Travel

Given all the free time people usually have in retirement, it’s no wonder so many of them plan to set off on luxury cruises or pack up for weekend getaways with their grandchildren.

While the idea of being able to travel whenever and wherever you want is appealing, don’t let day-dreaming cloud your judgment; you still want to keep an eye on your finances and avoid spending more on travel in retirement than you bargained for.

For instance, compared with their less fortunate working peers, retirees are opting for longer cruises and multiple bucket list destination cruises, according to Colleen McDaniel, senior executive editor of Cruise Critic.

To turn such a dream into a less expensive reality, Deborah Meyer, a certified financial planner and CEO of WorthyNest, advises future retirees to follow this easy five-step plan:

• Set travel goals with specific cost estimates.
• Split the major savings goals into monthly or quarterly allocations.
• Budget income and expenses to allow for regular savings.
• Don’t accept trade-offs on future goals
• Act on accomplished goals.