Planning for retirement is about more than setting a savings goal or deciding when to stop working. It’s a complex, ongoing process that involves financial management, tax considerations, healthcare planning, and legal protections. While you can take steps on your own, having a team of trusted professionals can give you confidence and clarity throughout the journey.
Just like a well-coached sports team, each member of your retirement support team plays a different role, and together, they help you stay on track toward your goals.
The Key Players in a Retirement Support Team
1. Financial Advisor
A financial advisor helps you create and maintain a comprehensive plan that addresses income, investments, taxes, healthcare, and legacy considerations. Ideally, this advisor operates as a fiduciary, someone who is legally and ethically required to put your best interests first.
Your advisor acts as the “quarterback” of the team, coordinating with other professionals to ensure all areas of your financial life work together. They can also help you adjust your plan as circumstances, markets, and laws change.
2. Certified Public Accountant (CPA)
Taxes are an unavoidable part of retirement, but a CPA can help you minimize their impact. From deciding which accounts to draw from first, to planning charitable contributions, to understanding how new laws might affect your income, a CPA works to ensure your tax strategy supports your long-term financial health.
They also help with annual tax filings, so your plan and your paperwork remain aligned.
3. Estate Planning Attorney
An estate planning attorney ensures your wishes are clearly documented and legally protected. They can help you:
- Create or update wills and trusts.
- Assign powers of attorney.
- Establish healthcare directives.
These steps can help protect your assets, reduce complications for your loved ones, and ensure your legacy is carried out as you intend.
4. Insurance Specialist
Insurance needs often change in retirement. An insurance specialist can evaluate your coverage for:
- Health insurance and Medicare supplements.
- Long-term care insurance.
- Life insurance.
The right coverage can protect your finances from unexpected healthcare costs and provide additional security for your family.
5. Investment Manager
Some retirees work with a separate investment manager to oversee their portfolio. This role focuses on ensuring your investments are balanced for stability and growth, while keeping your risk tolerance and income needs in mind.
In many cases, your financial advisor will also handle investment management, but in more complex situations, a dedicated specialist may be part of the team.
How to Assemble Your Team
Building your retirement support team isn’t about finding the most impressive résumés, it’s about finding professionals who:
- Listen to your goals.
- Communicate clearly.
- Work well together.
- Have the qualifications and experience you need.
In some cases, you may already have one or two trusted professionals in place and just need to fill in the gaps.
Why Coordination Matters
The best retirement teams are collaborative. Your CPA, attorney, and financial advisor should be comfortable sharing information (with your permission) to keep strategies consistent. Without coordination, you risk having each area of your plan work in isolation, which can lead to missed opportunities or unintended consequences.
For example:
- A CPA may suggest a tax strategy that affects your investment withdrawals.
- An estate attorney might set up a trust that changes how your assets are titled.
- Your financial advisor needs to know about both to keep your plan balanced.
Where to Start
If you don’t already have a financial advisor, that’s often the best place to begin. A fiduciary advisor can help you identify which professionals you need, refer you to trusted contacts, and coordinate your overall strategy.
You can learn more about advisory firms and their approach by exploring their professional profiles online. For example, TruNorth Advisors maintains a LinkedIn page where you can see updates, learn about their team, and find resources related to retirement planning.
The Bottom Line
A strong retirement plan doesn’t happen by accident; it’s the result of clear goals, informed decisions, and a team of professionals working together on your behalf. Whether you’re just starting to plan or already in retirement, assembling the right support team can make the process smoother, more efficient, and more aligned with your vision for the future.
By surrounding yourself with qualified experts who coordinate their efforts, you can focus less on the details and more on enjoying the years ahead.
