Retirement Coaching 101: Key Concepts & Benefits
Are you wondering how to make the most of retirement? Whether you’re already retired or planning for it, hiring a retirement coach may be the secret to enrich your post-career life. In this article, we highlight the basics of retirement coaching and cover the numerous benefits it can bring to your golden years.
What Is a Retirement Coach?
A retirement coach is a professional who provides guidance and support to individuals in retirement or transitioning into this phase of life. Unlike a financial advisor who focuses primarily on the monetary aspects of retirement, a retirement life coach addresses the emotional, psychological, and lifestyle changes that come with this significant transition. They help clients identify and pursue their ideal vision for retirement.
Retirement coaching is based on the understanding that retirement is not just about leaving one's job or career. Instead, it’s about entering a new, often unfamiliar stage of life. This stage can bring with it various challenges—from loss of identity and purpose to difficulties in managing free time and maintaining social connections. A retirement life coach aids in navigating these challenges.
Worth noting is that retirement coaching shares similarities with aging coaching. Both consist of planning for one’s later years, although retirement coaching is more specialized around one’s transition out of the workforce.
Why Retirement Coaches Are Rising in Popularity
It’s a tale as old as time: You’re told to work your entire life until retirement, when you can finally enjoy a period of relaxation and freedom. However, after dedicating decades to work, the sudden influx of free time can be overwhelming. People often find themselves asking, "What do I do now?" This void has led to a recent rise in popularity of retirement coaching—fueled in part by the fact that “10,000 baby boomers are reaching retirement age every day,” according to AARP.
In the past, retirement planning was synonymous with financial planning. However, it's becoming increasingly clear that there's more to retirement than just having enough money saved up. Making the most of this stage of life also requires emotional, mental, and social preparedness. Retirement coaches address these often overlooked aspects. With their guidance, retirees are learning to make the most of their newfound freedom.
What Do Retirement Coaches Do?
Retirement coaches create a dedicated, confidential place to plan the retirement life you ultimately want. Through the process, individuals find the courage to overcome obstacles and fears. Instead, they learn to embrace retirement with excitement and ease.
Here are a few cornerstone aspects you should know if you’re considering retirement coaching.
Ongoing support: Coaches may be helpful for an acute period of time, but many people engage with this type of coaching in an ongoing way. With the newfound time many people get in retirement, it’s generally easier to make space to do the work. For many, the compounding effects of continuous coaching can be significant.
Exploration of possibilities: Coaches ultimately help you optimize your retirement however you seek to do so. For some, retirement can be scary because they have no idea what to do. Others have so much to do that they can’t pick. Working with a retirement coach is beneficial in any of these contexts, helping you get clear on some goals and the way forward.
Personalized approach: Retirement coaches are trained to meet clients wherever they are in life. You don’t have to have anything figured out. Coaching is where you uncover your desires, define your “why,” and create a plan forward. That’s the beauty of it!
Retirement Coaching FAQs
Are you looking for some quick answers to retirement coaching questions? CoachRanks has you covered. Here are some of the most commonly asked questions with explanations to help you better understand the process.
Should I hire a retirement life coach before or after my retirement?
If you prefer to plan ahead and lay a solid foundation for the future, hiring a retirement coach before retiring makes sense. The earlier you start working with a coach, the more time you have to develop a strong relationship with them, helping you create a comprehensive retirement plan. This approach often leads to smoother transitions and more satisfying retirements.
However, if you're already retired and find yourself feeling lost or unfulfilled, it's never too late to seek out a coach. A retirement coach can provide valuable guidance and support at any stage of the journey. Ultimately, the most important thing is to choose the timing that feels right for you.
Does retirement coaching take place online or in person?
Retirement coaching can take place either online or in person, depending on the preferences of the client and the coach's availability. However, most opt for the increased flexibility of virtual formats, like Zoom or phone calls, providing clients with the ability to engage in coaching from the comfort of their homes.
Is there a certain certification for retirement coaches?
No, there is not, which is why it’s important to do your diligence when hiring one. Anyone can claim to be a retirement life coach, but only the best will have a clear track record of supporting retirees. Beyond glowing testimonials from past clients and clear “retirement” branding on their website, general coaching certifications (like the ones covered in this CoachRanks article) are a good next best thing. General certifications suggest a commitment to the profession and a certain level of professional training.
How much does a retirement coach cost?
While it depends on duration and frequency, you can expect to pay anywhere from $100 to $300 per hour for individual coaching. Every coach is different. Discuss fees upfront and understand what is included in the cost before committing to any coaching program.
What can I expect to gain from retirement coaching?
The most valuable takeaway from this type of coaching is the clarity and direction you gain for your post-work life. It also equips you with strategies to manage potential challenges, such as lifestyle changes and emotional adjustments that come with retirement. Overall, a retirement coach supports you in developing a holistic plan that considers all aspects of your retirement.
How to Find Good Retirement Coaches
Finding a good retirement coach can be the ultimate key to a fulfilling and balanced life after your working years. But not all coaching is equal. It's essential to ensure the coach you select is not only experienced, but also specialized in retirement coaching. As with any professional service, it's important to do your research and use discerning judgment when selecting a coach.
Be cautious of generalist coaches who claim to have expertise in retirement. While some may have worked with retirees, having a deep understanding and specialization in the unique challenges and opportunities of retirement is a different matter. If you know you want retirement coaching support, then you’d be wise to find someone who is a clear specialist.
When searching for a retirement coach, look for indications of their specialty in their online presence or marketing materials. Additionally, proof of their ability to help people in retirement can be invaluable. This could be in the form of testimonials from previous clients or endorsements from other professionals in the field.
Finally, don't forget to consider the coach's personality and coaching style. You'll be working closely with this person, so it's essential that you feel comfortable and supported by them. For more guidance, check out our article on how to hire a life coach and check out our short-list of vetted and certified coaches using the button below.
