Ep 55: Planning Your Retirement Like a Vacation

It’s often said that the average person spends more time planning vacations than planning retirement. Today we’re going to plan for retirement by pretending like we’re planning a vacation.

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Let’s think about retirement like a vacation. Are you ready to start planning? Let’s go!

Where will I stay?

Obviously, choosing the right lodging for your vacation is important. But it’s also important to ask some questions about housing for retirement.

  • Am I staying in my current house, or will I downsize?
  • Will I have a mortgage payment in retirement or not?
  • Would I be better off to rent instead of own in my later years?
  • Would it be beneficial to move to another town or state where taxes are lower?

Where will I eat?

Before your vacation, you probably want to do some internet research to be sure you know the places where you definitely want to eat, as well as the places you definitely don’t want to eat. In retirement planning, the “where am I going to eat” question represents a broader question about your lifestyle.

  • Will you be eating out more or less often once you’re retired?
  • What about hobbies like golf or scuba diving? Those things aren’t free.
  • Will you be incurring extra expenses entertaining grandkids?

Am I prepared for unexpected costs?

On vacation, you can encounter a lot of expenses that you might have forgotten to budget for, and while many of these expenses might be minor, they can add up, like toll roads that you didn’t think about, filling up the rental car with gas before you return it or extra fees for your checked bags that weigh too much. In retirement, the unexpected costs could be a lot more substantial.

  • Major home repairs
  • New vehicles
  • Nursing home or assisted living

Listen to the full episode or use the timestamps to jump to a specific section. Thanks for listening! We’ll be back for another show every other Thursday.

Today’s Rundown:

1:17 – Where to stay

2:42 – Where to eat

4:44 – Unexpected costs

7:14 – After you leave

 

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