These Texas friends travelled around the world in 80 days — in their 80s. Most retirees can’t swing that. How to plan and pay for travel in later life

Now Hamby and Hazelip are out to prove late-life adventures are achievable (1) with their new book Here We Go: Lessons for Living Fearlessly from Two Traveling Nanas. It may inspire the nearly two thirds of Americans over 50 who dream of traveling in retirement.

But for many older adults, an epic trip may seem more like a pipe dream. As RBC Wealth Management reveals, for one in two Americans who worry about the cost of travel in retirement (2),

For one thing, most older adults live on a fixed income. Two-thirds depend on Social Security checks (averaging $1,976 per month), (3) just to get by.

What’s more, the AARP reports that one in five Americans over the age of 50 has no retirement savings at all. (4) To make matters worse, older adults tend to pay a premium for travel relative to their younger counterparts.

In the face of all these challenges, it may seem like travel is a frivolous expense for older Americans. But as Hamby and Hazelip can attest, travel is an achievable goal, if you plan for it.

Comparison shop options for dream trip

If you’re approaching retirement, start planning now.

While it might be tempting to kick the can and the costs down the road, traveling early in retirement when you have fewer health concerns may increase your pleasure in the experience.

Planning early allows you to start saving for retirement travel on top of your nest egg.

If you’re already retired, it’s still a good idea to plan travel months — if not a year — ahead for logistical and budgetary reasons.

One of the pleasures of planning is daydreaming. That’s encouraged as long as you price out the realities. Here are some things to consider.

Destinations

Consider a variety of destinations and comparison shop the potential costs online. For example, a trip to the Greek Isles might be more affordable than a tour of the Irish countryside.

If you’re on a tighter budget, you may have to identify destinations that may not be as exotic but that don’t break the bank. For example, you may want to consider domestic travel to a beautiful location you haven’t visited in the continental U.S.

This pre-trip research will give you a better idea of what you’ll need to budget for travel, including flights, car rentals and accommodations.

Accommodations

By the time you’re in your 70s or 80s, your needs and tastes in travel may have changed from your backpacking 20s.

For example, you may once have bunked down in a cheap hostel and now cringe at the thought of sharing a room with a stranger.

You may also prefer accessible accommodations with wheelchair-friendly ramps, elevators, wide hallways and doors and walk-in showers.

Work the cost of such accommodations into your travel budget.

Health-care needs

Don’t forget to keep travel insurance — both trip cancellation and health insurance — top of mind.

Travel insurance typically costs more for mature travelers, but for many, it’s well worth the peace of mind that comes with it.

Travel advantages in later life

While older adults may pay a premium for things like accommodation and travel insurance, they may also find opportunities to save on travel that might not be available to those in their working years or parents with young children.

Retirees with flexible schedules and responsible attitudes are ideal house-sitters. Generally, this involves getting to stay at someone’s house for free. In exchange, you might need to watch pets, collect mail, and water plants.