Consider hiring a retirement coach if your daily schedule, mood or attitude needs a lift. That's right — professional coaches have recently gone beyond the football field or acting studios. Increasingly, coaches have waded into the career, investment, and lifestyle realms, passing out advice, guidance, and long-term strategic planning. And now, you can hire a coach to help you plan a happy retirement.
It’s a fast-growing profession. The coaching sector has approximately 34,200 certified professionals across North America in 2024. That’s a 47% rise from 2019. Now, Americans who are planning to retire soon or have already done so have access to professional mentors, better known as retirement coaches.
You may wonder why anyone might want a retirement coach — who focuses on the non-financial side of retirement. After all, isn't the hardest part of retirement planning making sure you won't outlive your savings? If you're still toiling away at your job, you may be surprised to learn that some of the biggest challenges in retirement are loneliness and a loss of purpose. A retirement coach can help you avoid wasting those first years of retirement floundering, trying to find new community and purpose. In turn, that can lead to better quality of life and health outcomes.
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How a retirement coach can help you
Like financial advisors who partner with clients on strategic money management, retirement coaches provide counseling services to customers who are retired or transitioning to retirement.
“A retirement coach helps a person explore the non-financial aspects of retirement, such as purpose, identity, new activities, daily schedule, social connection, and volunteering,” says Kirsten Meneghello, CEO and a credentialed retirement coach at Illumination Coaching LLC in Portland, Ore.
A retirement coach may be especially helpful if you plan to retire early. Many of those who retire in their 40s or even at 55 find that the day looms long when most of their friends are still working and unavailable.
What a retirement coach can't do
What retirement coaches can’t do matters, as well.
“Retirement coaches cannot and should not advise clients about their financial well-being or choices,” Meneghello says. “For instance, when a client is dealing with depression, trauma, or deeply-seated emotional issues, they should be referred to a therapist because that is outside the scope of coaching.”
“There’s increasing buzz around hiring a retirement coach,” says Melissa Murphy Pavone, a certified financial planner and founder at Mindful Financial Partners in Westhampton Beach, N.Y. “However, it’s important to differentiate the roles, skills, and fiduciary responsibilities of a retirement coach versus a financial planner.”
Retirement coaches focus on everything retirement-related but don’t cross over into the money management area.
“Retirement coaching is gaining attention because retirement is no longer just about finances; it’s a life transition that includes redefining purpose, building social connections, and navigating identity changes,” Pavone says. “A coach can help retirees explore these non-financial aspects.”
The same goes for personal therapists and wellness counselors.
“Therapists are focused on providing therapeutic mental health services, including counseling, diagnosis, and treatment plans,” says Jhanell Biggs, founder at Moro, a non-financial retirement lifestyle practice in New York City. “Retirement coaches bring a unique perspective to the aging process and are dedicated to assisting people in living their lives to the fullest.”
However, a retirement coach should complement — not replace — financial planning or personal wellness therapy, which can be essential for ensuring a retiree’s lifestyle goals are sustainable. “Integrating multiple professionals can provide retirees with the comprehensive support they need for a fulfilling retirement,” Pavone says.
How to find and hire a retirement coach
Take these steps to partner with a retirement coach who meets your particular needs.
Set the table. The key to landing the right retirement coach is setting realistic expectations before exchanging handshakes and signing contracts. Then, you can begin working on the transition from your working years into your new life as a retiree.
Start that vetting process by evaluating your retirement expectations, especially how you want to spend your time in your post-working years. The right retirement coach should be able to expand your retirement time and lifestyle needs and help create a portfolio filled with activities you want to prioritize in retirement.
Hire a professional. It's also essential to hire a coach who has professional training as a coach.
“You’ll want one credentialed by a coaching organization (like a Certified Professional Retirement Coach designation from the International Coaching Federation,” Meneghello says. “Anyone can call themselves a coach without having the proper training and credentials, but you want a professional.”
It's always a good idea to ask the coach about their training, credentials, coaching experience, and coaching process. “Ask a potential retirement advisor for client references or professional case studies,” Meneghello advises.
Check online for credentialled retirement coaches on Retirement Options or Noomii, which offer access to local professional retirement coaches.
Also, note that retirement coaches may have varying credentials. “Some have life experience or transferable human resources or strategy experience, while others are certified life coaches from professional organizations or universities,” Biggs says.
Conduct a thorough interview. After building a short list of potential coaching candidates, start setting interview times and plan for the ground you want to cover.
“Retirement coaching clients should expect to examine various aspects of their life and identify which areas they are satisfied with and want to improve or address in retirement,” Meneghello says. “Based on this information and some preliminary assessments, the coach will explain how they’ll work with the client to create a plan for their next life chapter.”
Meneghello says she’ll also work with clients to normalize the transition process and help them feel empowered to write the next chapter of their lives. “Often, I work with professionals such as attorneys and physicians who have their identity wrapped up in work, so identity work around who they are becoming is also important,” she notes.
Estimate and budget your costs. Like any fixed-cost retirement budget item, consider how much you’ll want to spend on a quality retirement specialist, as good coaches can be expensive.
“Cost ranges vary based on the personalization level and the service length. Some coaches charge by the hour: $75-$250 per hour,” Biggs says. “Others charge based on packages, with three-month packages typically ranging from $2,500 to $6,000.”
Key Questions to Ask
Biggs offers a list of pertinent questions to ask your retirement coach during the interview process.
- How have you helped other people plan for retirement? What are some success stories?
- How do you work with individuals? What’s your process and coaching style?
- Do you specialize in any particular areas of retirement planning, such as financial planning, health and wellness, or career transition?
- Do you use any specific tools or methodologies?
Red flags
- Watch out for someone vague and unwilling to provide details about their services.
- Watch out for someone unwilling to provide information about their experience and qualifications.
- Another red flag is a coach unwilling to personalize their services based on your goals.
Making a hiring decision. Don’t overcomplicate the situation when deciding to work with a professional retirement coach.
“My best advice is to go with your gut,” Meneghello says. “If you feel comfortable with a prospective coach and they have proven experience in supporting clients through retirement transitions, then go with that coach.”
What you can expect from your retirement coach
Any successful retirement coaching outcome is based on how much effort and dedication the client and coach put into the coaching partnership.
“The coach acts as a guide and accountability partner, and the sessions should be fun and thought-provoking,” Biggs says. “This is an opportunity for the retiree to use those tools and resources to address their concerns within a safe and open space.”
You’ll get the best results when you understand the goal is to achieve clarity and confidence about your retirement.
“During the sessions, expect to learn more about yourself, your interests, your passions, how you can build and sustain a community, and your personal development and mental and physical well-being,” Biggs adds. “At the end of the retirement coaching process, you should have a well-defined plan with actionable next steps to guide your next life chapter.”
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