10 Things Financial Advisors Say Retirees Should Do in Their First 30 Days

If you're sailing off into the sunset of retirement, you've likely worked very hard to hit this stage. But before you start soaking up your newfound freedom, it's critical to make the right moves to keep everything flowing smoothly.

This guide highlights what financial advisors think new retirees should do in their first 30 days off the job.

Assess where you stand

After celebrating your new milestone, take a step back to evaluate your current situation.

"Step one is to stop and assess without making any irreversible decisions," says Steven Rogé, MS, CFP®, CAP®, AIF®, Chief Investment Officer and CEO of R.W. Rogé & Company, "Take inventory of where you are today."

This might look like checking in on your net worth and seeing what your nest egg looks like.

Check your account beneficiaries

In the event of your death, an incorrect account beneficiary could mean that your hard-earned funds don't end up with the person you had in mind. It's critical to make any necessary changes to avoid unhappy surprises for your relatives.

"You'd be surprised how often I sit down with a new retiree and find an ex-spouse still listed as a beneficiary on an account," says Christopher Walsh, financial advisor at Capital Choice Financial Group in Phoenix. "Life moves fast and paperwork doesn't always keep up."

Re-evaluate life insurance needs

If you have current life insurance policies, it might be time to make a change.

"Those policies put in place decades ago to replace your income in the case of an unexpected early demise may not be needed now that you aren't generating any income," says Rogé.

Track your new spending patterns

It's tempting to think that you'll naturally spend less in retirement. While that might be true for some, many retirees end up spending more every year. In order to find out where you stand, it's critical to track your expenses in this new phase.

"Overspending in the early years is one of the fastest ways to derail a retirement that was otherwise set up well," says Walsh.

Create a plan for your time

"One of the biggest surprises in retirement is how quickly unstructured time loses its appeal," says Stephen Vecchione, MBA, CFP® at Statera Advisors, "Retirees that thrive are the ones who replace work with structure."

A few ideas include volunteering and scheduling plans with family or friends. Even picking up a part-time job doing something that excites you might be a fun way to spend your time, and the extra cash certainly won't hurt.

Dial in health care

Without an employer, you'll need to find a new way to cover health care. For retirees who are at least 65, Medicare is the obvious solution. But for younger retirees, it's not always that simple.

"Retirees who don't yet qualify for Medicare should evaluate their options through the ACA marketplace," says Eric Croak, CFP® and president of Croak Capital.

Consider estate planning needs

At this stage, it's a good time to consider your estate plan. If updates are needed, tackle those right away.

"Wills are good, but Powers of Attorney, health care proxies, and potentially revocable trusts may need to be established so your wishes are met," says Rogé.

Build a cash buffer

If your retirement funds are invested in the market, changing conditions can have a big impact on your nest egg. Building a cash runway can help limit the risk of a downturn upsetting your retirement plans.

"I recommend retirees set aside 12-24 months of expenses in a high-interest savings account or short-term Treasuries," says Croak, "That way, if the market corrects next month, your portfolio isn't forced to sell at lows."

Make adjustments along the way

Retirement is a major lifestyle change, so it's natural that not everything will feel right for you. Don't be afraid to make adjustments as you transition into this new chapter.

"The advantage of the first 30 days is flexibility, says Vecchione, "If something feels off, you still have time to adjust before it becomes your new normal."

Get a second opinion

While you can tackle retirement planning on your own, it's sometimes a good idea to get a second set of eyes on the situation. If possible, turn to a fee-only financial advisor to help you evaluate your situation.

"Make sure they are a fiduciary at all times so they have your best interests in mind," says Rogé, "They will help you lay out all your future cash flow needs and provide distribution analysis to set you up for the best chance of success."

Bottom line

If you've jumped into retirement or plan to soon, make sure to tackle these tasks in the first days of your next chapter. But before you get to this stage, you might want to double-check that your retirement plan is on track. Otherwise, you might run into unexpected difficulty keeping the ship afloat in retirement.  

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