Every retirement begins with some version of the same ideal: "We’ve earned this!"

For many, leisure travel becomes the reward for a lifetime of hard work.

That was true for the Millers and the Carters. On paper, their situations were very similar. Both couples retired in their mid-60s, had portfolios exceeding $4 million, were debt-free, and healthy. Both had one clear desire: to travel while they were still active enough to enjoy the adventure. 

But 10 years in, their outcomes couldn’t have been more different.

The Millers didn’t like to set limits. They enjoyed being impulsive; it added to the excitement, and each trip allowed them to reminisce the freedom of retirement.

Early on, they booked a European river cruise, something they had talked about for years. It cost more than expected, but they didn’t hesitate. After all, it was about the experience, not dollars and cents.  

That trip led to another cruise. Then, Vail with the whole family. Then a couple of shorter domestic trips. Before long, travel wasn’t occasional; it was part of their go-go lifestyle.

They never budgeted for travel. They didn’t want to feel constrained. They adjusted on the fly, believing spontaneity added to the adventure.

For the first few years, nothing seemed off. The financial markets cooperated. Their portfolio grew. Withdrawals felt manageable. And the Millers were having the time of their lives.

But each year their travel spending crept up: better hotels, nicer excursions, more expensive destinations. Nothing dramatic, just incremental changes over time.

By year four or five, their annual travel expenditure exceeded $40,000, eventually peaking at $75,000. To the Millers, it didn’t feel excessive; it felt normal.

Then the market turned. Not severely, just unexpectedly. But it exposed a fatal flaw in their approach.

Travel wasn’t something they evaluated; it was something they expected. So instead of adjusting, they carried on funding trips by selling investments in a down market. That’s where the real damage occurred.

Like many financial missteps, it happened gradually, then all at once. Eventually, they had to scale back. Trips got shorter. Amenities declined. Destinations became more local. Not by choice, but by necessity. 

The Millers didn’t run out of money. But they lost confidence, which changed everything.

The Carters approached travel in retirement very differently.

Like the Millers, they were eager to travel. But before booking a single trip, they made a decision: travel would be part of their plan, not outside of it.

They started by answering a few questions, including: 

• What would a great year of travel look like for us? 
• What kind of amenities do we need to maximize our enjoyment? 
• How much should we earmark to make our travel goals a reality?  

For the Carters, travel wasn’t an abstract dream. It needed to be realistic and repeatable. It was one of the reasons they worked so hard.

They mapped out a typical year of travel, including one international trip, one or two domestic trips, and occasional family travel, but not every year. Then they did something most retirees avoid. They set a cap of $36,000 and decided not to spend more than that annually.  

That number wasn’t arbitrary. It fit comfortably within their financial plan. It didn’t push their withdrawal rate into uncomfortable territory. And that clarity gave them enough room to travel well, without drifting into excess. Most importantly, it gave them certainty.

When the Carters booked a trip, there was no hesitation. No second-guessing. They already knew their choices would fit into their financial means. And that clarity created flexibility — something the Millers never had.

If markets were strong, they traveled as planned. If markets dipped, they adjusted, but not drastically. Maybe they swapped an international trip for something closer to home. Maybe they spent a little less, or shortened the duration. But they didn’t go without, and they weren’t pressured to spend extra.

For the Carters, it wasn’t complicated. Just disciplined.

That’s the real difference between the two couples. It wasn’t income. It wasn’t assets. It wasn’t even how much they spent. The Carters decided early on how travel would fit into their retirement life. 

The Millers were reactive. Travel became an entitlement, something they expected because they earned it. The Carters were intentional. Travel was a reward, granted because they saved, budgeted, and planned. 

And that distinction matters more than people realize. In retirement, the risk isn’t just overspending. It’s uncontrolled cash flow: the kind that feels okay in the moment but slowly reshapes and negatively impacts your financial reality.

Travel is one of the easiest places for that to happen. It’s emotional. It’s rewarding. And it’s easy to justify.

But it’s also one of the few expenses that can be specifically planned and adjusted without sacrificing quality of life.

There’s a simple takeaway here, and it’s not about cutting back. It’s this: If you want to enjoy travel throughout retirement — not just at the beginning — you have to give it structure. Not to limit it. But to protect you.

Because the goal is not to take as many trips as possible. It’s to make sure you enjoy travel as long as you want.

Kevin Spafford, CFP, is a partner adviser with Allworth Financial in Spokane. He is available at the office: (509) 624-5929; by cell: (530) 966-5560; or by email: [email protected].