Retirement is often imagined as the time when you finally have the freedom to travel whenever you want. But how you spend on travel in your 60s may look very different from how you spend in your 70s or 80s.
For many retirees, travel follows a natural pattern. The early years of retirement — sometimes called the “go-go years” — may be filled with bucket-list trips, family vacations and new experiences. As time goes on, travel may become less frequent or closer to home, leading to what are often called the “slow-go years.” Eventually, travel may no longer be a major part of the budget.
This progression can have an important impact on retirement planning. Rather than assuming your spending will remain the same throughout retirement, it can be helpful to think about how your lifestyle — and the costs associated — may evolve.
What Are the Go-Go Years?
The go-go years generally refer to the early stage of retirement, when you have the health, energy and desire to pursue the activities you’ve been putting off.
For some retirees, that means international travel. For others, it could mean taking more cruises, visiting family across the country, renting a vacation home or taking several shorter trips throughout the year.
Travel spending during this period can be significant because you’re not just paying for transportation and lodging. There may also be costs for dining, entertainment, excursions, travel insurance, rental cars and other experiences.
For example, someone who spent years saying, “We’ll travel once we’re retired,” may suddenly find themselves taking two or three major trips each year.
That’s not necessarily a problem. In fact, spending more on experiences that matter to you can be an important part of a fulfilling retirement.
The key is making sure those expenses are incorporated into your retirement income plan.
Planning for Higher Spending Early in Retirement
One common retirement-planning mistake is assuming that retirement spending will be relatively flat.
It may not be.
If travel is one of your priorities, you may intentionally spend more during the first several years of retirement and less later. That means your financial plan needs to account for when you’ll spend your money, not just how much you expect to spend over the course of retirement.
Consider a hypothetical retiree who expects to spend $100,000 per year in retirement. Their actual spending might look something like this:
- Early retirement: $115,000 per year, including $20,000 of travel
- Middle retirement: $100,000 per year, including $10,000 of travel
- Later retirement: $85,000 per year, with little or no travel
The numbers will vary from person to person, but the broader concept is important: Retirement spending can change as your lifestyle changes.
This is one reason it’s useful to distinguish between essential expenses and discretionary expenses. Housing, food, insurance and healthcare may require ongoing funding, while travel is something you can potentially adjust depending on your circumstances.
Enter the Slow-Go Years
Eventually, many retirees find that their priorities shift.
Long international flights may become less appealing. Instead of planning a two-week European vacation, you might prefer a long weekend closer to home. You may take fewer cruises, spend more time visiting nearby family or simply find that you enjoy being home more than you expected.
These are often referred to as the “slow-go years.”
Travel spending may decline, but that doesn’t necessarily mean overall retirement expenses disappear. In fact, some expenses can move in the opposite direction.
Healthcare costs, for example, may become a larger part of the budget as you get older. Home maintenance, assistance with daily activities or other forms of care can also become more significant.
This creates an important planning distinction: lower travel spending doesn’t automatically mean lower total spending.
The “No-Go” Years
Some retirement-planning frameworks also include a third phase: the “no-go years.”
At this point, extensive travel may no longer be practical or desirable. A retiree may spend more of their time at home, with family or within their local community.
Travel expenses may fall considerably, but other expenses — particularly healthcare and long-term care — may become more important.
Again, this isn’t a universal progression. Some people continue traveling well into their 80s, while others significantly reduce travel much earlier. The goal isn’t to predict exactly when one phase will end and another will begin.
Instead, it’s to recognize that your spending patterns may change over time.
Why This Matters for Your Retirement Income Plan
Understanding how travel spending may change can make retirement planning more nuanced.
Instead of asking, “How much will I spend every year in retirement?” consider asking:
- What do I want my first five years of retirement to look like?
- How much do I expect to spend on travel each year?
- Which trips are on my bucket list?
- Will I help pay for trips with children or grandchildren?
- How might my travel habits change as I get older?
- Which expenses are essential and which are discretionary?
- How could healthcare or long-term care costs affect my later retirement years?
These questions can help create a retirement income plan that reflects how you actually want to live.
Don’t Wait to Build the Travel Budget
If travel is important to you, it shouldn’t be an afterthought in your retirement plan.
Start by identifying the experiences you want to prioritize. Maybe it’s a $15,000 international trip you’ve always dreamed about. Maybe it’s an annual family vacation. Or perhaps it’s simply having enough flexibility to take spontaneous trips without worrying about whether you’ve “spent too much.”
Then consider when you expect those expenses to occur.
A retirement plan that assumes the same level of discretionary spending every year may not accurately reflect your goals. Conversely, a plan that assumes your spending will automatically decline may leave you underprepared for an active early retirement.
The goal is not necessarily to spend less. It’s to spend intentionally.
Retirement Is More Than a Number
Retirement planning isn’t just about determining whether you have enough money to stop working. It’s about understanding how you want to use that money throughout the different stages of your life.
For many retirees, the go-go years represent an opportunity to make the most of their health and freedom. The slow-go years may bring a different pace, with fewer major trips and more time spent close to home.
Your retirement income strategy should account for those changes.
After all, the question isn’t simply “How much can I afford to spend in retirement?”
It’s “How do I want to spend my money throughout retirement — and how might that change over time?”
Planning for those changes can help you make the most of your retirement years while giving your finances the flexibility to evolve alongside you.
Bautis Financial LLC is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
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