Football season has begun, and millions tune in to watch their favorite teams battle it out on the gridiron. For retirees and those approaching retirement, fall is also a good time to review your own roster of professional service providers — the people you may need to call on to protect your finances, health, legal affairs, and daily living as you age.
Below is a practical guide to the professionals you should consider including on your retirement team.
Money manager
As you move through retirement, it’s generally sensible to shift some assets from higher-risk investments into lower-risk holdings, such as cash and bonds, to preserve capital and reduce volatility. A money manager — also called a financial planner, financial advisor, investment advisor, or wealth manager depending on credentials and training — can help ensure your portfolio is diversified appropriately and that your investments support your long-term income needs.
Make sure the person managing your investments acts as a fiduciary, meaning they put your interests ahead of their own and avoid conflicts of interest. Fiduciary advisors often operate on a fee-based model rather than commissions. Not every advisor is a fiduciary, so ask for a written statement confirming they will act in a fiduciary capacity for your accounts. Working with a Certified Financial Planner (CFP) can provide additional assurance because CFPs are bound by a code of ethics that requires them to act in the client’s best interest.
Accountant
Your tax situation can change substantially as you age. Many retirees shift from earned income to passive income sources such as pensions, withdrawals from retirement accounts, and Social Security. A tax professional can guide you through these transitions, identify tax breaks and deductions available to seniors, and help with planning strategies that reduce taxes on retirement income.
If you maintain residences in multiple states — for example, spending winters in a warm climate and summers elsewhere — state tax residency rules can affect your overall tax burden. An accountant can advise on how to establish and document your primary residence properly and minimize state tax exposure where appropriate.
Attorney
Having a trusted attorney is important at any age, but especially as you prepare for or enter retirement. You’ll want legal help drafting and maintaining essential estate planning documents that protect your wishes and ensure your affairs are handled according to your instructions. Key documents include:
- Power of attorney
- Advance directives (also called a living will)
- Will and/or trust
Some attorneys specialize in elder law, but many experienced estate planning lawyers can prepare these documents and advise when you should update them after major life events such as marriage, divorce, the birth of a grandchild, a serious health change, or a move.
Primary care physician
Health needs tend to increase with age. Conditions like high blood pressure and high cholesterol are common and raise the risk of heart attack and stroke. Many older adults also live with chronic conditions that require ongoing care and input from specialists.
That makes a reliable primary care physician essential: someone who coordinates care, integrates lab work and specialist reports, and helps manage preventive care. The “medical home” model — a patient-centered, team-based approach to primary care — has been associated with better chronic disease management, improved quality of care, higher patient and provider satisfaction, and cost savings.
Home upkeep experts
For those who plan to age in place, having trusted home maintenance providers can make daily life safer and more comfortable. A reliable handyman, lawn service, or housekeeper can handle tasks that become difficult with age, such as ladder work, heavy lifting, or repetitive chores.
Even before mobility becomes a concern, hiring professionals for certain projects can reduce the risk of injury and save time and physical strain. Building relationships with vetted service providers in advance ensures help is available if your needs change.
Putting together a retirement team that covers financial, tax, legal, medical, and home maintenance needs can provide greater peace of mind and help you navigate transitions with confidence. Review this roster periodically and update it whenever your situation changes so the professionals supporting you remain the right fit.