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The Basics Q&A: How Much Can We Spend on Travel in Retirement?

Traveling is one of the joys of retirement. Here’s how to plan for the added expense without jeopardizing your other retirement goals.


It's very common for people to spend more in the early years of retirement, and it's important to build that assumption into your planning. To avoid overspending, you should think through all of your goals and concerns for your retirement—everything from travel and leisure to where you want to live and how you might handle health-care expenses—and start working with your financial advisor on a strategy that takes all of this into account.

Answered by:

Debra Greenberg Headshot

Debra Greenberg Director, Retirement and Personal Wealth Solutions, Bank of America

You'll need to get down to basics: Consider all of your expenses and your income streams—investments, business, Social Security, even a pension or annuity income. Your home could also be a piece of the puzzle. Moving to a smaller house or a lower-tax locale could free up money each month for those trips you want to take.

If you estimate that your spending will be more than your income, you can make adjustments. Working an additional year or two can help put your savings on a firmer footing. Or maybe working part-time for a few years, then taking a few years off to play, then working a little again, will let you enjoy some of what you've been looking forward to while giving your investments extra time to grow.

For more insights on planning for leisure expenses in retirement, check out “Leisure in Retirement: Beyond the Bucket List."

3 Questions to Ask Your Advisor

  1. How can my spouse and I coordinate when we take Social Security to maximize our benefits?
  2. Does it make sense for me to work a little longer to ensure a comfortable retirement?
  3. Do I have an appropriate mix of investments to help me meet my retirement goals?

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This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.


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