The Realities of Life in Your First Year of Retirement

Prepare for the realities of retirement. Create a routine, stay connected, and explore new passions. Schedule a Retirement Tune-Up™ to ease the transition.

Coley Neel, CFA®

Chief Investment Strategist
November 22, 2024
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Retirement is just around the corner!

After decades of hard work, the moment to kick back and enjoy life is finally here. But are you truly prepared for what’s next? Let’s explore the realities of your first year of retirement and how to navigate this major life transition.

The Reality of the First Year

The first year of retirement often feels like a long-awaited vacation—travel, hobbies, and the freedom to finally relax. However, that initial honeymoon phase can fade quickly.

As the months pass, many retirees experience a shift. The excitement may give way to feelings of restlessness or a lack of purpose. Without the daily structure of work, you might miss the routine and social interactions you once relied on. While these feelings can be unsettling, they’re completely normal and part of the adjustment process.

The Emotional Impact

Retirement isn’t just a financial milestone; it’s an emotional journey. Many retirees report feelings of loss—whether it’s the loss of work identity, daily routines, or purpose. Experts call this adjustment “retirement shock,” a mix of exhilaration and uncertainty.

A 2012 study in the Journal of Happiness Studies revealed that retirees often experience an initial boost in well-being, followed by a decline in happiness a few years later. Recognizing these patterns can help you prepare and adjust, turning this phase into an opportunity to reconnect with what truly matters.

How to Navigate Your First Year

Here are practical steps to help you thrive in retirement:

  • Create a Routine: Establish a schedule that includes hobbies, exercise, and social activities to maintain a sense of purpose.
  • Stay Connected: Strengthen relationships with family, friends, and former colleagues. Join clubs, volunteer, or explore new communities to build meaningful connections.
  • Explore New Passions: Dive into hobbies or interests you’ve always wanted to pursue, whether it’s painting, gardening, or learning a new language.
  • Seek Professional Guidance: Work with a financial advisor to align your retirement lifestyle goals with your financial plan. Holistic planning can help ease the transition.

What’s Next?

Retirement is a major life change, but with the right preparation, it can also be one of the most fulfilling chapters of your life.

If you’re feeling unsure about your transition, a Retirement Tune-Up™ can help you identify gaps in your plan and create a strategy tailored to your goals.

👉 Schedule your complimentary Retirement Tune-Up™ today to start your next chapter with confidence!

Ready for a Retirement Tune-UpTM financial review?

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Written by

Coley Neel, CFA®

Chief Investment Strategist

Disclosure:
Great Lakes Retirement, Inc., (DBA W.A. Smith Financial Group (W.A. Smith), (this website) is owned and operated by W.A. Smith. W.A. Smith offers investment advisory services and is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the advisory firm by the SEC nor does it indicate that the advisory firm has attained a particular level of skill or ability. All content available on this Website is general in nature, not directed or tailored to any particular person, and is for informational purposes only. Neither the Website nor any of its content is offered as investment advice and should not be deemed as investment advice or a recommendation to purchase or sell any specific security. The information contained herein reflects the opinions and projections of W.A. Smith as of the date hereof, which are subject to change without notice at any time. W.A. Smith does not represent that any opinion or projection will be realized. Neither W.A. Smith nor any of its advisers, officers, directors, or affiliates represents that the information presented on this Website is accurate, current or complete, and such information is subject to change without notice. Any performance information must be considered in conjunction with applicable disclosures. Past performance is not a guarantee of future results. Neither this Website nor its contents should be construed as legal, tax, or other advice. Individuals are urged to consult with their own tax or legal advisers before entering into any advisory contract. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Investment Advisory Services offered through Great Lakes Retirement, Inc., an SEC-Registered Investment Advisor. Registration does not denote any level of skill or qualification. Insurance and tax planning services offered through W.A. Smith Financial, LLC. We do not offer every plan available in your area. Currently we represent [ 18] organizations which offer [54] products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.

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