Try Before You Buy: What Travelling for Eight Months Taught Me About Retirement

I am regularly talking to clients about retirement, asking the questions: What do you want retirement to look like? Where do you want to live? What do you want to do?

Some people have a very clear idea of what they want; others, not so much. But for both types, the future is uncertain.

One strategy to protect against expensive retirement mistakes is to "try before you buy... or take mini-retirement experiences"

I recently had a personal learning experience on this front.

Being uncertain about my health into my 60s, I decided to take a "Retirement Hedge" (more on this another time). The plan was for my wife and I to take two years off work, travel the world, and tick off as many bucket list items as we could as a "hedge" against ill health later in life, and then return to work for a few years before retiring fully. Interestingly though, travelling for two years was not all it was cracked up to be for us.

Whilst we had a great time, we realised there were certain things we missed from home and our routine — so much so that we happily returned after only eight months. Funnily enough, we both came home with renewed enthusiasm for work (who knew).

My point is that whilst we may "think" we know exactly what we want to do in retirement, the lived experience may not be what we expected.

Therefore, I recommend to clients that they try "mini-retirement" experiences before making huge changes to their financial situation. For example, take time off work (paid or unpaid) and travel for an extended period like we did — see if you like it. Rent a holiday house in the coastal town you always loved — see if you like it. Rent a caravan and travel for three months. Rent a house in the country and work from home for three to six months. Rent a unit (and rent out your house) to see if you like apartment living.

These mini-retirement experiences will teach you a lot about the actual lived experience of your dreams before you quit your job early and sell your home.

If you are interested in finding out if and how you can take mini-retirement experiences, book a chat with our team.

---

Absolute Wealth Advisers are private wealth managers based in Sydney, serving high-net individuals and families across Australia. Through our Family Wealth Pathway, we deliver personalised best family wealth planning options, build healthy, empowered relationships with money, and create a legacy of purpose, values and balance.

This post is factual information only and is not intended to imply any recommendation or opinion about a financial product.

You should always consult a financial adviser for advice that addresses your specific needs and situation before making financial decisions.