The 'First Year of Retirement' Rule

While the first year of retirement generally features fewer keg parties, football tailgates and all-nighters, it shares one unique similarity with college: It's a new beginning.

For thousands of new retirees every day, it's a time to spread their wings and discover — or rediscover — their sense of self. And, like college, if you take too much advantage of that freedom and neglect your responsibilities, it can hurt the whole experience.

That was the case for one woman who retired with a large pension after 30 years at a major corporation. Within six months, she'd traveled extensively, gifted her adult children money and was considering a second home — all without a financial plan. A surprise tax bill soon followed, and the risk of "dropping out" of retirement became very real.

https://www.kiplinger.com/retirement/retirement-planning/the-first-year-of-retirement-rule