Do I Need a Retirement Coach?

What does a retirement coach do?

A retirement coach typically focuses on the nonfinancial aspects of retirement. While many are also financial planners, others had long careers as human resource professionals or educators. Other coaches may work with someone on the financial side and then segue into the mental health component of retirement.

Karen Carr, a former teacher, struggled when she retired. She became a coach to help others negotiate the same issues.

“What I do with every initial client is lay out a life wheel where we talk about eight different areas of your life,” she says, rating how satisfied they are in areas such as health, money, avocation, friends and family, personal development, environment, romance, and recreation.

Even the money discussion is less about how much you’ve got than “about your individual feelings and your relationship with money,” says Carr, whose practice, Revitalize Coaching, is based in the Minneapolis/St. Paul area.

“Some people might not have a lot of money, but they give it a 10 out of 10 — nothing needs to change," ​she says. "But others who don't feel comfortable might give it a zero. And then I might say, ‘Do you need to make an appointment with a financial person?’ It's very separate from the big picture of being coached with me.” 

Who could benefit from a retirement coach?

People who immerse themselves in their careers may benefit most from a retirement coach, says Marla Chambers, a certified public accountant and certified financial planner as well as a CPRC with Buckingham Advisors in Dayton, Ohio. They may have fewer connections outside of work than someone who has a lot of hobbies, a busy social life or a part-time job to ease the transition. But she says a coach can help anyone struggling to visualize what they plan to do in retirement.

Chambers cites herself as an example. When she went through the retirement coaching certification program, she and her husband did some of the exercises recommended for clients, like putting together a retirement wellness workbook and taking a couple’s quiz.

“It opens up lines of communication on things that you just maybe didn’t realize there was a difference there,” she says. “Rather than, say, you get to retirement and one spouse thinks, We're just going to do everything together, the other one’s like, Well, I’m going to go off and do my own thing — you've thought through that ahead of time so that you have a plan in place.”

Tracie Burke, 62, a professor of behavioral sciences at Christian Brothers University in Memphis, wanted to retire early, hoping to maximize the time she could enjoy doing what she wanted. After searching online, she connected with Carr and worked with her for six months, speaking biweekly.

“I think the main way that a coach helps somebody is as an accountability partner,” Burke says. “I had to think about my retirement tangibly every two weeks. I had to do some exercises. I had to be thinking about that throughout the two weeks. I had to prepare for our meetings. That right there is worth its weight in gold.”

Burke says a values-clarification exercise was an especially enlightening part of the process. She reviewed a list of values, ranked her top 10 based on her core beliefs, then re-ranked those based on her actual behavior. That helped her identify things she might want to change going forward. She realized that her work accomplishments mean a great deal to her, but so do goals and values that she’ll have more freedom to fulfill in retirement, such as serving her community, having fun and spending time with her wife.

Carr “asked the question in the beginning: ‘What are you doing when you are at your best?’ ” says Burke, who plans to retire in May 2025. “And for me, that’s [being] an extrovert, being around people, interacting with people, and listening and sharing and caring. She helped me flesh that out or focus on that a little bit more.”

How much does a retirement coach cost?

Typically, a retirement coach costs about the same as a local mental health professional, Laura says. Prices may vary depending on background, training, experience and location.

“Depending on where you live, that may mean somewhere between $125 to $150 an hour all the way up to $800 to $1,000 per hour for major cities like Boston, Miami or San Francisco,” he says. “Fortunately, many retirement coaches offer virtual sessions, allowing you the opportunity to find someone that fits your budget."

Chambers offers her retirement clients a couple of sessions at around $150 each, but she says the coaching can be tailored to the individual. “It's not like it’s a stringent, ‘This is how you go about doing retirement coaching,’ ”​ she says. “Everyone's different and their personalities are different.”

Carr charges a flat fee of $3,600 for six months. That includes biweekly phone calls and unlimited texts and emails so she can follow up on a client's progress between sessions and give encouragement or additional guidance.

How do you find a retirement coach?

Searching online is a good first step. There are directories from coaching companies and platforms such as the RCA, Retirement Coach and Noomii. Look for professional credentials such as CPRC, or the Retirement Life Coach certification awarded by Retirement Life Plan, a company that offers workshops and coaching services.

Many coaches “either come from the financial services industry, human resources, or they've done some type of executive or leadership coaching or academics,” Laura says. He recommends looking at their background and professional experience to see how they ended up in the coaching field.

As with a mental health professional, it’s important to find a coach who fits with your personality as well as your needs. For example, you may prefer working with someone of a similar age, gender or life experience. If available, listen to podcast interviews or read blog posts to get a sense of their style before reaching out. Many coaches offer a free initial consultation that lets you both decide if you are a good match.