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Living the Dream: Cash, Travel, and Chillin' in Retirement!

Many dream of travelling far and wide when they retire. Whether it is international travel or a lap around Australia in a caravan. An important part of planning for retirement is ensuring you have the funds to partake in the lifestyle and travel you desire.

Financial Freedom and Travel in retirement
Financial Freedom and Travel in retirement

What can you do to make this happen? Planning in advance makes a big difference. First, you need to establish your retirement plan. Here is the process:

  1. Define your retirement numbers: The initial step involves calculating the income required to cover your day-to-day living and lifestyle expenses. You can start by using your existing living expenses as a baseline and adjusting based on potential changes. For instance, having your debts paid off when you retire is advisable, so you would deduct mortgage expenses.

  2. Assess Your Sources of Retirement Income: You'll likely receive income from various sources during retirement, including a superannuation account-based pension, investments, rental income, and, in some cases, government support such as Centrelink. Estimating how long these income streams will last is essential, considering that people are living longer lives.

  3. Budget for Your Desired Travel Expenses: After securing your financial essentials, it's time to budget for those dream vacations. Work out the approximate cost of your holidays and add them to your retirement numbers. I call this number your "Financial Independence Figure" (FIF). Your FIF represents the amount you need to afford the lifestyle (including holidays) you desire in retirement.

This process might seem daunting, so don't hesitate to seek guidance from a Certified Financial Planner, such as myself, if you require assistance with your FIF. It is what we do, day in and day out!


Reality often requires compromises. What if your financial resources fall short of your retirement goals? The next stage is considering some strategies to extend your retirement dollars:


  1. Extend Your Working Life by a Couple of Years: One effective way to bolster your retirement savings is to delay your retirement by a few years. Continuing to work a bit longer can substantially impact your financial security. This additional time in the workforce allows you to save more, build a larger superannuation nest egg, and potentially pay down any remaining debts. It can also delay the need to dip into your retirement savings, giving your investments more time to grow.

  2. Consider Part-Time Employment or Semi-retirement: Retirement doesn't necessarily mean the end of your working life. Many retirees find purpose and extra income by taking on part-time or flexible work. This could be in a field you're passionate about or something entirely new. It not only provides financial benefits but also keeps you mentally engaged and socially active.

  3. Explore Part-Time or Contract Work While Traveling: If you're adventurous, why not combine travel with part-time or contract work? Thanks to the digital age, many roles can be performed remotely, allowing you to fund your travels while you explore the world. This option can be particularly appealing if you have skills or expertise that are in demand. Consider contracting locally if your job is in person. One of my nursing clients successfully pulls into a town for a short-term contract, which funds her travels.

  4. Opt for International Travel Every Other Year Instead of Annually: International travel can be a significant expense, but there are ways to make it more manageable. Consider switching to a biennial travel schedule, exploring exotic destinations every other year instead of annually. This approach can give your budget a breather and allow you to save more between trips.

  5. Seek Travel Deals and Plan Trips During Non-Peak Seasons: Stretch your travel budget by hunting for discounts and promotions. Planning your trips during non-peak seasons can lead to significant savings on accommodations, flights, and activities. Additionally, being flexible with your travel dates can help you take advantage of better deals.

  6. Rent Out Your Caravan or Camper: If you own a caravan or camper, consider renting it out when you're not using it. Platforms like Camplify make it easy to connect with travellers who are looking for unique accommodation options. This can generate a steady stream of extra income to support your retirement adventures.

"Rolling into Retirement: Mastering the Art of Affording an Aussie Caravan Adventure!
Rolling into Retirement: Mastering the Art of Affording an Aussie Caravan Adventure!

Incorporating these strategies into your retirement plan can make your financial resources go further, allowing you to enjoy the retirement you've always envisioned. It's all about being resourceful, flexible, and creative in managing your finances during your golden years.




Unlock Financial Independence: Squeeze Every Drop from Your Retirement Resources

No matter how frugal you are or how diligently you save, the real game-changer is making intelligent financial choices. Engaging the services of a professional financial advisor can pave the way for financial independence and the retirement of your dreams, complete with travel and adventure.


Consult a financial planner sooner rather than later to make the most of strategies that require time. It's about laying a solid foundation for a secure financial future.


You can still live out your retirement dreams even if you don’t have an endless supply of money. It's all about a little creativity, knowing your numbers and smart planning. Cheers to your golden years!






What you need to know


This information is provided and produced by Lush Wealth - Financial Planning Advice Newcastle & Sydney. The advice provided is general advice only as, in preparing it, we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.


Article By Christine Lusher: Certified Financial Planner & Financial Advisor

Christine is passionate about financial planning and financial literacy for women. Christine has been a licenced financial planner since 2004. The Lush Wealth Financial Planning Program is designed to help women find clarity on their FIF (Financial Independence Figure). Boost Life & Grow or Reduce Paid Work & Ease to Retirement. Together we can get your finances in order so you can focus on the important stuff in life. Whether you’ve got questions about when you can retire, if your super is working for you, if you should buy an investment property, or anything else related to your money, I’ll be glad to point you in the right direction. Appointments are available with Christine online via booking link.

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