Your children may have kids of their own these days. And with work responsibilities behind you, if travel’s on your list, you’re not alone.
Like many Australians travelling later in life, you too may be raring to pack your bags and visit friends and relatives, or just take off and see more of the world.
Aussies are packing their bags…
A growing number of Australians are travelling later―although it’s a myth that they’re all grey-haired nomads caravanning their way across Australia. Only 1 in 10 trips taken by older Aussies involve a caravan1. When it comes to international travel, Australians are choosing New Zealand in their later years. Europe is the second most popular destination followed by Indonesia in third place2. Many older Aussies took cruises3 too.
The Australian Bureau of Statistics reports travellers aged 65 years and older took 9% of all overseas trips―collectively spending 10.3 million nights away―or an average of 27 nights per trip. To support the needs of older travellers, the number of specialist travel companies is on the rise, with tours and personalised information, at websites like yourlifechoices.com.au.
Before leaving home
When it comes to leaving for your trip, your home and any pets or plants you have may need to be cared for. If a friend, family member or neighbour is not available, a professional house sitter is an option, or you could consider boarding your pet. But you'll have to factor this cost into your travel budget.
Another consideration before travelling may be to sell the family home. It could be easier to leave a smaller home behind or to buy a smaller property when you return from travelling. In fact, two of the main reasons households, whose children have flown the nest, move homes is either to downsize or for a lifestyle change4.
Use our home and retirement planner to see how selling your home can fit into your retirement—and travel—plans.
Before coming to a final decision to travel, be sure to speak with a financial adviser so you can:
- Evaluate your options and the costs—how much will you need to save or should you withdraw money from your nest egg? Our budget planner can be a good starting point.
- Work out how long you’ll be away and when you’d like to go. Is regular travel something you’d like to fit into your financial plans over the long term?
- Consider any health concerns that may affect your travel plans, and call your health insurer to see what they’ll cover when you’re away from home.
- Understand whether any Centrelink or other entitlements you have may be affected if you’re away for an extended period.
- Find out whether there will be any effects on your home and contents insurance policy if you travel.
- Arrange travel insurance—and get a good deal.
So, if the open road or a distant culture inspires you and you’d like to find a financial adviser, call us on 131 267 and we’ll put you in touch with someone who can help.
1 Australian Institute of Health and Welfare: aihw.gov.au/WorkArea/DownloadAsset.aspx?id=6442454212.
2 Australian Bureau of Statistics, 2009/2010, abs.gov.au/ausstats/abs@.nsf/lookup/4102.0main+features20sep+2010.
4 Australian Bureau of Statistics, Australian Social Trends – Moving House, December 2010, Catalogue No. 4102.0