Your First Year of Retirement: 5 Things to Expect

in this week's episode we're gonna talk about five things to expect during your first year of retirement let's get started hey there this is patrick king with prana wealth on this channel we help you build your wealth faster so that you can make work optional sooner so if you're new here please consider subscribing and don't forget to sign up for our email newsletter at pranawealth.com newsletter believe it or not the first year of retirement can be a stressful one with so much time spent planning and saving it's easy to see our retirement date as a finish line rather than the start of a new phase of life it can surprise even the most prepared retiree here are five things to expect during your first year of retirement number one retirement won't feel like a vacation granted you may need a well-deserved vacation soon after you start working however the novelty of retirement wears off sooner than most people expect even as soon as a month or two after retirement you may begin to feel anxious and begin seeking fulfilling activities to occupy your free time the moment sold to us on retirement tv commercials simply cannot happen ad infinitum at some point life will reach a steady state you'll still have to buy the groceries you'll have to take out the trash and run the dishwasher you may wonder how you were ever able to do all of this while you were still working a full-time job in fact i once saw a new retiree struggle with these feelings less than two weeks after retiring therefore it's important to start thinking about what life looks like during retirement while you're planning for it it's best to prepare in advance for the mental challenges of such a life-changing event number two it may put stress on your relationship with your spouse after a career spent going into the office suddenly spending all day every day with one another can be a stressful change for both partners in any relationship this could be particularly acute if one partner is a career career-driven type a personality i once worked with a high-level executive who after retiring fell into his default mode of managing at home just as he was accustomed to at work obviously this didn't go over well with his spouse who already had expertly managed their household for decades i am the ceo of the house she told him while it's funny story now at the time there was some question whether their marriage would survive fortunately they got help which eventually deepened their relationship if you're still planning for retirement i recommend that you include your spouse if you haven't already you may find that their expectations of retirement are surprisingly different than what you may have believed you may also need to renegotiate some of the household chores now that one or both of you will have more free time of course this is all part of being in a healthy relationship communication is key chances are if your relationship survived the covet lockdowns the stress of the first year of retirement may not be as acute had you retired pre-pandemic many of us experienced what it was like to spend every waking moment with our partners if your relationship survived 2020 things might just work out number three you may struggle with your identity for many people the first year of retirement initiates a change in how they see themselves and how the world sees them after all so many of us identify ourselves by our professions or careers fairly or unfairly what do you do tends to be the most common question we receive when we meet someone for the first time our work is part of our identity after we let go of work that identity begins to change you may find that the business networking connections you've created over the years slow down it can hurt to think that the business world you've inhabited for so long has moved on without you so quickly it can have a deleterious effect on how we perceive our value if you've worked in a team environment you may miss the camaraderie of interacting with others toward a common goal it can be extremely rewarding to be part of a team right if you spent years enjoying the excitement of those types of interactions there's a good chance you could feel lost during that first year retirement if you feel this could be an issue for you i recommend that you start getting involved with a passion project before you retire this could ease the transition away from work and begin forging new social connections of course this isn't something that everyone struggles with some people can leave work and never look back number four you may feel lonely beyond tying our identity to our careers it's hard to understate the positive value of our relationships at work in our professional communities we often take the numerous and rich social interactions we experience in a work setting for granted losing these day-to-day interactions after retirement can leave a void in our social world that's difficult to replace immediately this social vacuum created during our first year of retirement can create immense feelings of loneliness for many the first year of retirement may mean downsizing to a new house or even moving to a new city this could potentially bring up the stressful scenario of meeting new people and making new friends after years of forging strong relationships it can be lonely and stressful to be without them during the first year of retirement number five the financial planning doesn't end though your retirement may feel like the finish line there's still much planning required to ensure you stay retired you'll need to adjust to living on your investments during your first year of retirement how much you withdraw each month and from where in addition there will always be one-time expenses that you'll need to plan for these might include replacing the roof buying a new car helping a child purchase a first home or taking a in a lifetime vacation finally at some point you'll need to plan for your health care expenses during old age these expenses may seem like they're in the distant future and they are ideally we all live to see a very long investing time horizon in our retirement if you'd like help planning for your first year of retirement then visit us at pranawealth.com to see if we're a good fit we do still have the capacity to take on new clients as a fee-only financial advisor in atlanta we can and do work virtually with clients all across the u.s we're here to help you whenever you're ready if you found this video helpful please help me grow my channel by liking this video and subscribing to my channel and don't forget to sign up for our email newsletter at pranawealth.com newsletter thanks so much for watching and i'll see you soon you

Channel: Prana Wealth

Views: 318,421

Keywords: financial advisor in atlanta, financial planner in atlanta, fee only financial advisor, fee only financial planner, Patrick King, Prana Wealth, retirement planning, financial planning, first year of retirement, what to expect your first year of retirement, your first year of retirement, your first year of retirement 5 things to expect, first year of retirement 5 things to expect, financial advisor, personal finance, financial planner, how to retire

Id: PFS6LfptZzs

Length: 7min 34sec (454 seconds)

Published: Thu Sep 16 2021