Want to splurge on travel in retirement? Here's how to plan for it.

By Alessandra Malito

Money isn't the only consideration when dreaming of trips in retirement - age matters, too

Think about your age, not just your budget, when planning for trips in retirement, advisers say.

Retirement is often a time when people finally relax after the daily grind of working. But for some, it's also the moment they can feel free to explore the world around them.

Not everyone can fit travel into their plans - or their budgets - before they retire, which is why it might be considered a "luxury" goal for everyday workers. Financial advisers caution that doing so takes financial planning, and some life planning too. Vacations in retirement can be expensive, especially when retirees are now on fixed incomes, but they are also better off in the beginning of retirement years, advisers say.

"Honestly, I love when clients want to travel," said Jay Spector, a certified financial planner and founding partner at Evervest. "A lot of people do not travel much during their 'peak earning' years because life gets in the way. They are building careers, raising families, helping family, saving money or they just don't have the time. Then retirement becomes the first real window where they can say, 'let's go.'"

Almost two-thirds of adults 50 and older expect to travel in 2026, according to an AARP survey of more than 2,000 people released earlier this year. When discussing discretionary-income spending, traveling was in the top three priorities for 86% of respondents. But costs associated with vacationing is a "common roadblock" according to AARP. Almost nine in 10 adults 50 and older said that they shop for bargains when planning their vacations, no matter their income level.

Vacationing was mentioned as a "first luxury" goal in retirement in a new weekly MarketWatch question on social media, including Instagram Stories and X. Stay tuned and share your response on the next one here.

Travel should be planned well in advance, from both financial and aging perspectives, as early retirement is usually when people have the most energy, Spector said.

"I would rather help clients plan for it intentionally than have them wait too long and miss the opportunity and ultimately regret not taking any trips," he said. "That means as planners/advisers, we need to look at cash flow, taxes, inflation, healthcare and how much can safely be spent without putting their long-term plan at risk. I also like to build in some flexibility, because travel costs can be unpredictable and often go up faster than people expect."

Lucas Bucl, a certified financial planner and chief investment officer at Aspyre Wealth Partners, said along with planning for trips earlier in retirement, he and his clients focus less on budgeting for travel when clients are around 80.

"This allows them to travel more or at a higher level during their earlier years," he said. He and his clients also discuss travel insurance and having clear communication with children and grandchildren about who is paying for what on big family trips.

Many advisers agree timing is critical, and that not everyone should wait for retirement to take the trips. "Many of my clients plan to travel more heavily, but I would caution everyone to consider incorporating it into your lives now if it is a goal," said Monica Dwyer, a certified financial planner and senior vice president at Harvest Financial Advisors. "Surprises happen and people have regrets if life takes an unexpected turn."

Balancing vacationing now with planning for dream trips in the future is important, she said. "We all age, so do the fun things now and in retirement. And yes, include the expenses in the plan so that you can have the dream life you want, but just don't wait until you hit the milestone of retirement to start dreaming, because every day is a gift."

-Alessandra Malito

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06-20-26 1417ET