More than 77 million Baby Boomers will retire over the next two decades, but not all of them need a retirement coach. Many individuals approaching retirement age know exactly when they want to make the move, how they want to make it, and just how much money they have (or need) to have socked away to make their golden years special. This is great for individuals that know how to plan, but for those that haven’t even begun planning, a retirement coach might be the answer.
A retirement coach helps individuals make a smooth transition from the working full-time to retirement. They help soon-to-be retirees deal with the financial and non-financial aspects of retirement. A good retirement coach typically has business skills, experience with financial planning, counseling skills, and even experience with health and physical fitness. These are just a few areas that clients need help with as they transition.
Retirement coaches may be licensed and/or certified in any number of areas, but the most important certification is “certified retirement coach.” This means that the coach has been trained to handle all aspects of retirement. A certified retirement coach has completed a training program that consists of a minimum of 10 weeks of lectures, several classes/teleclasses or a 12-week program that may be completed online. Other types of training programs are available. Just a few certifying organizations include Purposeful Entrepreneur Institute, Retirement Options, and 2 Young 2 Retire.
If you’re unsure about whether or not you need a retirement coach, all you have to do is ask yourself a few questions. The following questions were provided by Feroce Coaching:
- -Do I want to work or do volunteer work? If so, how much do I want to work?
- -How will I develop a new sense of identity and my feeling of status in the community without my job and my business card?
- -How will I recreate the sense of purpose and meaning that my job gave me?
- -How will I spend my time when I’m no longer working full time?
- -How will my relationships change? How will I replace the sense of connectedness and develop new relationships that my former work colleagues provided?
- -What is my vision for my retirement?
- -Will a retirement of full-time leisure satisfy me? And if not, what will?
If you aren’t too sure about the answers, you might need a retirement coach. To find the right retirement coach, stick to referrals. If you have trouble finding a referral, check with the International Coaching Federation. You can also use your favorite search engine to look for coaches, but always check the coaches’ record, qualifications (including certification), the number of years in business, and check with the Better Business Bureau.
If you decide to hire a retirement coach, keep in mind that sessions can cost as much as $100 an hour.
