Have you ever dreamed of selling off your worldly goods and sailing away … indefinitely? Many have contemplated a nomadic senior lifestyle as an intriguing option. Of course, many reject it. The lure of friends, family and their own familiar bed is too powerful.
If you do embrace the travel lifestyle, how can you juggle the financial realities? How can you prepare for a life of living out of a suitcase?
Many roads lead to Rome
There are many ways to travel, ranging from hotels, rentals or Airbnbs to cruise ships with a long or open ticket. It does not need to be an all-or-nothing program either. Launch your travel plans with a few relatively short trips so you can discover your own preferences in terms of accommodations and what items you really need as you travel light. (Fortunately, anything laptop-related is portable.)
Nomads fall into distinct groups. Some are constantly on the move from one spot to another, while others follow a migratory pattern, perhaps settling in three or four locations over the course of the year, like snowbirds who head for the sun during winter months. Everyone must find their own balance.
Unless you are wealthy enough to maintain several permanent homes, you will want to simplify your traveling life by shedding belongings. It can be a relief to downsize — both your home and your “stuff.” Ask your children and friends what they might like, then donate or sell the rest after you have separated out valuable or sentimental objects. Storage can become expensive, but friends with extra space in their attics may want to help out.
As you sort through, remind yourself why you want to become a wanderer: a taste of variety, spontaneity, adventure and immersion in other cultures. You will no longer be a tourist — except for occasional days at new destinations. Now is the chance to experience travel more thoroughly. You will learn where residents eat, shop and enjoy themselves. You may learn a little of the language to communicate better. To avoid travel burnout, focus on getting to know your destinations more intimately rather than dashing from place to place.
The economics of travel
Some living expenses will be higher, but others may decline. Lodging and airfares are principal costs; meanwhile, some other big-ticket items may even vanish, like house- or car-related bills. Selling a home is not only a potential source of funds but also eliminates payments for a mortgage, utilities, and upkeep. You might invest the proceeds in an eventual new home down payment. Or you might get a property manager and rent it out, using the income stream to underwrite your new life. Keeping the property provides an ongoing emotional link in case you reconsider your nomadic life. House-sitting or home swapping are other avenues for making the most of your home investment.
When you are traveling, keep careful records daily. You will learn where dollars stretch furthest. For American nomads crisscrossing the globe, areas such as Southeast Asia are particularly inexpensive destinations. Portugal has become popular in recent years due to its reasonable living costs.
Some nomads can’t supplement their income by working remotely from far-flung locations. But certain countries like Estonia, Germany, Iceland, and Croatia offer a special digital visa for remote workers.
Paperwork
Remember to renew your passport if necessary before you set off. You will also need to maintain a U.S. address to vote or get health insurance. Some companies will upload your mail to a secure online site. You will still file and pay taxes in your home country, although you may declare yourself a nonresident and streamline your taxes with a Foreign Earned Income Exclusion or Foreign Tax Credit.
If you plan on road trips, RV campsites must be reserved months in advance. Storage costs mount up, although vans can be parked on the roadside. Expect some inevitable delays and malfunctions, get a roadside assistance plan for breakdowns, and don’t skimp on maintenance.
In addition to your vehicle’s health, maintain your own health! Set up health insurance with an evacuation policy.
If the nomadic lifestyle beckons, speak with your financial planner about how to make it a reality.
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