In this episode, the 401(k) Brothers—Bill and Andy—break down why the first year of retirement is so critical. From crafting a solid income plan to navigating emotional shifts, they cover how to avoid early retirement missteps and make the most of your new lifestyle. With practical tips, relatable analogies, and their trademark brotherly banter, they offer a blueprint for launching retirement on the right foot.
⏱️ Chapters & Final Timestamps
00:00 – Welcome & Why the First Year Matters
- The emotional and financial significance of retirement’s first year
- How this year sets the tone for future success
03:00 – Income Projections & Expense Shifts
- Turning 401(k) savings into monthly income
- Why expense planning is just as crucial as income planning
- Common assumptions (e.g., 75–80% of pre-retirement income)
06:10 – The First-Year Rule: Don’t Overspend
- Sustainable withdrawal rates
- Planning for “reward” spending like travel or big purchases
- Being intentional vs. impulsive
08:45 – Emotional Adjustments & Finding Purpose
- Losing the structure of work life
- Maintaining social connections and personal identity
- Avoiding the “retirement letdown”
11:15 – Common Pitfalls: Travel, Family, and Overspending
- Helping kids or grandkids too much
- Tackling home projects without fully understanding the financial impact
- Tax-aware withdrawals
13:30 – The Value of an Ongoing Advisor Relationship
- Retirement planning isn’t “set it and forget it”
- Real examples of spending too much—or being too frugal
- Adjusting the plan as life unfolds
15:45 – Try a Pre-Retirement Test Drive
- Practicing your retirement budget early
- How “trial runs” can expose gaps or ease anxiety
17:00 – Wrapping Up & Key Actions
- Check in regularly with your advisor
- Stay intentional with financial and emotional decisions
- Retirement is a new beginning, not an end
✅ Key Takeaways
- The first year sets habits that shape the rest of retirement
- Income projections build confidence and guide decisions
- Be mindful of emotional spending in that first year
- Unexpected expenses should be anticipated and planned for
- Retirement is a transition—mentally, socially, and financially
- Regular advisor check-ins help you course-correct as needed
🔊 Sound Bites
- "The first year can really set the tone."
- "You have to have a good income projection."
- "Retirement isn’t a finish line—it’s the start of your next flight."
- "You can reward yourself—but plan for it."
📩 Contact the Hosts
- Bill Bush: bbush@horizonfg.com
- Andy Bush: ablish@horizonfg.com
