Road trip to retirement
RACQ Financial Wellbeing’s Jess Colquhoun said planning ahead for travel could help reduce costs in retirement.
“Retirement looks different for everyone, but if you plan to join the ranks of grey nomads crisscrossing Australia with a caravan in tow, there are a number of things you can do now to save you money and reduce stress,” Mrs Colquhoun said.
While retirement may seem a long way off, Mrs Colquhoun said it was never too early to plan your future lifestyle.
“The ideal time to start thinking about your retirement lifestyle is when the kids leave the nest,” she said.
“The earlier you start thinking about your goals and travel plans the better as it gives you more time to make your dreams a reality.”
Mrs Colquhoun said it was important to consider large travel expenses before retirement.
“If you’re planning on touring Australia with a caravan, consider purchasing your caravan and the right tow vehicle early so you can pay off any loans while you’re still working,” she said.
Mrs Colquhoun said the transition to retirement offered many opportunities to save on travel essentials.
“Cutting back to part-time work can be a great way to ease into retirement, especially if you can start going on trips with your caravan,” she said.
“You’ll quickly learn what you like and don’t like about retirement and the grey nomad lifestyle and can make tweaks while you are still earning a salary.
“Before you hit the road, make sure you take advantage of any discounts available to over 55s and loyalty benefits on essentials such as fuel, insurance and roadside assistance.”
Information on RACQ’s discounts is available here.
Mrs Colquhoun said taking the time to talk to your kids about your retirement plans and their own finances could pay off in the long run.
“One of the biggest disruptions to your retirement can be looking after kids and grandkids in the event that they experience a crisis or financial shock,” she said.
“Making sure your kids are properly insured and are equipped to look after their own financial wellbeing will save you money and stress down the track.”
The information has been prepared for general information purposes. Any advice is general advice and does not take into account any person’s particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.
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The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.
Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the Product Disclosure Statement (PDS) and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.