, recreational vehicles (RVs) are a great way to travel while enjoying the journey as much as the destination. While the upfront costs are high, the daily accommodation costs are low making extended road trips affordable. RVs also provide the freedom to explore off-the-beaten-path locations for unique travel experiences. RV camp sites are common throughout the US, so you will always find a place for your mobile home.
When travelling across Europe, train travel is a comfortable and scenic option. Having access to lounges, bar cars, and room to move around makes this a desirable alternative for many seniors. There are some amazing train journeys through Switzerland, the Netherlands, and England. You can find great senior deals for getting around Europe if you purchase a Flexi Pass.
Financing Your Retirement Adventure
Even while using money saving techniques, it can still be a challenge to fund an active retirement in today’s economy. Many people imagined they could rely on their 401(K) savings and their investment portfolio to finance retirement long enough to delay claiming Social Security and maximize benefits. However, rising costs of living are making it difficult to reach financial security with this plan. Fortunately Finance of America Reverse, LLC (FAR) has proven retirement funding solutions that may work for you.
If you are one of the tens of millions of baby boomers who don’t feel financially prepared there may be a real solution for you. A reverse mortgage puts your hard-earned equity to work so you can maintain or elevate your lifestyle during retirement. Just like your 401K, IRA, or annuities, home equity is a powerful financial tool that can greatly enhance your retirement funding plan. Contact a FAR representative today to learn more about the benefits of reverse mortgages and how they may help you secure long-term financial freedom.
This article is intended for general informational and educational purposes only, and should not be construed as financial or tax advice. For more information about whether a reverse mortgage may be right for you, you should consult an independent financial advisor. For tax advice, please consult a tax professional.
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