Skip to content
AICPA-CIMA
  • AICPA & CIMA:
  • Home
  • CPE & Learning
  • My Account
Journal of Accountancy
  • TECH & AI
    • All articles
    • Artificial Intelligence (AI)
    • Microsoft Excel
    • Information Security & Privacy

    Latest Stories

    • AI early adopters pull ahead but face rising risk, global report finds
    • COSO creates audit-ready guidance for governing generative AI
    • AI loses ground to pros as taxpayers rethink who should do their taxes
  • TAX
    • All articles
    • Corporations
    • Employee benefits
    • Individuals
    • IRS procedure

    Latest Stories

    • IRS should open Trump accounts for eligible children automatically, AICPA says
    • GAO says tax pros helped shape IRS response to ERC issues
    • Anticipated applicability date for future final RMD regs. announced
  • PRACTICE MANAGEMENT
    • All articles
    • Diversity, equity & inclusion
    • Human capital
    • Firm operations
    • Practice growth & client service

    Latest Stories

    • AICPA asks Department of Education to list accounting as a professional degree
    • IRS should open Trump accounts for eligible children automatically, AICPA says
    • AI early adopters pull ahead but face rising risk, global report finds
  • FINANCIAL REPORTING
    • All articles
    • FASB reporting
    • IFRS
    • Private company reporting
    • SEC compliance and reporting

    Latest Stories

    • SEC proposes amendments to small entity definitions
    • Key signals from the SEC-PCAOB conference point to a busy new year
    • New SEC chair to CPAs: ‘Back to basics’
  • AUDIT
    • All articles
    • Attestation
    • Audit
    • Compilation and review
    • Peer review
    • Quality Management

    Latest Stories

    • Auditing Standards Board proposes changes to attestation standards
    • Change at the top: PCAOB will feature new chair, 3 new board members
    • How to prevent late-stage engagement quality review surprises
  • MANAGEMENT ACCOUNTING
    • All articles
    • Business planning
    • Human resources
    • Risk management
    • Strategy

    Latest Stories

    • AI early adopters pull ahead but face rising risk, global report finds
    • Looking to land a CFO role? 2025 was a good year
    • Report: AI speeds up work but fails to deliver real business value
  • Home
  • News
  • Magazine
  • Podcast
  • Topics
Advertisement
  1. newsletter
  2. Cpa Insider
CPA INSIDER

How to talk to your clients about travel in retirement

Encourage clients to plan ahead for the cost of travel.

By Ilana Polyak
August 28, 2017

Please note: This item is from our archives and was published in 2017. It is provided for historical reference. The content may be out of date and links may no longer function.

Related

August 7, 2017

Number of workers raiding retirement funds rises

July 10, 2017

Help clients afford health care in retirement

May 8, 2017

Why women need more money in retirement

TOPICS

  • Personal Financial Planning
    • Retirement Planning

White-sand beaches, majestic peaks, cruises to remote corners of the globe: These are the things of retirement dreams. So it’s no surprise that time and again workers name travel as the thing they’re most looking forward to in retirement. According to a recent survey from Ipsos/USA Today, travel tops the list of how people expect to spend their time in retirement, edging out even time with family.

But to make travel a reality, people need careful planning, say CPA financial planners.

“We always ask about travel when we’re making a plan, and we make travel a separate line item in the budget,” said Timothy Steffen, CPA/PFS, director of advanced planning at Robert W. Baird & Co. in Milwaukee.

CPA financial planners weigh in on how CPAs can discuss travel—and how to afford it—with their clients who are approaching retirement:

Encourage clients to articulate their goals and dreams.

If clients are to create realistic budgets, they need to get as specific as possible about their goals for retirement—both for travel and for other hopes and dreams.

