You want to travel the globe in retirement? Here's how.

 

Is it possible to travel the world in retirement. It's a common daydream. Many people have thought of it at one time or another. They want to quit work, sell their homes, pack a backpack, and travel the world. What if that daydream could be your retirement reality.

Here are some tips to help you travel the world in retirement. These steps will help to visualize what this kind of life-changing experience would be like, and how it might fit your reality and personality.

How to determine if you are really ready

It takes a lot of planning to embark on a life of traveling. That planning begins with a honest assessment of your readiness to travel. Although there is no right or incorrect answer, the following questions should be asked:

Do you really love to travel?

While it might seem obvious, there are big differences between a week-long vacation from a life built around traveling. Do you enjoy packing, flying and finding shelter? Are you satisfied with a few days of vacation? Do you feel ready to sacrifice a week or so of your vacation to be able to afford more?

Do you have obligations at home that require you to comply with?

You may find it difficult to travel indefinitely if you are taking care of elderly parents, disabled kids, or grandchildren.

How is your health?

Although you don't necessarily need to be in great health to travel, it is important to be healthy enough to deal with the stress that comes with being on the road. You should consult your doctor if there are any serious or ongoing health problems before you plan to travel long-term. Travel insurance is required to cover any medical emergency. Medicare does not cover expenses for health care outside the United States.

Examine Your Financial Situation

The cost of international travel is not cheap. Even a week-long trip around the globe can be quite expensive. Your retirement annuity may help you to save some money. It is important to plan financially if you are planning to travel abroad for longer periods of time. A healthy nest egg is essential for long-term travel. But, it all depends on your expectations.

Before you travel to Europe or North America, you will need a substantial bank account. If you are willing to stay in modest accommodations--hostels, inexpensive motels, rented apartments, or campgrounds--you can travel quite inexpensively. Another way to save money is to visit countries in the developing world. You can travel around the world on a budget of just a few dollars per night.

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