Who You Should Talk to Before Retiring—and What to Ask
Deciding when to retire is one of life’s most significant milestones. While it can be exciting to imagine your post-career life, retirement planning involves complex choices that are best made with trusted professionals by your side. A well-rounded support team can help ensure your plan is sound and tailored to your unique goals and circumstances.
A helpful Kiplinger article, “The Six People You Need to Talk to Before Retiring—and the Best Questions to Ask,”emphasizes just how essential these expert conversations are. Here’s a look at the key professionals you should consult before making the leap into retirement:
- Financial Advisor
Start with a financial planner who can help shape your retirement vision. They’ll assist you in defining your long-term goals and crafting a realistic plan to achieve them. Engaging with a financial advisor early gives you time to adjust savings, investments, and spending habits. As retirement draws nearer, your advisor will fine-tune your strategy to align with your actual timeline and evolving needs.
- Estate Planning Attorney
An experienced estate attorney ensures your legal documents are in place—from your will to your power of attorney. They’ll guide you through planning for incapacity and ensuring your assets are passed on according to your wishes. Even if you’re not leaving behind significant wealth, having a proper estate plan prevents unnecessary stress and costs for your loved ones. They can also advise on whether a trust is right for you and help minimize estate taxes for your heirs.
- Insurance Broker
Insurance needs shift dramatically in retirement. A knowledgeable broker can help navigate Medicare, supplemental health insurance, and long-term care coverage. With healthcare costs rising, especially for long-term care, it’s important to understand your options. In some cases, a hybrid life insurance policy may provide the long-term care benefits you’ll need down the line.
- Senior Living Advisor
Often overlooked, senior living advisors are valuable resources for enhancing your quality of life as you age. They help assess living arrangements, connect you to local support services, and introduce technologies that make aging in place safer and more manageable. Whether you plan to stay at home or explore other options, their insights can shape a better living experience.
- Social Security Advisor
Maximizing your Social Security benefits requires careful timing and strategy. A Social Security advisor can analyze your specific circumstances—including marital history, health conditions, and other income sources—to help you decide the best time to start collecting. It’s not just about hitting age 62 or 67; the right decision could significantly impact your long-term income.
- CPA or Tax Professional
Taxes don’t retire when you do. A CPA can help you manage your income sources in retirement—like IRAs, pensions, and investment accounts—so you’re not hit with unexpected tax burdens. They’ll also help you plan sustainable withdrawals and keep your cash flow healthy throughout retirement.
Final Thoughts
Talking about money and mortality isn’t easy—but these conversations are crucial. Once you’ve assembled your retirement team, be open and transparent. The more your advisors know, the better they can tailor your plan to support a secure and fulfilling retirement.
These legal topics are provided to you by the President of QMC, Mark Easley. While QMC does not engage in the practice of law, Mr. Easley has practiced estate planning and elder law for over 30 years and is currently the principal at the Elder and Estate Planning Law Firm of St. Louis.