U.S. stocks moved lower last week.

The journey toward long-term financial goals is often interrupted by unexpected events that create stress and uncertainty. That’s one reason financial plans are built with a keen eye to risk tolerance. When disruptive events occur and financial markets lose value, even the most experienced investors have questions and concerns.

Over the last few months, markets have traveled a particularly bumpy road. We’ve seen:

Geopolitics create uncertainty. The United States government has been reshaping economic and geopolitical relationships with the rest of the world. Last week, the military conflict in Iran took a toll on financial markets. Lu Wang and Isabelle Lee of Bloomberg reported, “Market declines sparked by the Iran war are morphing into a full-blown rout across Wall Street. Efforts to broker an end to the fighting and restart the flow of Middle East oil produced only further escalation, which in turn fueled an ever-greater sense of dread in markets.”

Forecasts for economic growth and inflation change. Last week, the Organization for Economic Cooperation and Development (OECD) stated that “conflict in the Middle East is testing the resilience of the global economy.” Its March 2026 Economic Outlook forecasts that inflation will move sharply higher in 2026.

Consumer optimism fade. In early March, consumer sentiment improved. Those gains reversed later in the month after the conflict in Iran began, according to the University of Michigan (UofM) Consumer Survey. By month’s end, the Sentiment Index was lower month over month and year over year.

“Consumers with middle and higher incomes and stock wealth, buffeted by both escalating gas prices and volatile financial markets in the wake of the Iran conflict, exhibited particularly large drops in sentiment,” reported Surveys of Consumers Director Joanne Hsu.

Sentiment is an important indicator of consumer spending, which is the key driver of U.S. economic growth. Falling sentiment may translate to lower spending and slower economic growth, and vice versa, reported Aja McClanahan of U.S. News & World Report.

Government deficits and debts increase. Last week, the U.S. national debt rose above $39 trillion for the first time, according to the Peter G. Peterson Foundation, causing the U.S. Fiscal Confidence Index to drop to the lowest level in nearly two years. “There is a fundamental imbalance between [government] spending and [tax] revenues that will continue to grow in future years,” reported the Foundation.

Last week, the Nasdaq Composite Index and Dow Jones Industrial Average both moved into correction territory, meaning they declined 10 percent or more from previous highs. The Standard & Poor’s 500 Index also moved lower, according to Jacob Sonenshine of Barron’s. Bond yields rose, influenced “by rising inflation expectations but also by a repricing of what central banks intend to do next, a shift playing out from Washington to Frankfurt to Tokyo, according to Wang and Lee.

If you’re feeling uncertain, please get in touch. We’re happy to discuss any questions or concerns you may have.

S&P 500, Dow Jones Global ex-US, S&P GSCI Gold Index, Bloomberg Commodity Index returns exclude reinvested dividends. The three-, five-, and 10-year returns are annualized; and the 10-year Treasury Note is simply the yield at the close of the day on each of the historical time periods.

Sources: Yahoo! Finance; MarketWatch; djindexes.com; U.S. Treasury.

WHAT DO YOU KNOW ABOUT FICTIONAL WEALTH? When markets are volatile, we can all use some light-hearted fun. Recently, a financial website picked up where Forbes left off in 2013 by publishing the “Fictional 15”, a list of wealthy characters from fiction (movies, books, cartoons, television, video games, and comics). See what you know about fictional wealth by taking this brief quiz.

1. Why did Forbes originally create the Fictional 15 List?
   1. Estimating the wealth of dragons, comic book moguls, and cartoon tycoons, allowed Forbes analysts to explore unconventional asset classes.
   2. Cruella de Vil financed it because she likes to see her name in print.
   3. Wealthy people often are reduced to caricatures, Forbes decided to satirize that by treating fictional characters as real people.
   4. People like reading about wealthy people, fictional or not.

1. Which fictional character topped the 2025 list of richest fictional characters?
   1. Scrooge McDuck, richest duck in the world
   2. Forrest Gump, shrimping magnate
   3. T’Challa, King of Wakanda
   4. Tony Stark, Iron Man

1. Why was Santa Claus removed from the Forbes Fictional 15 list?
   1. Santa preferred not to publish data about his net worth.
   2. Analysts struggled to apply traditional valuation models to Santa’s operation.
   3. People objected to Santa being on a list of fictional characters.
   4. Santa’s business model of delivering packages for free in a single night was economically disruptive.

1. Who was the only woman to be included on the list in 2025?
   1. Carol Miller, Mom in Futurama
   2. Lara Croft, Archeologist
   3. Lady Mary Crawley, Downton Abbey
   4. The Tooth Fairy

While none of us has a dragon’s hoard or a magic money tree, we all have the opportunity to build wealth by saving and investing.

WEEKLY FOCUS – THINK ABOUT IT
“Passion is one great force that unleashes creativity, because if you're passionate about something, then you're more willing to take risks.”
― Yo-Yo Ma, Cellist

Answers: 1) c; 2) c; 3) c; 4) b

Sources:

https://www.bloomberg.com/news/articles/2026-03-27/wall-street-reels-as-iran-war-shatters-its-portfolio-defenses?srnd=homepage-americas or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/03-30-26-Bloomberg-Wall-Street-Reels%20-%201.pdf

https://www.oecd.org/en/publications/2026/03/oecd-economic-outlook-interim-report-march-2026_254a8d56.html

https://www.sca.isr.umich.edu or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/03-30-26-U-of-M-Surveys-of-Consumers%20-%203.pdf

https://money.usnews.com/money/personal-finance/family-finance/articles/consumer-sentiment-what-it-is-and-why-it-matters#:

https://www.pgpf.org/press/2026-3-fci-press-release/

https://www.pgpf.org/our-national-debt/

https://www.barrons.com/articles/stock-market-bottom-closer-than-you-think-a61e7557? or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/03-30-26-Barrons-The-Stock-Markets-Bottom%20-%207.pdf

https://en.wikipedia.org/wiki/Forbes_Fictional_15

html https://www.yahoo.com/lifestyle/articles/15-richest-fictional-characters-much-000009560.html

https://www.forbes.com/2005/12/01/fictional15-rich-methodology-cx_mn_1201method.

https://en.wikipedia.org/wiki/Forbes_Fictional_15

https://www.brainyquote.com/topics/creativity-quotes

There’s a moment early in retirement that surprises a lot of people.