Take, for example, a set of clients of Howard Hook, CPA, a financial planner and owner of EKS Associates in Princeton, N.J. The couple, who are now in their late 50s, are originally from Portugal. For years, they’ve talked about wanting to buy a house in Portugal and use it as their home base for spending time with family and exploring nearby European destinations. Because of this goal, they weren’t sure that they would be able to pull off their other goal: early retirement.

Advertisement

Due to careful planning and good savings habits, “they are in a good position,” Hook said. “We were able to show them that they would have to work a bit longer and could retire by the end of the year.”

Get the details to estimate how much travel will cost.

Clients often don’t really know how much their travel will cost. Advisers should ask them many questions to get the clearest possible picture of their plans and whether their idea of “travel” leans more toward five-star resorts or camping in a national park.

“When we talk about travel, we ask them where do they want to go, how often do they want to go, how long do they want to go, who do they want to go with,” Hook said.

Past travel experience may not be a good predictor of how much clients will spend in retirement. Retirement travel often costs more. For one, there’s time for longer, more immersive experiences. And those who traveled for work are suddenly having to pick up the full tab for airfare, hotels, and meals.

Still others may want to bring their entire family along for their trips.

“A bunch of my clients have gone on safari in Africa, where they’re taking their family with them,” said Hook. “Or they’re taking the whole family on a cruise to celebrate their 50th anniversary. These trips are expensive, and they could cost $20,000 to $50,000.”

Advertisement

Temper clients’ expectations.

Clients often dream big when it comes to how they picture themselves traveling in retirement. Some of their dreams, though, are unrealistic or come with downsides they might not have considered. CPAs can help them see the pros and cons of their desires.

Many of the clients who work with Bill Sittig, a CPA/PFS in Tallahassee, Fla., for example, dream of buying a Winnebago or other recreational vehicle when they retire and setting out to see the vastness of America. With a $250,000 sticker price or more, it’s something he tries to discourage. These clients often overestimate their appetite for that kind of travel, he said. And even clients who do get a lot of mileage from the vehicles find that it eats too big a hole in their budgets.

“You could stay in the nicest hotels as much as you want to and still not get anywhere near how much a Winnebago costs,” Sittig said.

Sittig applies the same reasoning to clients who rush to buy real estate at retirement so they can have a vacation place. Between the upkeep, taxes, and possibly a mortgage, it’s almost always “a terrible financial decision,” he said.

Revisit clients’ travel budgets on a regular basis.

CPAs should also encourage clients to periodically reassess their travel budgets because their plans can change at any time.

Advertisement

“I’ve had clients who spent the first six months of retirement traveling,” Sittig said. “But then they get bored and want to go back to work.” 

Sittig has had to sit down with those clients and revise their plans—now with less money allocated for travel.

Travel, like other active pursuits, often tapers off with age. “We usually see travel in the first 10 or 20 years,” Steffen said. “We are assuming that the travel budget is not something that goes through the end of your life.”

According to the Consumer Expenditure Survey for 2015 from the Bureau of Labor Statistics, people’s spending in most categories, including travel, spikes between 65 and 75, and then drops off (with the exception of health care).

But clients need to be aware that when their travel days are behind them, that part of their budget may get overtaken by medical expenses, Steffen said. That’s not to say that health care will become a dollar-for-dollar expenditure that travel once was. But it’s usually health care concerns that curtail travel.

Getting specific on travel goals and assigning a price tag to them can help clients stay flexible. “If we’re having a hard time making ends meet, we know we have this money allocated in the budget that we can shift around,” Steffen said.

Travel is one of life’s most pleasurable experiences, and after a long career it’s no wonder that most people want to pursue it. Planning to meet that desire early on will help clients shape their retirement budget to make it a reality.

Advertisement

Ilana Polyak is a Massachusetts-based freelance writer. To comment on this article, email senior editor Courtney Vien.

