Living on a fixed Social Security income definitely puts a damper on these retirement dreams from relaxing on a Caribbean beach to visiting the canals of Venice. With precious nest eggs to protect, retirees can't spend too much. But you also don't want to be cooped up at home watching daytime TV for the next 30 years.
See now: I'm a Financial Planner: 5 Ways Not to Spend Your Savings in Retirement
Following: 7 common debt scenarios that could impact your retirement – and how to manage them
The good news? With a few clever tricks up your sleeve, you can still feed your wanderlust without breaking the bank. Just ask Shirley R. of Phoenix and Bob D. of Burbank, Calif. – two globetrotters who are doing just fine. see the world with their modest social security checks.
Hunting for discounts is a must
For Shirley, becoming a world-class discount hunter was job #1 when she stopped working. “The very first thing is to be diligent about finding deals and discounts on absolutely everything travel-related,” she said. “Whether it's letting deal sites like Going (formerly Scott's Cheap Flights) do the hard work of searching for good deals on plane tickets or taking advantage of senior discounts, it's all about to leave nothing to chance. »
She constantly pulls out her trusty AARP card to receive discounted hotel rates, senior cruise rates, and even discounted rental cars whenever she and her husband hit the road. Packages that bundle hotel, flights, and activities into one price also save them a nice amount of money.
Learn more: 3 places to travel that are like Hawaii but much cheaper
Off-season offers
Bob takes a similar approach, but with one big problem: He only travels during the offseason, when destinations are empty and demand is low. “You can save a fortune just by avoiding places where they are most in demand by families and crowds,” the retiree said. “Shoulder season is the way to go if you can make it happen.”
It plans spring and fall travel dates to reduce costs by up to 50% compared to prime time summer. Holidays like spring break are also out because that's when prices skyrocket.
House exchange or house sitting
Shirley relies on another measure to significantly reduce accommodation expenses: “By exchanging a house or keeping a house for someone else, you can get free accommodation absolutely anywhere for weeks at a time. that time. »
While playing pet sitter and housekeeper for a few weeks might not be everyone's cup of tea, Shirley loves the opportunity to really immerse herself in the local culture and to live like a real resident rather than finding yourself crammed into a cramped hotel room. The savings compared to paying for a room can be huge, especially for extended vacations.
Retired travel teams
Bob harnessed the power of retirement travel groups and communities to team up with like-minded retirees and save in droves. “I'm part of a few travel clubs and groups specifically for retirees, which helps me pay group rates and find travel companions to share the costs,” he said.
From reserving larger accommodations suitable for multiple couples to offering discounted group tours and activities, consolidating retiree purchasing power advances affordability.
Credit Card Rewards
Finally, neither Bob nor Shirley would be able to maintain their jet-setting habits without extracting every drop of value from that OG frugal weapon: travel rewards credit cards.
“I use my credit card points for free flights and hotel nights whenever possible,” Shirley said. “It takes discipline to always pay every month. But if used correctly, these cards can provide free travel.
Bob also says travel rewards cards are a “game changer” for budget travel as a retiree. By switching from card to card to get big welcome bonuses while putting all his spending into the one he's working on to get a new bonus, he can easily accumulate hundreds of thousands of points each year to redeem for free travel.
With professional tactics like these, Shirley and Bob prove that you absolutely can travel the world as a retiree surviving on Social Security income alone. So don't hang up your to-do list just because you're on a fixed income. When there's a will, there's a way for retirees to continue exploring all of their travel desires, even on a tight budget.
More from GOBankingRates
This article was originally published on GOBankingRates.com: I'm retired: 5 ways to travel on just the social security budget
