Retirees aren’t saving for travel

Americans want to travel in retirement because they recognize the physical and mental benefits of traveling, but they are not saving enough to make this goal a reality, according to a report by the Global Coalition on Aging and Transamerica Center for Retirement Studies.

The survey showed that 59 percent of Americans dream of traveling during retirement, and 69 percent say that travel is an important goal worth saving for. Only 44 percent have given a retirement travel savings plan any attention and only 15 percent have placed a high priority on saving for travel.

Only 18 percent have factored travel into their financial strategy for retirement, the survey found.

Retirees were asked how they would have prepared differently for travel in retirement and more than half said they wished they would have saved more, said Catherine Collinson, president of Transamerica Center for Retirement Studies.

In “Destination Healthy Aging: The Physical, Cognitive and Social Benefits of Travel,” the Global Coalition on Aging links travel and the activities associated with travel to positive health outcomes in retirement, including decreased risk of heart attack and depression. It also promotes brain health.

Americans who travel are more satisfied physically, emotionally and financially, according to the joint report, “Journey to Healthy Aging: Planning for Travel in Retirement.”

Those who travel are significantly more satisfied in mood and outlook compared to those who do not travel, 86 percent compared to 75 percent. It also found that 77 percent of Americans who travel report satisfaction with their physical health and well-being while only 61 percent of those who do not travel say the same. Many of the health benefits of travel stem from all of the walking. Sixty-three percent of survey respondents report walking more on trips and getting more exercise than they do at home.

Meeting new people, learning about new cultures and navigating around new places can help delay the onset of degenerative disease.

Also read:

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