Is it Time to Travel in Style?
Is it Time to Travel in Style?
When you're traveling during your younger years, every dollar matters. We learn how to choose the least expensive flight, stay in budget hotels, and look for ways to stretch our vacation budget.
All of these strategies are great when you want to travel without breaking the bank, but as retirement approaches (or begins), the conversation around travel might change. After years of saving and goal-setting, some travelers find themselves in a position where comfort, convenience, and overall experience become more important considerations than the lowest price.
That raises an interesting question: Is it time to travel differently?
For many adults in their 60s and beyond, the answer may be yes.
Consider the Value of Convenience
One of the benefits of having a higher net worth is having the ability to prioritize convenience.
A nonstop flight may cost more than an itinerary with multiple connections, but it can reduce travel time, stress, and fatigue. A hotel in the heart of the city may cost more per night, but it can make it easier to explore on foot and spend less time commuting.
Deciding not to cut corners on convenience might be the ticket to a more enjoyable trip. For many of us at this age, convenience is invaluable.
Reevaluate Your Approach to Air Travel
Many travelers who can comfortably afford an upgrade continue flying the same way they did decades ago simply because it's a habit. Yet, premium flights and first class offer benefits that extend beyond larger seats. Travel + Leisure breaks down the different first-class flight options on different airlines and helps travelers decide if it's worth the splurge.1
Priority check-in and boarding, additional personal space, fewer travel-related hassles, and more comfort on long-haul flights can all contribute to a better overall experience. For international travel, particularly flights lasting eight hours or more, arriving rested can significantly improve the first few days of a trip.
You probably won't want to budget for first class for every flight, but when the upgrade means more time, comfort, and enjoyment, it could be worth it.
Think Beyond the Room Rate
When evaluating accommodations, many travelers focus primarily on the nightly cost. While price is certainly important, it's only one part of the equation.
A central hotel can provide easier access to attractions, restaurants, and cultural experiences, and higher-end properties often offer amenities and services that simplify the trip and enhance comfort.
For example, concierge assistance, airport transfers, on-site dining, spa facilities, and personalized service can all contribute to a smoother travel experience. When you invest more in your travel, you find that the hotel becomes part of the vacation, not just a place to sleep.
Focus on Experiences You've Always Wanted
Many people spend years postponing dream vacations such as a luxury river cruise through Europe, a safari in Africa, or an over-water suite in the tropics. These experiences remain on the bucket list while other financial goals take priority.
As retirement approaches, it may be worthwhile to revisit that list.
One of the advantages of long-term financial preparation is creating the flexibility to pursue meaningful experiences when the opportunity arises. For some individuals, that may mean taking the trip they've dreamed about for years rather than continuing to postpone it.
Travel for Your Current Stage of Life
The way you travel in your 60s isn't the same as the way you traveled in your 30s. You may no longer be interested in red-eye flights, budget accommodations, or packed itineraries that leave little room to relax.
Instead, maybe you choose to take fewer trips but invest more in each one. Or, you continue traveling frequently while selectively upgrading the aspects of the experience that matter most to you. Your travel decisions at this stage in your life should reflect your priorities.
Making the Most of What You've Built
A strong financial foundation is ultimately about creating choices.
For many years, those choices may have centered around saving, investing, and preparing for the future. Over time, however, there comes a stage when it's appropriate to consider how those resources can support the lifestyle you want to enjoy.
For those who have built a solid financial foundation, traveling in greater comfort may be one way to do exactly that.
Whether that means booking a premium cabin, staying at a luxury hotel, extending your trip, or choosing a once-in-a-lifetime destination, the decision should reflect your current stage of life as you shift from accumulation to enjoyment.