7 Money-Saving Travel Tips for Retirees

1. Take Advantage of a Strong Dollar

As of May, the dollar index, which measures the dollar against six major advanced economy currencies, is up 3.4% year-to-date. This makes it a great time to visit countries where the U.S. dollar goes further.

2. Watch Airfares for the Sweet Spot

Nick Ewen, senior editorial director of The Points Guy, suggests planning your trip well in advance. While U.S. airlines open their schedules about 11 months ahead, it's best not to book tickets too early.

3. Use a Different Airport

Booking your entire trip with one airline from your nearest airport might not be the cheapest option. Sometimes, smaller international airports in secondary U.S. cities offer better deals.

4. Embrace a Flexible Schedule

Retirees and others with flexible schedules can save by flying at off-peak times. Midweek flights, typically on Tuesday or Wednesday, are usually cheaper. Avoid Sunday and Thursday evenings, which are popular with business travelers and thus more expensive.

5. Avoid Unnecessary Fees

Foreign transaction fees can add up quickly when using your credit card abroad, typically around 3% per purchase. Switch to a card with no foreign transaction fees, such as the Chase Sapphire Preferred Visa or the Capital One Venture Rewards Credit Card.

6. Get Rewarded for Spending

Use a credit card that offers rewards for your travel expenses. Some cards, like the Chase Freedom Unlimited Visa, offer points for travel bookings but have foreign transaction fees.

7. Don't Rent a Car

Renting a car can be costly, especially with current shortages. Explore cities on foot, by bike, or using public transportation. Taxis or ride services can also offer more immersive experiences.