Retirees have a lot of challenges to face these days. After years of being unable to travel due to the COVID-19 pandemic, travel-ready retirees today now face higher costs, thanks to elevated inflation and interest rates at multi-decade highs. This has left less cash available for the travel goals many of us plan for in retirement - though it hasn't stopped seniors completely.
In June 2023, a study by Bankrate found that of Americans aged between 59 and 77, 50% had already spent (or planned to spend) at least $1,000 on travel and leisure in 2023, while 17% were targeting $5,000. This was the biggest travel budget of any other generation, showing that travel spending remains a priority for those in retirement.
