Golden Summers: Last Minute Summer Travel Tips for Retirees
6 minutes read time.
Summer travel season is officially in full swing and eager jet setters are breaking records to prove it. Case in point: On the Sunday following the Fourth of July, three million passengers made their way through airport security checkpoints in the U.S., a new high when it comes to air travel.
Even though inflation is putting a strain on household finances, people are still finding room in their budgets to travel. According to one survey, 82% of people indicated they will travel, at least once, this summer. Whether traveling to check off a bucket list item or simply visiting old friends, experts say this year’s record-breaking summer travel season is one of the continuing ripple effects of the COVID-19 pandemic, a time in history that forced many people to come face to face with their own mortality and realign their priorities.
Instead of spending on things like new cars, clothing or jewelry, an increasing number of consumers have opted instead to invest in experiences. “They took all that money they had for other items and just moved it over to travel. Whatever you want to say about the economy, people are not making the choice not to travel, they are making the choice to travel,” says Peter Greenberg, “The Travel Detective” and Travel Editor for CBS News.
WATCH Your Money Map: Golden Summers: Last Minute Summer Travel Tips for Retirees with Peter Greenberg
This summer is shaping up to be the “summer of travel,” with an estimated 82% of people saying they plan to vacation at least once in the coming months, according to a recent survey. On the next episode of “Your Money Map,” Peter Greenberg, “The Travel Detective” and Travel Editor for CBS News joins host Jean Chatzky to talk about how to get the best deals, even if you’ve waited until the last minute to make your summer travel plans.
Going Where Your Dollar Goes the Furthest
An Alliance study showed that travel tops the bucket list of things to do in retirement, but it has to be budget-friendly. A recent survey showed 63% of Americans aged 50 and older said travel is an important retirement goal, yet half worry high costs could hamper their plans. Greenberg says one of the keys to seeing the world and keeping costs down is visiting countries where your dollar goes the furthest. “If you take a look at where the U.S. dollar is strong, it becomes a buyers’ market destination.”
Today, some of the more popular locations for stretching your travel budget include Japan, South Africa, Thailand, Turkey and Argentina. For example, in Turkey, one U.S. dollar equals nearly $33 in Turkish Lira. “Smart travelers are going to both Argentina and Turkey right now to do their Christmas shopping,” Greenberg notes.
Attention, Last Minute Planners: There Are Still Deals to be Had
If you’ve yet to make summer travel plans, you still have time–but the clock is ticking. Greenberg says while travel is expected to remain strong for the rest of the year, there’s one exception: the month of August. As he explains, uncertainty over the political climate and the U.S. election have caused people to pull back a bit, impacting the price of international travel. “They [travelers] want to see what’s going to happen in this country before they make travel plans,” Greenberg says. That factor has caused international airfare for travel in the month of August to drop for the first time in the last 18 months.
Your Secret Airfare Savings Weapon: A Travel Agent
Those wanting to fly domestically in the month of August won’t see the same dip in prices, but as Greenberg explains, there are other ways to save, starting with picking up the phone and calling a travel agent. “The best way to buy a plane ticket is not to think for a minute that the internet is your friend,” explains Greenberg.
When you search for airfare online, you do not see the carrier’s full inventory, or in most cases, the full price of your ticket up front, thanks to all the extra fees for baggage, seat selection and others that get tacked on at the end. Travel agents, on the other hand, can see inventory on flights that the average person can’t. They can also find flights you might not pull up in your internet search.
An initial call to a travel agent will typically be free and when you book, they in most cases will charge a fee for their services. That said, it could pay off in the long run. “Sometimes they’ll charge you a $25-$35 fee,” says Greenberg. “But if they can save me $600 [overall], I can do the math, I’ll pay them.”
Cruising Gets Creative
One area of travel that has really bounced back post-pandemic is cruising, which could be a good option for last-minute travelers. And, if you haven’t been a fan of cruising in the past, you may want to give it a second look.
As Greenberg explains, the mode of travel has changed in recent years, for the better. “What we are seeing is, especially for retirees is multi-generational travel, where Grandma and Grandpa are taking the entire family along” he notes. “They’re bonding on the ship, because today, so many of these cruise ships are not about where they’re going, the cruise ship [itself] has become the destination.”
Cruises have also become more affordable for the single traveler. As Greenberg notes, certain cruise lines have done away with charging single travelers for double occupancy rooms. “You’re not paying for the fictitious person that’s out there with you, you can actually get a reasonable price,” he says. “That opens the door to a lot of singles over the age of 50, who want to travel but just didn’t have a companion to go with.”
Many cruise lines have also embraced the “stay and play” mentality. Instead of arriving in the early morning and setting back out to sea later in the day, ships will dock overnight. “It allows for a deeper vision of the culture,” says Greenberg. “You’re not just getting one pina colada and racing back to the ship.”