Giving Back While Getting Away
Posted on February 10, 2017
As the end of work draws near and the next chapter of life quickly approaches, many retirees are left wondering what they will do with their time. Some prefer to live a life of leisure, others take on new hobbies and then there are those who enjoy “voluntourism” – a form of tourism in which travelers participate in voluntary work, typically for a charity.
Voluntourism, otherwise known as volunteer vacations, provides the perfect opportunity for retirees to travel, all while donating their time and skills to a worthy cause. But how do you get involved and determine if volunteer vacations are right for you?
What do you want to get out of your experience?
Start by deciding what you want to get out of your experience. There are many different types of volunteer vacations, including working in medicine, education or with animals. As you research these types of opportunities, consider factors such as how many hours a day you want to work and the length of time you want to volunteer. After you decide which volunteer vacation is right for you plan out your expenses for the trip.
How will you manage expenses?
The cost of a volunteer vacation could be hundreds or thousands of dollars, depending on the location, itinerary and how long you will be staying. On most volunteer vacations, you are in charge of covering your own travel and living expenses.
If you plan on staying in one place for several weeks, you may want to set up a local bank account. This gives you close access to the funds you’ll need to cover any expenses. If you’re going to be away for a month or more, financial arrangements will need to be made to cover expenses at home. Renting out your home is always a good option, as you will have to continue to pay property taxes, homeowners insurance and utility bills while you are away. Another possible way to defray costs is by consulting with your tax advisor to determine if all or some of your volunteer vacation costs could be tax deductible.
The last step on the volunteer vacations checklist is to set aside extra money to cover emergency medical evacuation insurance. With this coverage, a medical dilemma does not have to turn into a financial one as well.
For retirees looking to embark on a volunteer vacation, consider consulting your Financial Advisor to help you create a thoughtful strategy for managing your income needs without jeopardizing your future.
For more information, contact The Menashe Morley Group in the Rancho Santa Fe office 858-381-8113. The Menashe Morley Group, serving the community for over 30 years: David Menashe is a Senior Vice President and Wealth Management Advisor, Bruce Morley CRPC ® is a First Vice President and Wealth Management Advisor and John Naviaux CPWA ® is a Vice President and Wealth Management. The investments or strategies presented do not take into account the investment objectives or financial needs of particular investors. It is important that you consider this information in the context of your personal risk tolerance and investment goals. Always consult with your independent attorney, tax advisor, investment manager, and insurance agent for final recommendations and before changing or implementing any financial, tax, or estate planning strategy. Merrill Lynch Wealth Management makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), a registered broker-dealer and member SIPC, and other subsidiaries of Bank of America Corporation (“BofA Corp.”). Bank of America Merrill Lynch is the marketing name for the Retirement Services business of BofA Corp. investment products: Are Not FDIC Insured, Are Not Bank Guaranteed, and May Lose Value. Equity securities are subject to stock market fluctuations that occur in response to economic and business developments. © 2016 Bank of America Corporation. All rights reserved. AR9LH6BG
Photo Caption: Menashe Morley Group
Photo Credit: Photo by Zach Tanz