Let’s start this issue by continuing with the idea of destinations.  Because one of the most common goals that almost every retiree has is to travel more. 

Retirement will certainly bring you more time to travel, while a good retirement plan can help you secure the means.  One thing it will not necessarily do, however, is make travel easier. 

Let’s face it: As fun as travel can be, it can be taxing on the body, stressful on the mind, and hard on even the fattest of wallets.  Most retirees dream of jetting off to the four corners of the world or taking endless road trips in an RV…only to find that such a lifestyle can be more exhausting and expensive than they expected.  As a result, many retirees end up traveling much less than they expected.  Others begin retirement with the intention to travel, but no clear idea of where to go first.  Some retirees realize they no longer have the health to do much at their dream destination.  And some use so much energy and savings on their first trip that they find they have nothing left after that. 

For these reasons, it’s important that you begin deciding now which places you most want to see in retirement.  I recommend going about it like this: 

1. Create your initial list of ideas.  Scour travel magazines, read guidebooks and scroll through your favorite adventurer’s Instagram feed.  Write down everything that looks or sounds appealing.  Have your spouse or partner do the same. 

2. Next, narrow your list down.  Research things like cost, travel time, weather, and potential activities for each destination.  Then, decide what you really want to see versus what sounds like it might be fun.  What sights and experiences does your soul need in order to feel fulfilled?  Write those down and try to keep the list on the shorter side.  (This doesn’t mean you can’t see other places in retirement!  It just means that these destinations come first.) 

3. Prioritize your final list.  Have you always wanted to visit your elderly relatives in South America?  That should probably happen as soon as possible.  Have you dreamed of hiking down to the bottom of the Grand Canyon?  It’s probably best if that took place earlier in retirement, so you can visit less physically demanding locations as you age. 

4. Determine the final requirements for each destination and be sure to factor those requirements into your overall retirement plan.  Your savings and investments should be structured specifically to help you meet those requirements. 

The point of all this is to make your goal of travel in retirement a reality by being as specific as possible rather than vague and nebulous.  You may actually get to see all of the world you most want to see without causing undue wear and tear on your body or your bottom line.

And, best of all, it’s the most enjoyable part of planning for retirement!