Picture your first years in retirement and a lot of happy images probably come to mind: fun times with the grandkids, long-postponed travel and days free of deadlines and schedules.
Sure enough, a recent survey found that roughly 90 percent of current retirees say they are enjoying life, and more than 80 percent say they have a strong sense of purpose.
Before you completely relax into your so-called golden years, you should be aware of the potential financial pitfalls that await as retirement begins. One firm even trademarked the term "retirement red zone" to identify it.
Why the alarm bells? Because after years of socking money away, you may have more in savings at the start of your retirement than you ever had, or ever will again. As a result, any investing missteps in the years right around when you stop working will have an outsized effect.