The 5 Must-Do’s In Year One of Retirement

Well, you’re retired. Now what? Some people subscribe to the “first year rule” which says that the majority of your best retirement months will all take place in the first year of retirement. So how can you be strategic during that first year and set the tone in the right way, both emotionally and financially?

 

Helpful Information:

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Disclaimer: PFG Private Wealth Management, LLC is an SEC Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk, and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents.

 

Marc Killian:

Well, you're retired. Now what? Some people subscribe to the first year rule, which says that the majority of your best retirement months will take place in that first year. So how can we be strategic during the first year and set the tone the right way, both emotionally and financially? Let's talk about it this week here on Retirement Planning Redefined.

 

Hey everybody, welcome in once again to another edition of the podcast with John and Nick from PFG Private Wealth, as we talk about the five must do categories in year one, or things at least to be thinking about when we get to that first year of retirement. John and Nick have helped many families get to and through retirement, so it's a good conversation for us to have and get some insight from the fellows this week. If you need some help, go to pfgprivatewealth.com. That's pfgprivatewealth.com. Nick, what's going on, buddy? How are you?

 

Nick:

Good, good. Just staying busy. Can't believe it's already almost October, so time flies.

 

Marc Killian:

Yeah. By the time we drop this, it might be closer to November, so time definitely flies for sure. John, my friend, how are you doing? Are you hanging in there with the family?

 

John:

Yeah, doing well, doing well. Family's good, the girls are getting back into gymnastics, I'm trying to get them into basketball, so having some fun.

 

Marc Killian:

Okay, nice.

 

John:

Got some solar panels put up on the house before the tax credit goes away, and I'm excited to try those out, I'll keep you posted.

 

Marc Killian:

Nice. Yeah, look at that, being efficient. So share some of that information with the listeners out there in case they want to, because that's a great point, the tax credit may be going away, I think pretty soon, so maybe something worthwhile.

 

John:

Yes, end of the year.

 

Marc Killian:

Yeah. Well, let's get into this first year conversation, guys. We'll start with some financial, then we'll transition to the more touchy-feely side of things, although it's not that touchy-feely, it's just important stuff to think about. But I guess you've got to learn how to adapt, that's going to be probably the overarching theme, that first year is a heck of a gear change from the working life to the retired life, so learn how to adjust financially, I suppose. John, you want to start?

 

John:

Yeah. So the first few years, I'd have to say, are typically the most difficult for retirees to adjust. I just had a meeting actually yesterday, and the person did a great job saving, actually had a pension, good retirement accounts, and there was this fear of how much should I be spending, what should I be doing? So it was that one month, two month shock of, all right, how do I get a paycheck and what should I be doing with my time? So it's important to take a look at what was on your bucket list, what do you want to accomplish, and like we say with anything, and I know Nick's going to jump into this a little bit more, what's your strategy for income moving forward?

 

Nick:

Yeah. Especially the first year, clients tend to break into A or B as far as the structure of how they like income. So for example, we'll go through the exercise, get the expenses on paper, go through the plan so we've got a pretty good idea of what the expenses are going to look like, and then create their distribution schedule for the first year. And so