Moneyfarm, the leading European digital wealth manager, teamed up Andy Mossack travel guru and founder of TripReporter.co.uk to help consumers realise their retirement goals after its research uncovered that travelling the world is the nation’s number one retirement dream.
Going travelling in later life is becoming increasingly common, supported by recent figures showing the number of over 65s travelling abroad rising by 35% over the last 20 years *.
Here are Andy’s travel tips if you’re set on travelling the world in retirement.
Choose a method of travel that suits you
Famous as the mandatory gap year experience where sleeping on the train saves hotel expenses, interrailing for adults takes on a whole new perspective – and you can do it in style. For instance, unlimited 1st class travel across 31 countries stretching from Portugal’s Atlantic coast to Turkey’s Asian border within one month currently costs just £759.
Air travel is the most expensive and less environmentally friendly but, if you’re set on air travel, make sure to fly with airlines that can offer highly flexible round the world tickets through their global partnerships. Often these tickets give you considerable savings compared to booking flights separately, allowing you to stop-off for a set number of times depending on how many miles you intend to fly in total.
Alternatively, if you’re looking at embarking on a cruise, make sure that the all-inclusive offer includes all meals, drinks, excursions and tips. Cruises can be pricey but can turn out to be excellent value in the long-run if you go with a provider that covers in-destination costs.
Take the path least travelled. Travel to destinations and at times where your money will go further
The UK has suffered from poor exchange rates in Europe and the US over the last few years but there are many destinations where sterling remains strong. Destinations such as South Africa, Vietnam, Argentina and parts of eastern Europe such as Romania and Bulgaria, for example, can make your pound go a lot further. The flights might not be cheap but once you arrive you will quickly notice the difference.
The beauty of retirement is that you’re not forced to take holidays at certain times of the year. Peak-times are always the most expensive and there are many savings to be found visiting a country off-peak. A good example is the Caribbean which is always seen as just a winter sun destination. The truth is in our summer it may be their rainy season but that normally means a short strong shower in the afternoon, while the temperatures are still perfect. Be travel-wise and you can save considerably.
Be savvy when you choose your destinations in-country
There can be huge variations in price depending on which regions of a country you pick. The south of France is an excellent example. The French Riviera is a wonderful destination and Nice, Cannes and St. Tropez may well be on your bucket list. However, the truth is they are often crowded and pricey. Further west in the Languedoc region you’ll find the same coastline with much better beaches for much lower prices and far fewer people.
The same situation for Italy and Amalfi, which is another stunning location but very crowded in summer. Head instead to the Cilento coast which is about a 30 minutes’ drive further, but you’ll see prices fall dramatically as well as the number of tourists. A much better experience all round.
Anjali Sarin, Head of UK at Moneyfarm, said:
“Our research shows that, as a nation, we have big hopes for retirement. Despite this, we’re taking little action to ensure our retirement goals are realised. It’s important that people have access to the right advice and the right financial products to achieve their goals, and that’s something we at Moneyfarm go above and beyond to provide our clients.
“Investing in a Pension and an ISA is a great way to make sure you’re keeping on top of your retirement funds, allowing you to benefit from tax-free allowances and ensure that you’ve got that little extra to tick things like travelling the world off the bucket list.”
Tell me more about Moneyfarm’s retirement research
Moneyfarm offers Pensions, Stocks and Shares ISAs and General Investment Accounts, aimed at helping investors make better decisions with their money to reach their dream retirement.