Do you dream of getting away from it all to your favorite vacation spot or exploring new cities and countries now that you are retired? Maybe the pandemic prevented you from escaping, or maybe financial problems prevented you from making this once in a lifetime journey. Whatever the time frame, with more freedom on the horizon and helpful solutions to money problems, now is the time to start planning that long-awaited escape.
Choose your dream destination
Whether it’s going on safari in the African wilderness or going in search of the Northern Lights, we all have our own ideas about the perfect vacation. So when choosing where to go, be sure to do your research before you book; everything from having the best time to knowing local tipping customs can have a big impact on your stay – and your budget. Also, if you are planning on traveling with a partner or friend, you may want to decide where you want to go together to make sure you are really on the same page. We suggest you sit down and each make a âTop 5â list to make sure you find the best compromise and get the most out of your vacation.
Think about your travel fund
Once you’ve figured out exactly where you want to go, it’s time to think about your options for financing the trip. You might have a hidden nest egg that can help, but there are other ways to fund a vacation as well – and anything else for that matter. If you own your own home, taking advantage of sustained increases in property values ââcould be a great way to finance your dream vacation and enjoy a colorful retirement. A Lifetime Mortgage from Legal & General helps you unlock money from your home as a loan secured by it and is specially designed for those over 55. See how much money you could unlock with Legal & General’s calculator; you may find that you can take all the vacation you could dream of. But keep in mind that there may be cheaper ways to borrow money.
We all know how important it is to plan ahead for money for your flights, car rental, accommodation and insurance, but it’s easy to forget to factor in the daily expenses of your family as well. your summer vacation. Thinking about how often you’ll eat out, how much a taxi fare in the area, or what you’ll spend on sightseeing and museums, you’ll be able to plan your daily budget in advance so you don’t be taken aback while you’re away. Also make sure you know how you will be able to withdraw money when you get there or if you will need to visit a bureau de change in the UK before you leave. You may want to get a travel debit card before you go, which you can often transfer money to to avoid high overseas withdrawal fees.
Where to stay
Once you’ve decided where to go and what to do, it’s time to check availability and book your accommodation. Depending on your budget and location, you might want to consider renting an Airbnb or a villa, especially if you have friends or family coming as well. Obviously, there are pros and cons to going independent, especially the extra kitchen, but it can be a great choice both for those who are more budget conscious, or want to escape to a more rural place that maybe doesn’t have too many hotel options. If you want to spend the money on a lavish hotel, be sure to read these reviews online so you get a feel for what the rooms and restaurants are like.
Retirement could be your chance to see the world with the help of a Legal and General Lifetime Mortgage
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