How a Retirement Planning Advisor Can Help You Retire with Confidence
- Megan Waters, CFP®
- Jul 24
- 8 min read
Retirement planning can feel overwhelming—especially when you're managing a seven-figure portfolio and wondering if it's enough.
After years of disciplined saving and smart financial decisions, new questions arise and the stakes get higher.
Market volatility becomes more worrisome when you’re no longer earning a paycheck.
Tax strategies become more complex with multiple account types.
Decisions around Social Security can feel permanent and daunting.
Even highly successful individuals can feel paralyzed by these challenges. Building wealth requires discipline; preserving and distributing it in retirement demands a different kind of skillset.
That’s where a retirement planning advisor comes in.
Unlike general financial advisors, these professionals specialize in retirement income planning, distribution strategies, and coordinating every element of your financial life—from investments and taxes to income and estate planning. They offer both technical knowledge and emotional support to help you retire with clarity and confidence.
Table of Contents
See How Our Financial Advisory Firm Can Help You Plan for a Financially Secure Retirement
Retirement Income Planning - Find when you can retire and if you'll be able to maintain your lifestyle.
Investment Management - Personalized investing to grow and protect your wealth in retirement.
Tax Planning for Retirement - Identify tax strategies including Roth conversions, RMD management, charitable giving and more...
Common Concerns for Wealthy Retirees
You’re not alone if retirement planning feels more complicated than building wealth. The concerns I hear most often from successful professionals center around three core fears: running out of money, losing purchasing power, and making irreversible mistakes.
Fear of Outliving Your Money
Longevity risk and early market downturns (sequence of returns risk) can erode your portfolio faster than expected.
Tax Uncertainty and Optimization Anxiety
Roth conversions, withdrawal sequencing, and law changes make tax optimization tricky. Many retirees worry they’re paying unnecessary taxes or missing opportunities to optimize their tax situation.
Healthcare Cost Inflation
Healthcare expenses represent one of the fastest-growing retirement costs. For wealthy individuals, these costs can be even higher due to premium insurance plans and
potential long-term care needs.
Pro Tip: Start having detailed conversations about your retirement vision at least 5-10 years before you plan to retire. This gives you time to make adjustments without feeling pressured or rushed. But, it's never too late to get qualified advice.
How Advisors Help You Prepare for the Unexpected
Smart retirement planning assumes that surprises will happen. Your advisor’s job is helping you build a robust retirement strategy that can weather various economic storms, manage unexpected events, and provide financial protection when unforeseen circumstances arise.
Inflation Protection Strategies
High inflation erodes purchasing power faster than many retirees expect. Your retirement portfolio needs assets that can maintain their value during inflationary periods.
Healthcare Cost Planning
Professional advisors help you plan for both routine medical costs and potential long-term care needs. This planning might include evaluating long-term care insurance, setting aside dedicated healthcare reserves, or incorporating Health Savings Accounts (HSAs) into your retirement strategy.
Market Volatility Management
Bad stock markets inevitably occur during retirement. Your advisor helps you prepare through proper asset allocation, maintaining adequate cash reserves, and developing flexible withdrawal strategies. In addition, Monte Carlo simulations help stress test your financial plan against thousands of potential market scenarios.
Scott Hurt, CFP®, CPA at Covenant Wealth Advisors in Richmond, VA, explains: “We help clients understand that market volatility is normal, but your response to it determines your long-term success. Having a plan you can stick with during tough times is more valuable than trying to time the market.”
Making Retirement Planning Easier
Your advisor brings technical knowledge that most individuals don’t have time to develop. Working with financial planners and financial advisors can provide you with detailed reports, grant access to specialized resources, and help determine if you are eligible for certain retirement benefits.
Pro Tip: Checklists can help you select the retirement financial advisor that is right for you. Download our free cheat sheet: 25 Questions to Ask a Financial Advisor Before You Hire.
Withdrawal Strategy Optimization
The sequence and timing of withdrawals from different account types significantly impacts your tax burden and portfolio longevity. Your advisor develops a dynamic withdrawal strategy that adapts to market conditions, tax law changes, and your evolving needs.
Social Security Timing Optimization
Social Security timing decisions can add or subtract tens of thousands of dollars from your lifetime income. The optimal claiming strategy depends on your health, other income sources, and spousal benefits. Your advisor analyzes various claiming strategies to determine the approach that maximizes your household’s lifetime benefits.
Advanced Tax Planning
Retirement tax planning goes far beyond basic withdrawal strategies. It includes Roth conversion timing, charitable giving optimization, order of account withdrawal, and maximizing the after-tax value of your estate.
Mark Fonville, CFP® at Covenant Wealth Advisors in Richmond, VA, notes: “Tax planning in retirement is like playing chess – you need to think several moves ahead. What looks optimal today might not be the best strategy when tax laws change or your circumstances evolve.”
Estate Planning Integration
Your retirement strategy should align with your estate planning goals. This coordination helps prevent your wealth transfer plans from conflicting with your retirement income needs.
Professional advisors work with your estate planning attorney to optimize strategies like charitable remainder trusts, family limited partnerships, and generation-skipping transfer planning.
Moreover, proper investment management can significantly maximize the after-tax dollars that heirs receive through strategic asset location and thoughtful retirement drawdown planning.
By placing growth-oriented investments like stocks in taxable accounts, these assets benefit from the stepped-up basis rule upon inheritance, allowing heirs to receive the full appreciated value without paying capital gains taxes on the growth that occurred during the original owner's lifetime.
Meanwhile, positioning fixed-income investments in tax-deferred accounts like IRAs takes advantage of their steady, compound growth while shielding it from current taxation.
