Retirement provides many with the opportunity to fulfil their dreams and have experiences that they were unable to fulfil while managing a busy work life. With the extra time and finances that they have when they retire, many retirees choose to travel the world and see new things. Whether choosing a week-long trip or an extended holiday, there are several things to prepare for when travelling abroad after retiring. I am telling you about a few points that you should keep in mind from today if you’re planning to travel post retirement.
The Finance: Saving aside the corpus amount
The most important part of any trip is to have enough funds to cover it. As you won’t be having any earning opportunity post retirement, it is essential to plan early. The thumb rule is to start saving 10% of your monthly income when you are working. You can save this money by investing in unit-linked insurance plans (ULIPs). ULIPs are a combination of a life insurance and investment. Here, you can invest your money in several investment tools such as stocks, bonds, mutual funds and more. After a lock-in period of 5 years or maturity period, you can encash your money to pursue your travel dreams for retirement.
Lastly, many of us wonder how much to save per month. The Human Life Value Calculator will help you understand your insurance needs based on your assets, liabilities, and current income. This will help you figure out the corpus you will need for your retirement to plan your travels.
Travel Insurance Over 65
Ensuring you have had the appropriate vaccinations for the destination that you travel to is very important, particularly for those over the age of 65. Contracting exotic diseases can be more serious for the over 65s. Depending on where you travel, you may need vaccinations to prevent against Hepatitis A and B, Typhoid, Malaria, or other such diseases. If you are over 65 it is essential that you prepare thoroughly for your travels. It is recommended that you visit your GP before travelling overseas to ensure that you are fit to travel. In addition to this, you should ensure that you have had all necessary vaccinations, and obtain any medication you may need when you are on your travels. This can include anti-malarial tablets, or any prescription medication that you already take.
When choosing your insurance policy, ensure that it covers your destination of travel. Some insurers will not cover trips to destinations that may be considered dangerous. In addition to this, it is a good idea to familiarise yourself with any dangers that you may encounter when visiting certain countries. There is a lot of information regarding travel warnings, crime levels, and local customs online.
Activity Ideas for Travelling Retirees
You don’t need to be the adventurous type to find fun activities to do on your travels. There are many safer options out there, such as hiring a boat, going on a guided tour, or snorkelling. Many travel destinations that are popular among tourists will offer these activities. Depending on whether you travel independently or through a tour operator, finding activities to do on your travels isn’t difficult. If you are travelling independently, consider looking online for activity operators in the area in which you are travelling to. If you are travelling with a tour operator, then it is usually simple to book onto certain excursions or register for activities when booking your trip.
Destinations That Are Popular Among Retirees
Although you are not limited in terms of where you can travel as a retiree, there are some destinations that are more popular among the over 65s than others. Some travel destinations will ever offer holidays or accommodation specifically for those of retirement age. These include in areas such as the Costa Del Sol, and the South of France.
Some people are choosing to opt for a more adventurous trip before settling into retirement. A recent trend among those of retirement age, is to spend some time overseas volunteering and making a difference. There are many kinds of volunteer opportunities available ranging from teaching at schools in Europe, participating in community projects in West Africa, or volunteering on archaeological explorations in Europe and North Africa.
Final Advice
Whatever you decide to do on your travels, always make sure that you plan your finances ahead. By doing this, you are preparing to live your next phase of life worry-free. So get ready to embark on a new adventure with your loved ones, because retirement is the beginning of your second innings.
About Aegon Life
Aegon Life Insurance Company Limited launched its pan-India operations in July 2008 with a vision to be the most recommended new age life insurance Company. The fulfilment of this vision is based on having a complete product suite, superior technology, providing customized advice and enhancing the overall customer experience. This joint venture adopts a local approach with the power of global expertise to facilitate a direct to customer approach, leveraging digital platforms to bring transparent solutions to customers and to prioritize their needs. Aegon is one of the world’s leading financial services organizations, providing life insurance, pensions and asset management and Bennett, Coleman & Company, India’s leading media conglomerate, have come together to launch Aegon Life Insurance.
About ULIPs:
A life insurance product – ULIP is a great option, if you are looking for insurance and investment. In a Unit Linked Insurance Plan, you get market-linked returns. This means you get access to an array of investment options such as stocks, bonds, mutual funds and more. Plus, you get the flexibility to manage your funds and decide the level of risk, depending on your financial objectives. A ULIP also lets you choose between active management and pre-defined strategy, as per your needs and comfort level.
