Now don’t get scared after reading the title. Retirement can be and should be a great time.
I hear many success stories all the time about feds who absolutely love retirement life.
But, I also hear many other stories of things that really took some federal retirees by surprise in the first year of retirement.
Money Worries
If you have read/watched/listened to my content before then you probably know that it can take some time to actually start receiving a pension or even getting access to your TSP.
If someone doesn’t have an emergency fund (or other cash) this delay can put a lot of stress on a retirement plan.
And while I won’t go into the details on this here, suffice it to say that you will want to have your money figured out to have a great first year in retirement.
Watch this video for more information about your delayed pension and TSP.
We Don’t Change Much
One thing that surprises most retirees is the fact that they are the same person in retirement as they were before they stopped working. We often have the same interest, personality, and preferences before and after retirement.
For example, if you lived life at 100 MPH before retirement then you will probably naturally fill your schedule to stay very busy in retirement as well.
Many people have expressed to me that they don’t have as much free time as they thought they would have in retirement because one way or another their schedule fills up.
And while it is certainly possible to turn a new leaf in retirement, most people find that it is just as hard to change in retirement as it is before retirement.
Travel (and Life) is Expensive
Many of us have a long bucket list of places we’d like to visit and most postpone many of these trips until retirement. Many retirees have expressed to me they are shocked with how much it costs to do a decent amount of traveling.
And while I am a huge fan of seeing the world, you will want to make sure your budget can sustain it.
Note: Some people are okay spending more on travel in the early parts of retirement because they realize that they may not want to travel as much as their health declines.
