Are you ready for your first year of retirement? Here are 4 things you might not expect — but definitely need to prepare for

The adjustment period

Even if you have a smart plan for retirement, there’s still an adjustment period where leaving the labor force means far less money coming in and more going out. And let’s face it, pre-retirement habits and assumptions can be difficult to change.

Make sure to look over your budget before you retire, not after. Where and what do you spend on? What’s your projected cash inflow?

Crunching these numbers might feel overwhelming, especially if it looks like you’re going to have to make some big changes to your lifestyle, so it’s a smart idea to sit down with a financial adviser and take stock of your situation.

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Prioritize your expenses

Want to travel? It’s a delicious luxury but it’s incredibly expensive when you factor in food, lodging, flights and frequency of trips. Want to renovate your home or buy a seaside getaway? Interest rates on first and second mortgages these days are through the roof.

Before you break open the coffers and live it up, get a sense of your “nice to haves” versus your “need to haves.” You can also take steps to lower the cost of those “need to haves” so that you’ve got more money leftover for the fun stuff.

For example, you may be able to save more than $1,000 a year by shopping around for better rates on your insurance.

Using an online marketplace called SmartFinancial, you can compare rates from hundreds of home insurers to find the best deal available in your area in just minutes. Plus, it's completely free.

According to data from Forbes, the national average cost for car insurance in 2023 is $2,118 per year, or $176.5 per month.

But, depending on which state you live in, your driving history and the make and model of your car, there are some insurers that can offer you as little as $22 a month for insurance.

Luckily, Pretected, makes it easier to for you to comparison shop instantly. Choose the best available car insurance quote for you in minutes so you can start saving.

Keep adding to your savings

Once it’s time to retire, many folks throw their savings plan out the window of the cruise ship or dream home. That’s the wrong way to go. Saving not only offers a buffer but also a means to make even more aspirations possible.

If you once put 10% of each paycheck aside, you could now aim for 10% of each Social Security check. Even just 5% is better than nothing, especially if you invest it wisely.

Yes, the stock market may be rocky these days, but there are other ways to invest for your future than just dumping your savings into stocks.

Commercial real estate is a great example. As an asset class, it has outperformed the S&P 500 over a 25-year period. And while you might assume that investing in real estate is only possible if you’ve got millions to throw around, that’s no longer the case.

First National Realty Partners makes commercial real estate available to everyday investors, and their team of experts will manage every step of the investment process for you. All of FNRP’s investment properties are anchored by major grocery stores, so they remain stable even when the economy is shaky.

Fine art is another alternative asset class worth considering if you’re worried about stock market volatility. An online platform called Masterworks lets you buy shares of paintings by iconic artists like Banksy the same way you’d buy shares of a stock.

And don’t worry, you won’t have to put up thousands to join the world of art investing — with Masterworks, you don't need millions to get a piece of a Picasso.

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Have a Social Security strategy

If you take your Social Security starting at age 62, you’ll miss out on additional funds you’d reap at a later retirement age, according to the Social Security Administration (SSA).

If you wait until you hit 66, the SSA calculates that you’d reap $1,000 instead of $750. Further, you could receive delayed retirement credits should you wait until full retirement age, which stops when you reach 70.

To be sure, managing your bills might not make deferment possible, but you may be able to lighten some of your debt load by rolling all your debts into a single loan with a lower rate.

You can use a free online service called Credible to compare loan rates in minutes and find the option that will save you the most.

Depending on how much you currently owe, consolidating your debts could save you thousands on interest payments in the long run.