A month into the new year, most of us have made – and perhaps broken – at least a few new year’s resolutions. The usual commitments to lose weight, exercise and eat healthier top the list for most Americans again, but, this year, a new one has crept in – pursuing a simpler life using The KonMari Method™.
Atlanta Financial Blog
Financial Planning Helps Travel Dreams Come True – Even For Financial Planners
If you are having a serious case of wanderlust but feel chained to the office, let’s shift your thinking – and your timing. Start considering travel as a good investment, not something you put off until it’s “bucket list” time. That’s the advice of a non-retired financial planner who recently returned from Antarctica – me. Not only did I come home with memories of penguins and glaciers that I will never forget, I picked up a serious need to start planning my next adventure right now.
Travel dreams to exotic locales shouldn’t be reserved for the retired. Instead of putting off travel until retirement, splurge on some exciting travel now – while you have the interest, energy and stamina to enjoy every single moment. Come up with a list of places you would like to visit but when prioritizing them, consider putting the more strenuous ones higher on the list when you know you will be able to enjoy them.
One travel consultancy specializing in small group trips for the over 55 set reported that more than 15,000 Americans had already booked trips for 2018 travel. Based on these early bookings, the consultancy expects to arrange trips for as many as 57,012 travelers in 2018 – up from 46,247 in 2016 and 40,266 in 2013. Today, Americans over “a certain age” are traveling to faraway lands in record numbers to immerse themselves in new cultures and experiences.
Apparently, the travel bug is not contained to the United States. British citizens over 55 also report a serious need to travel. In fact, individuals over 55 now account for the majority (58%) of travel spending in Britain alone.
Where are all these 55+ individuals headed? As you can image, today’s top destinations include far-flung destinations that match up to travelers’ interests. This list of top overseas destinations ranks 2018’s top travel spots by popularity:
- Machu Picchu and the Galapagos
- Croatia, Bosnia and Herzegovina
- Southeast Asia
If you still aren’t convinced that travel is a good investment, consider the health benefits associated with checking another destination off your list. Travelers between the ages of 65 and 74 who had just returned from a trip longer than two weeks reported increased invigoration for more than a month after they returned home. That’s empirical proof that the great feelings you experience when you change latitudes really does last.
Maybe the 55+ crowd has decided to pull a page from the Millennial Handbook. Recent reports show that 47% of young adults between 18 and 34 said they would rather spend their money on travel than buy a house.
All of this begs the question: Where are you headed next?
We were recently blessed to welcome our second daughter, Elizabeth. This being our second, I think we are somewhat better prepared for how our lives would immediately change. These first few months are filled with joy and excitement (as well as exhaustion coupled with just trying to figure out what we are doing). While I have no advice on how to get your newborn to sleep on schedule, I can give you some advice on some financial matters all new parents need to address (and soon for some of these):
No matter what kind of investor you are and no matter how much you have invested in the market, it’s safe to say that the market’s recent swings have caught your attention. Truly savvy investors can capitalize on volatility by recognizing that when the market is falling, “stocks are now on sale.” But your ability (and willingness) to benefit from falling prices can also depend on whether you are still saving and accumulating for retirement, or if you are nearing or already in retirement.
SHIFTING FROM A FULL workload to an open schedule upon retirement is a drastic change, and many baby boomers don’t want such an abrupt transition. Some employers also want older employees to pass their valuable skills on to younger workers before they leave. A phased retirement, which consists of full-time employees moving to part-time schedules, could be a viable solution for employers and older workers alike.