All is not lost. If you planned a multicity tour across Europe or Asia this summer, you’ve probably already rethought those plans. But that doesn’t mean you have to abandon the idea of a vacation altogether. Perhaps a domestic destination, a little ingenuity and a lot of family unity are just what you need.
As far as COVID-19 restrictions go, federal guidelines still do not recommend travel, especially internationally. The CDC advises that if you decide to travel domestically, be sure to take precautions against catching the virus, including washing hands often, socially distancing and wearing a mask.1
In addition, tourism experts recommend avoiding large crowds and choosing outdoor destinations. The key may be to find destinations that fewer people know about.2
Before you go too far down the road, decide how much you can spend. If previous travel plans have been canceled, consider whether you want to use a voucher to rebook in the future or be reimbursed now.3 If you choose the latter option, you might be sitting on cash you are itching to spend. But before you do, it’s a good idea to research where the U.S. is in terms of “flattening the curve” and what the economy — and your job situation — could potentially look like in the future. Many economists are concerned about the effects a possible second wave of COVID-19 infections could have on the economy, so consider whether it’s smart to hold back some that cash you haven’t spent yet.4
If you are concerned about the effects of the coronavirus pandemic on your retirement income, we may be able to help. Please feel free to contact us to discuss creating retirement strategies through the use of insurance products that can help you work toward your retirement income goals.
If you are up for rerouting your vacation plans, consider these ideas. On the high end of travel, an upscale hotelier, Auberge Resorts Collection, and a luxury travel company, Black Tomato, have partnered to host “Take the Open Road with Auberge and Black Tomato.” Packages offer the use of a Mercedes-Benz to take you on multiple destinations with unique experiences in a particular area, with options ranging from lobster fishing in Kennebunk, Maine, to hiking, horseback riding and fly fishing in Park City, Utah. All packages feature award-winning hotel accommodations.5
A more budget-friendly option could be a vacation rental. To minimize your risk of exposure to coronavirus, consider renting an all-in-one party house, complete with swimming pool and other kid-friendly accommodations. The extra expense of renting may be offset by preparing meals at home and limiting other excursions. Research to make sure that you don’t choose a “hotspot” experiencing a COVID-19 outbreak and that you’ll have access to stores, restaurants and any other venues you plan to visit.6
Content prepared by Kara Stefan Communications.
1 David Oliver. USA Today. May 20, 2020. “Weighing whether to travel this summer during the coronavirus pandemic? What to consider.” https://www.usatoday.com/story/travel/news/2020/05/20/coronavirus-travel-summer-vacation-what-cdc-state-department-say/5198927002/. Accessed June 9, 2020.
3 Lisa Milbrand. Real Simple. May 14, 2020. “How to Handle Vacation Plans (Including Your Summer Vacation) During COVID-19.” https://www.realsimple.com/work-life/travel/travel-planning/travel-vacation-planning-covid-coronavirus. Accessed June 9, 2020.
4 Carmen Reinicke. Business Insider. June 8, 2020. “A 2nd wave of COVID-19 infections poses the biggest threat to the US economy this year, economist survey shows.” https://www.businessinsider.com/economy-biggest-threat-second-wave-coronavirus-infections-us-covid19-survey-2020-6. Accessed June 9, 2020.
5 Lauren Mowery. Forbes. June 9, 2020. “Four Ways You Should Hit America’s Roads This Summer With Black Tomato.” https://www.forbes.com/sites/lmowery/2020/06/09/four-road-trips-with-auberge-mercedes-and-black-tomato/#66e874be71f3. Accessed June 9, 2020.
6 Claire Ballentine. Bloomberg. May 21, 2020. “Considering a Vacation Rental? Here’s What to Know Before You Travel.” https://www.bloomberg.com/news/articles/2020-05-21/considering-a-vacation-rental-what-to-know-before-covid-travel. Accessed June 9, 2020.
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Phoenix Arizona Financial Planner Teresa Bear 480-503-0050 http://www.TeresaBear.com Helps Phoenix Investors by Sharing Retirement and Investment Planning Tips.