Advertisement

latest news

February 27, 2026

AICPA asks Department of Education to list accounting as a professional degree

February 27, 2026

IRS should open Trump accounts for eligible children automatically, AICPA says

February 26, 2026

AI early adopters pull ahead but face rising risk, global report finds

February 26, 2026

COSO creates audit-ready guidance for governing generative AI

February 26, 2026

GAO says tax pros helped shape IRS response to ERC issues

Advertisement

Most Read

IRS broadens Tax Pro Account for accounting firms and others
AI loses ground to pros as taxpayers rethink who should do their taxes
IRS clarifies how employees can claim 2025 tip and overtime deductions
How AI is transforming the audit — and what it means for CPAs
AI risks CPAs should know
Advertisement

Podcast

February 26, 2026

Talent shuffle: Why people want to change jobs and how leaders can adapt

February 19, 2026

Inside the AICPA’s effort to enhance the skills of early-career CPAs

February 11, 2026

Lessons in internal control lapses from major fraud cases

Features

How AI is transforming the audit — and what it means for CPAs
How AI is transforming the audit — and what it means for CPAs

How AI is transforming the audit — and what it means for CPAs

Promises of ‘fast and easy’ threaten SOC credibility
Promises of ‘fast and easy’ threaten SOC credibility

Promises of ‘fast and easy’ threaten SOC credibility

Built on purpose: CPA’s 6 steps to starting a not-for-profit
Built on purpose: CPA’s 6 steps to starting a not-for-profit

Built on purpose: CPA’s 6 steps to starting a not-for-profit

How to prevent late-stage engagement quality review surprises
How to prevent late-stage engagement quality review surprises

How to prevent late-stage engagement quality review surprises

FROM THIS MONTH'S ISSUE

Promises of ‘fast and easy’ threaten SOC credibility

CPAs who provide Service and Organization Control (SOC) examinations warn that an ongoing push for high-volume SOC services may come at the cost of quality and objectivity.

From The Tax Adviser

February 18, 2026

Why LIFO, why now?

February 10, 2026

Navigating safe-harbor rules for solar and wind Sec. 48E facilities

January 31, 2026

Trust distributions in kind and the Sec. 643(e)(3) election

January 31, 2026

Effects of the OBBBA on higher education

MAGAZINE

February 2026

February 2026

February 2026
January 2026

January 2026

January 2026
December 2025

December 2025

December 2025
November 2025

November 2025

November 2025
October 2025

October 2025

October 2025
September 2025

September 2025

September 2025
August 2025

August 2025

August 2025
July 2025

July 2025

July 2025
June 2025

June 2025

June 2025
May 2025

May 2025

May 2025
April 2025

April 2025

April 2025
March 2025

March 2025

March 2025
view all

View All

http://JofA_Default_Mag_cover_small_official_blue

PUSH NOTIFICATIONS

Learn about important news

This quick guide walks you through the process of enabling and troubleshooting push notifications from the JofA on your computer or phone.

CPA LETTER DAILY EMAIL

CPA Letter Logo

Subscribe to the daily CPA Letter

Stay on top of the biggest news affecting the profession every business day. Follow this link to your marketing preferences on aicpa-cima.com to subscribe. If you don't already have an aicpa-cima.com account, create one for free and then navigate to your marketing preferences.

Connect

  • X Logo JofA on X
  • facebook JofA on Facebook

HOME

  • News
  • Monthly issues
  • Podcast
  • A&A Focus
  • PFP Digest
  • Academic Update
  • Topics
  • RSS feed rss feed
  • Site map

ABOUT

  • Contact us
  • Advertise
  • Submit an article
  • Editorial calendar
  • Privacy policy
  • Terms & conditions

SUBSCRIBE

  • Academic Update
  • CPE Express

AICPA & CIMA SITES

  • AICPA-CIMA.com
  • Global Engagement Center
  • Financial Management (FM)
  • The Tax Adviser
  • AICPA Insights
  • Global Career Hub
AICPA & CIMA

© 2026 Association of International Certified Professional Accountants. All rights reserved.

Reliable. Resourceful. Respected.