Tips for the newly-retired

When my dad retired a few years ago, I learned a lot about new-retirees and how they view their new situation.

Based on helping him, along with some clients along the year, here are a few tips & observations for new-retirees.

Retiring is tough, mentally, especially if your identity was wrapped in work.

I'm looking at you: men.

Day-to-day, you have to be comfortable in your own/new skin. How will you spend your days?

Your relationship with your money changes too.

• no more consistent paycheck

• your nest egg will shape-shift (somehow) into your new paycheck

• you will spend down your life savings (and your balance might shrink)

Tips / Observations

• Extra cash feels amazing. Better than any melatonin/ambien on the market. If you normally like 6-mos' worth on hand... double it. You'll feel better.

• Watching your life savings fluctuate w/ the markets can be painful. Back to the reserves thing: find a healthy amount to keep out of (stock) markets, and into other reliable assets, to create plenty of backstop.

• Spending Money can be difficult. If seeing your balance go down hurts too much to spend it, tell your advisor. We've heard it 1,000 times. Good savers will always feel awkward spending.

• Have a travel buddy. You'll want to spend your Go-Go years on planes and ships. Build your squad and go.

• Know your travel budget. Spend unapologetically.

And lastly...

Contrary to what you might think a financial planner would say: spend the money (within the plan’s guidelines). That's what it's there for.

If you don't spend it down, someone else just might :)

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