Your Retirement Team

It may seem strange to think of treating your retirement planning and actual retirement as a team effort. However, the most satisfying retirements typically are a team effort. The first question you may have is who is on team? While individual circumstances differ, the team generally consists of the following members: yourself (of course), your spouse or significant other, your medical provider, your financial consultant, your insurance agent, your key children, and your Elder Law attorney.

You may be thinking that I do not have all these team members or cannot afford them. These roles can be filled (and often are in practice) by non-professionals or several roles are filled by the same individual. If you think about it, there typically is a person we discuss these areas of our life with and whose input we value. When the situation is proper, we should hire professionals to handle these roles. Out of self-interest and common sense, the last role absolutely needs to be performed by a professional.

The goal of your team is to realistically and accurately assess your retirement options and then put the plan in place to get you there. Your retirement team does not specifically need to have team meetings, but each team member needs to understand what is going on in the other areas to make sure proper planning is taking place. Sometimes the burden of information sharing falls upon you. So make sure you understand and provide such information.

Get your team together and start the process.

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