People spend years putting money away with the goal of having a comfortable nest egg once they retire. What’s talked about less is how easy it is to waste money in that first year of retirement, especially as people adjust to managing their savings instead of earning a paycheck.
“In my experience working with clients, the first year of retirement feels like stepping into a whole new season of life,” Trevor Houston, CEO at ClearPath Wealth Strategies, LLC, wrote in an email. “It is a big shift, and they have to learn how to manage that extra time along with their money. A lot of folks spend more than they realize because every day starts to feel like the weekend.”
