The American Grandparents Association asked 15 certified financial planners (CFPs) what five things should be done when a person retires. They are:

1. Celebrate and Take a Vacation: On the final day of work, take a moment to recognize the milestone. Mark the occasion with an expensive bottle of wine or other celebration. Then travel. A vacation planned to start immediately after retiring will prevent the change in routine from seeming so abrupt. It will also give time to consider how the next 20 or 30 years will be spent.

2. Review Sources of Income: It’s best to have a plan set of how retirement expenses will be covered, including what accounts will be withdrawn from first and how much will be withdrawn. (Prevailing theory suggests withdrawing 4% of savings during the first year of retirement and increasing the amount each year by the rate of inflation.) Once retired, double-check the value of all retirement accounts and income sources to ensure your plans still hold. Allow for a margin of error given market volatility. One planner suggested ignoring financial news headlines during this period to prevent being influenced by market volatility.

3. Track Daily Expenditures: Having a budget written up in advance is useful, but actual spending patterns in retirement may vary widely from expectations. Many retirees may find their actual expenditures to be higher than expected, while others may spend less than planned. Tracking actual expenditures will provide a more accurate understanding of income needs and what expenses may need to be reduced.

4. Update Estate Documents: If your will, medical directives, powers of attorney, trusts and beneficiary designations have not been recently reviewed, do so now to ensure they are up to date and any changes in family status are accounted for. These documents may also need to be updated for those moving to a different state and/or selling property.

5. Plan Out Daily Activities: One of the abrupt changes retirement brings is a lack of scheduled events. Find activities that involve both connecting with others and having concrete plans to do something at a specific time.

Source: “Retiring Soon? Here Are the 5 Things You Should Do First,” Kristen Sturt, Grandparents.com.