8 dream vacation splurges

These destinations are bound to satisfy your wanderlust. Read on for where to go next — and how to prepare for the cost.

AS YOU THINK ABOUT YOUR NEXT BIG VACATION, what do you hope to take away from the trip? Demand for premium travel experiences remains high, and for many, that means pursuing a passion. “We’ve found that people are using travel to add depth to their lives in a way that can only happen when you take yourself out of your routine,” says Jack Ezon, founder and managing partner of the travel advisory firm Embark Beyond.

Henley Vazquez, CEO and co-founder of the travel advisory firm Fora, has seen a similar shift. “Our affluent clients are looking for experiences that allow them to come home from a trip a little smarter or healthier or more open-minded than when they stepped on the plane,” she says.

That could mean immersing yourself in a culturally significant city, finding an overlooked culinary hot spot, embracing nature or tending to your health and well-being.

“Travel comes up in every single conversation I have with clients these days,” agrees Merrill Wealth Management Advisor Mary Jo Harper. “Having a budget earmarked for travel is a very high priority for them.”

As you pursue your next travel passion, consider these eight destinations — some of them under the radar — recommended by Vazquez and Ezon. Then check out the best ways to plan for a travel splurge while keeping your other financial goals on track.

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A view of a mosque and other architectural highlights in Istanbul with boats and a body of water in the foreground.

Ancient civilization made new: Istanbul, Turkey

“The cross-section of cultures and religions in Istanbul is like nowhere else,” Vazquez says. “It’s Asian and European and ancient and modern. The city literally spans a divide between two continents and checks all the boxes for culinary, retail and cultural travelers.” The new Renzo Piano-designed Istanbul Museum of Modern Art, which sits above the Galataport, the world’s first underground cruise ship terminal, has added new life to the Bosporus shoreline. “There’s an emergent female-chef scene, the shopping is on point, and the hotel landscape is incredible,” Vazquez adds.

People walking down steps on a narrow street lined with shops in Kyoto.

History preserved: Kyoto, Japan

Nowhere else can you experience Japanese culture and history in such a stunning and accessible setting. Once the capital of the island empire, Kyoto has a conservative culture that stands in stark contrast to Blade Runner-esque Tokyo, giving visitors a more authentic look at Japanese history, says Ezon. Take it slow, advises Vazquez. “I always tell people not to visit during cherry blossom season, which is when everyone wants to go,” she says. “Instead, try to experience this ancient city like a local. Take a meditation class in a park, wander the temples, or combine your trip with a stay at a wellness resort. Don’t rush around the city trying to see everything in a day.”

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Overhead view of the old city of Bologna.

Italy’s foodie escape: Emilia-Romagna

Nicknamed the nation’s Food Valley, the Emilia-Romagna region, which includes the towns of Parma and Bologna, remains under the radar, “reserved for ‘in the know’ foodies escaping the tourists in nearby Tuscany,” Ezon says. Situated in the north of Italy between the Adriatic Sea and the Apennine Mountains, this fertile region known for Parmigiano Reggiano and prosciutto, to name just two foods, is home to 21 Michelin-starred restaurants.

A platter of meat, basket of bread and bottle of wine on a table.

Sizzling city: Buenos Aires, Argentina

“This city has one of the hottest food scenes in the world and with the current exchange rate is also one of the most affordable,” Ezon says. Its cuisine is influenced by immigrants from Italy, Germany, Britain, Spain and the Arabian Peninsula, as well as Indigenous cultures. Argentina’s wines, which are among some of the world’s most coveted, pair perfectly with the country’s world-famous beef, a key ingredient that defines modern Argentine cuisine.

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Into the wilds of Africa: Tanzania

Travelers can take advantage of this East African nation’s excellent national park system to book boat safaris, game drives and walking safaris during both the wet and dry seasons. Nyerere National Park, in the southern part of the country, has the highest concentration of elephants in East Africa, Vazquez notes. “With very few travelers there, you almost get the park to yourself.” Recently she’s seen a surge of wellness-focused clients booking safaris in tandem with a hike up Mt. Kilimanjaro with local guides and porters. “Part of the experience is the training and preparation for the six-day hike,” she says. “This is a summit you have to earn.”

Two canoes on the shore of a lake with the Canadian Rockies in the background.

The splendid outdoors next door: The Canadian Rockies

“With the brilliant azure waters of Lake Louise, the jagged mountains of Banff and the vast glaciers along the Bow Valley, the Canadian Rockies offer a host of adventures,” Ezon says. That means active pursuits like whitewater rafting, biking, paragliding, mountain climbing and kayaking, plus golf in striking settings along rivers, mountain peaks and glacial lakes. Notable golf destinations include the 1928 Stanley Thompson-designed course at Banff Springs and Silvertip, a par-72 course that rises 600 feet and doubles as a bird sanctuary.

