Don’t Retire Without Talking To These 6 People

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Retirement is a big decision — financially and emotionally. It involves adjusting to a new lifestyle and managing long-term health needs. According to a 2024 survey by the Bipartisan Policy Center, more than half of Americans lack confidence in their ability to retire when they want to and sustain a comfortable life.

Additionally, about half of non-retired respondents expect Social Security to be a major source of their income, and 82% of retired respondents reported that Social Security does make up a major source of their retirement income.

This shows how important it is to prepare for retirement, and one of the best ways to financially prepare is to talk with the experts. Consider speaking with these experts before retiring.

Financial Planner

In a video posted on his YouTube channel, certified financial planner Kevin Lum said one of the biggest mistakes people make is they have no idea how much their current lifestyle costs and spend more than they realize.

A financial planner can assess your current financial situation, help you with spending and savings patterns that will support your desired lifestyle and navigate you through retirement planning.

Your planner can also assist with your investment portfolio and make sure it aligns with your retirement goals and cash flow needs.

Tax Professional

Retirees often have special tax situations. You also have to pay taxes on your Social Security benefits. The higher your total income amount, the greater the taxable part of your benefits. According to the Financial Industry Regulatory Authority (FINRA), this can range from 50% to 85%, depending on your income.

A tax professional can help you with tax planning and the tax treatment of your retirement income sources like Social Security, pension plans and withdrawals from retirement accounts. A tax pro can also provide ways to minimize your tax burden and save money during your retirement years.

Estate Planner

What will happen to your property after death? An estate attorney or planner can help you develop a plan that covers the transfer of property at death, as well as other personal matters, according to the American Bar Association.

If you don’t have an estate plan, the government will determine your heirs and distribute your assets through a process called probate, which could take years, the U.S. Department of Labor pointed out.

Insurance Agent

Insurance needs often change as people age. An insurance specialist can evaluate your insurance needs before and during retirement. They can also assist you with comparing policies from multiple insurance providers to help you find the best one that matches your budget and necessary level of coverage.

Social Security Advisor

Have a conversation with a Social Security advisor about the best time to start taking Social Security to maximize your monthly benefits. This often depends on your life expectancy, financial situation and other factors. 

Family Members

Family members may not be unbiased professionals, but they can play a significant role in your retirement. 

They are often the ones who will provide emotional support, help you navigate challenges and assist with decision-making. It’s important to have open conversations with your family about your retirement plans, including long-term care preferences, estate planning and any financial considerations that may affect them.

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