This strategy recognizes that heirs would much rather inherit $1 from a taxable account (which they receive tax-free due to stepped-up basis) than $1 from a tax-deferred IRA (which they must pay ordinary income taxes on when withdrawn).
During retirement, savvy investors can further optimize their legacy by prioritizing withdrawals from tax-deferred accounts first, satisfying required minimum distributions and spending down these tax-burdened assets while preserving more of their tax-free Roth accounts and step-up eligible taxable investments for their beneficiaries.
This coordinated approach to asset location and retirement spending ensures that the most tax-efficient assets remain intact for the next generation, dramatically increasing the after-tax wealth transfer.
Emotional and Behavioral Benefits of Professional Guidance
The psychological aspects of retirement planning are often more challenging than the technical ones. Your advisor provides emotional support and behavioral coaching that helps you make better long-term decisions.
Overcoming Behavioral Biases
Even sophisticated investors fall victim to behavioral biases that can derail retirement success. Common biases include loss aversion, recency bias, and overconfidence in market timing abilities. Your advisor helps you recognize these biases and develop systems to overcome them.
Confidence and Peace of Mind
Working with a retirement planning advisor provides something that’s difficult to quantify but invaluable: confidence. You sleep better and can focus on enjoying retirement knowing that professionals are monitoring your situation and ready to make adjustments when needed.
Lifestyle Optimization
Your advisor helps you maximize your retirement lifestyle within your financial constraints. This involves balancing current enjoyment with long-term sustainability. The goal is achieving the retirement lifestyle you want without compromising your financial security.
Family Communication Support
Retirement planning often involves family discussions about inheritance, long-term care, and financial responsibilities. Your advisor can facilitate these conversations and help educate everyone on the plan.
See How Our Financial Advisory Firm Can Help You Plan for a Financially Secure Retirement
Retirement Income Planning - Find when you can retire and if you'll be able to maintain your lifestyle.
Investment Management - Personalized investing to grow and protect your wealth in retirement.
Tax Planning for Retirement - Identify tax strategies including Roth conversions, RMD management, charitable giving and more...
FAQ
Q: How much does a retirement planning advisor typically cost?
A: Fees vary based on the advisor’s model and your asset level. Many advisors charge 0.5% to 1.15% of assets annually, while others use project-based or hourly fee structures. For high-net-worth clients, the value often far exceeds the cost through tax savings and optimized strategies alone.
Q: When should I start working with a retirement planning advisor?
A: Ideally, start working with an advisor 5-10 years before retirement. This timeline allows for strategic planning, tax optimization, and course corrections. However, it’s never too late to benefit from professional guidance, even if you’re already retired. We often have individuals contact us within 12 months of retirement.
Q: How do I know if my current advisor is qualified for retirement planning?
A: Advisors should have the CFP® designation at a minimum. More designations, like the CPA, are an added bonus. They should have specific experience with retirees in your asset range and be able to explain complex strategies clearly. Ask about their approach to withdrawal strategies, tax planning, and risk management.
Q: What’s the difference between a retirement planning advisor and a general financial advisor?
A: Retirement planning advisors specialize in the unique challenges of retirement, including withdrawal strategies, Social Security optimization, healthcare planning, and estate planning integration. They understand the psychological aspects of transitioning from wealth accumulation to wealth distribution.
Q: How often should I meet with my retirement planning advisor?
A: Most advisors recommend regular check-ins, with additional meetings for major life changes or market volatility. The frequency depends on your comfort level and the complexity of your situation.
Q: What should I expect during my first meeting with a retirement planning advisor?
A: Expect a comprehensive review of your financial situation, retirement goals, and concerns. The advisor should ask about your lifestyle expectations, risk tolerance, and family considerations. They’ll likely request financial documents and begin developing a customized strategy during subsequent meetings.
Conclusion
Retirement planning for wealthy individuals requires specialized knowledge that goes beyond basic investment management. A qualified retirement planning advisor brings technical knowledge, strategic thinking and emotional support that helps you navigate this complex transition with confidence.
The best advisors understand that retirement planning isn't just about numbers – it's about helping you live the retirement you've envisioned while protecting your financial security. They provide the peace of mind that comes from knowing your strategy can weather unexpected surprises and adapt to changing circumstances.
Working with a retirement planning advisor isn't an expense – it's an investment in your financial future and emotional well-being.
Would you like our team to just do your retirement planning for you? Contact us today to see if you're a good fit for our services.
About the author:
Financial Advisor
Megan Waters is a CERTIFIED FINANCIAL PLANNER™ professional and Financial Advisor at Covenant Wealth Advisors. Megan has over 14 years of experience in the financial services industry. Raised in Williamsburg, VA, Megan graduated from the Honors College at the College of Charleston with a BS in Economics and a minor in Environmental Studies.
Disclosures: Covenant Wealth Advisors is a registered investment advisor with offices in Richmond, Reston, and Williamsburg, VA. Registration of an investment advisor does not imply a certain level of skill or training. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. The views and opinions expressed in this content are as of the date of the posting, are subject to change based on market and other conditions. This content contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Please note that nothing in this content should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax, or legal advice. If you would like accounting, tax, or legal advice, you should consult with your own accountants or attorneys regarding your individual circumstances and needs. This article was written and edited by a CERTIFIED FINANCIAL PLANNER™ professional with the assistance of AI. No advice may be rendered by Covenant Wealth Advisors unless a client service agreement is in place. Hypothetical examples are fictitious and are only used to illustrate a specific point of view. Diversification does not guarantee against risk of loss. While this guide attempts to be as comprehensive as possible but no article can cover all aspects of retirement planning. Be sure to consult an advisor for comprehensive advice.