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A hiker looking toward a red-rock butte.

Healing energy: Sedona, Arizona

The red rock canyons — and reputed mind-altering energy currents — of Sedona are the ideal backdrop for wellness seekers. “It’s a spiritual destination and such a beautiful place to recharge,” Vazquez says. The world-class spas are elevated by the canyon views, with new resorts integrated seamlessly into the stunning landscape. “For a lot of people, going to Sedona doesn’t even require flying,” she adds. Book a room that’s completely immersed in the surroundings, and you won’t need to get in your car to go for a hike, get a massage or stargaze.

Lounge chairs on a patio overlooking Swiss mountains and water.

Serious pampering: Switzerland’s spas

Set among awe-inspiring mountain backdrops, Swiss spas take a more clinical approach to wellness, helping guests solve problems like weight loss or chronic pain. “There are those that are ideal for pampering and detoxifying, and others that are more medically focused for serious alternative interventions and longevity programs,” Ezon says. Some of the finest spas include a 150-year-old wellness retreat that sits above Lake Lucerne and another close to the ski resort of Gstaad that traces its roots back 350 years.

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As appealing as trips like these are, you may face sticker shock if you haven’t traveled in a while. “The cost of travel has really seen a huge jump over the past few years,” says Merrill Wealth Management Advisor Katie Thompson. Her advice: Plan well in advance and consider traveling in the off-season, when prices are a little more affordable, or pushing your trip out a year to allow more time to save.

Many clients identify travel as important. “For a lot of people, it’s not aspirational; it’s a way of life,” says one advisor.

Make travel part of the plan. Just as with retirement or education, travel is a goal that should be worked into your overall financial plan, she adds. That means putting a dollar figure on how much you expect to spend every year and identifying what funds will cover that budget item. When Thompson helps clients label goals as “essential,” “important” or “aspirational,” many identify travel as important. “Travel is often right on par with helping grandkids with their education,” she says. “For a lot of people, it’s not aspirational; it’s a way of life.”

If you go beyond what you budgeted — maybe you decide to host a multigenerational family vacation — have your advisor rerun your numbers, Thompson says. “Ask yourself: Will travel spending take you off track for your other goals?”

Figure on a retirement bump. As you look ahead to what income you’ll need to cover your expenses in retirement, keep in mind that travel may become an even bigger priority. “The first five years of retirement are when we see the most travel spending,” says Merrill Wealth Management Associate Kerry Farr.

Be strategic about rewards programs. Another benefit of planning ahead is that you may be able to amass enough points on a rewards credit card to offset some of your travel costs.

“To bulk up on points, concentrate your spending on one card rather than spreading out rewards over a lot of cards,” Farr says. What’s more, adds Thompson, the right travel card may offer concierge services, flight discounts and travel insurance that includes emergency evacuation coverage.

Keep earmarked funds safe. Once you have a trip on the calendar, says Merrill Wealth Management Advisor Mary Jo Harper, set that money aside in a safer, more liquid investment or cash. “The No. 1 rule is that if the money is earmarked to be spent soon, it should not be in the market,” she explains.

IMPORTANT DISCLOSURES

Preferred Rewards Credit Card Bonus. Certain credit cards are eligible to receive a Bank of America Preferred Rewards^® bonus. Enrolled Preferred Rewards members with eligible Bank of America^® credit cards can receive a Preferred Rewards bonus of 25% for the Gold tier, 50% for the Platinum tier, or 75% for the Platinum Honors, Diamond or Diamond Honors tier on each purchase. If your card receives the 10% customer bonus, the Preferred Rewards bonus will replace the 10% customer bonus. You will not receive the Preferred Rewards bonus when you redeem your cash rewards or points. The Preferred Rewards bonus for eligible cash rewards credit cards will be applied after all base and bonus cash rewards have been calculated on a purchase. For example, a $100 purchase that earns 3% ($3.00) will actually earn $3.75, $4.50 or $5.25 based on your tier when the purchase posts to your account. For all other eligible card types, a purchase that earns 100 base points will actually earn 125, 150, or 175 points, based on your tier when the purchase posts to your account. The Preferred Rewards bonus is not applied to any account opening bonus, if applicable. The Preferred Rewards bonus also does not apply to the bonus earn for certain programs. This information can be found in the Program Rules associated with those credit cards. Other terms and conditions apply. Please refer to your card’s Program Rules for details about how you will receive the Preferred Rewards Bonus. Program Rules are mailed upon account opening and are accessible through the rewards redemption site via Online Banking or by calling the number on the back of your card. Refer to bankofamerica.com/preferred-rewards for a complete list of ineligible cards.

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8 dream vacation splurges

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