They wake up, and there’s nowhere to be. No commute. No quick check of the inbox before coffee. Just a quiet morning that's all yours to enjoy however you wish.

At first, that quiet can feel wonderful. After years of deadlines and responsibility, maybe even a relief.

And then, somewhere in those first few months, another thought creeps in:

Now what?

It's a more common phenomenon than you might expect. Research shows that retirement is much more than a schedule change. For many people, it’s an identity shift. You’ve spent years being known for what you do. When that role changes, it’s natural to feel a little unsteady.¹

That doesn't mean something is wrong. It means you’re just adjusting to your new schedule.

The first year of retirement isn't about filling your time; it's about finding your rhythm.

The “Honeymoon” Phase (and What Comes After)

Some retirees describe the first few months after retirement as a “honeymoon phase,” during which they focus on travel, projects, and catching up on rest. After the honeymoon glow wears off, many begin asking deeper questions about how they want to spend their time and energy.¹

It's not only normal to ask those questions, but necessary. Our careers give us more than income. They provide structure, social interaction, and a sense of purpose. When that structure is no longer part of your daily routine, it can be difficult to fill the gap.

Over time, most retirees begin building new routines around things they find meaningful. That might mean volunteering, mentoring, traveling, learning something new, or simply spending more time with family. Research shows that adults age 65 and older spend more hours each day on leisure and personal activities than working-age adults. That’s not just “free time.” It’s an opportunity.²

Income Feels Different in Retirement

One of the biggest adjustments in the first year is how income arrives.
For decades, income likely showed up as a paycheck.

Many retirees don’t expect how spending feels emotionally in retirement. Even when income sources are stable, transferring money from savings can feel more eventful than it did during working years. After decades of being encouraged to save, the shift toward spending can take practice.

It can help to separate essential expenses from flexible ones. When you know your core needs are covered, the rest becomes a series of intentional choices rather than a source of worry. Over time, confidence often grows as retirees see that their financial approach is working as intended.

The good news? The first year gives you space to observe and adjust.
Spending patterns often settle once retirees see what everyday life actually looks like.

It’s not about getting everything perfect immediately. It’s about building confidence over time.

What Do You Do With 40 Extra Hours?

Social connections can shift, too. Work friendships naturally evolve, which makes room for new communities through volunteering, clubs, travel groups, continuing education, or faith organizations.

Volunteering is especially common in retirement. In fact, more than one-quarter of adults age 65 and older report volunteering in a given year. For many retirees, it’s not just about giving back. It provides structure, social connection, and a sense of purpose.³

Travel is another goal many retirees revisit. Some take multigenerational trips. Others explore slower travel or finally visit places they’ve postponed for years.

And sometimes, retirement isn’t about big ideas at all. It’s about simple things. Reading more. Gardening. Taking a class. Returning to an old hobby.
Another common experience in the first year is something few people talk about: decision fatigue.

When you’re working, much of your day is mapped out for you. In retirement, that structure disappears. Suddenly, it’s up to you to decide what today looks like. And tomorrow. And next month.

That freedom can feel overwhelming at first.

Some retirees find it helps to build a routine into the week. Maybe that’s volunteering every Tuesday. Meeting friends for lunch on Thursdays. Taking a class that gets you out of the house once a week, or setting aside certain mornings for exercise or hobbies.

It's not about maintaining a rigid schedule, though; it's about creating something to look forward to. That excitement for the next day is what helps make retirement feel grounded.

The Practical Side of Year One

Along with emotional and lifestyle changes, the first year is a practical reset. Many retirees use this time to:

• Review estate documents
• Confirm beneficiary designations
• Revisit healthcare directives
• Evaluate insurance coverage
• Understand the pros and cons of various income sources

Financial professionals can help clients think through income coordination. Tax-specific questions should always be discussed with a tax, legal, or accounting professional, and legal updates should be addressed with an attorney.

Healthcare coverage is another area to review, especially when making decisions about extended care.

Giving Yourself Permission to Enjoy It

After years of saving and preparing, some retirees feel hesitant to spend.
That’s understandable. Shifting from a saver’s mindset to spending intentionally can take time.

But retirement isn’t just about managing money. It’s about using it to support the life you want to live.

Life expectancy data suggests that many retirees can expect to live for decades in this next chapter, which means you'll need to take time to think carefully about your financial decisions.⁴

If you’re in your first year or approaching it, consider asking yourself a few simple questions:

• What am I ready to let go of?
• Where do I want to feel useful?
• Where do I want to feel rested?

You don’t have to answer them all at once. Retirement unfolds in stages, and as spending and routines settle, uncertainty often fades.

The first year of retirement isn’t a test. It’s a transition. And it’s okay to take it one step at a time.

1. AARP, May 28, 2025.
2. U.S. Bureau of Labor Statistics, 2024 Annual Averages
3. U.S. Bureau of Labor Statistics, 2024 Volunteering Data
4. OECD, N.D.