What’s the Difference Between a Financial Planner and a Retirement Specialist?

Not all financial advice is the same. While many professionals carry the title “financial planner,” their services vary widely depending on training, focus area, and business model. If you’re nearing retirement, already retired, or trying to plan ahead for the next stage of life, you may want more than broad-based financial advice. That’s where a retirement specialist comes in.

Let’s walk through how financial planners and retirement specialists differ, what each one typically offers, and how to tell which approach fits your situation.

General Financial Planning Covers a Broad Range of Needs

Most financial planners aim to guide clients through many phases of life. That might include help with budgeting, debt payoff, saving for college, managing investments, or preparing for major purchases like a home. The advice they give tends to cover a wide range of financial topics and is often geared toward working professionals in the accumulation phase of life.

Planners may or may not have deep training in tax strategy or retirement withdrawal planning. Some are licensed to sell insurance or manage investment portfolios. Others operate as fee-only advisors and charge based on time, assets, or a flat project rate.

If you are early in your career or focused on building financial habits, a general financial planner can be a valuable resource. But once retirement starts to come into view, it’s helpful to work with a fiduciary retirement planner who understands the complexities of income planning, Social Security, Medicare, and long-term care decisions.

Retirement Specialists Focus on the Decumulation Phase

A retirement specialist works almost exclusively with clients who are preparing to leave the workforce or have already retired. That specialization changes everything. Rather than helping you build wealth from scratch, they guide you through the process of using your savings in a way that’s thoughtful, sustainable, and tax-aware.

This process often includes:

Building a retirement income strategy
Evaluating when to take Social Security
Assessing healthcare costs, including Medicare
Planning for required minimum distributions (RMDs)
Reviewing the long-term effects of inflation and longevity risk
Discussing estate planning needs and beneficiary alignment

In many cases, these advisors also help clients understand how their spending will shift in retirement. A 2023 study from J.P. Morgan found that spending tends to decline steadily throughout retirement, with the average retiree spending about 84% of their pre-retirement income in the first few years, and closer to 70% by their late 70s. A retirement specialist takes those patterns into account when designing a withdrawal strategy.

The Stakes Are Higher in Retirement

One of the most important reasons to seek out a retirement-focused advisor is that decisions made in your 60s and early 70s carry lasting effects. Unlike in your 30s or 40s, you don’t have decades to recover from a misstep. That means tax decisions, withdrawal timing, and portfolio construction need to align closely with your income needs and risk tolerance.

For example, pulling too much from a traditional IRA too early could increase your tax bracket, raise Medicare premiums, and reduce eligibility for certain credits. At the same time, keeping too much in cash or low-yield bonds could cause your purchasing power to erode over time.

A retirement specialist helps you find the right balance between growth, preservation, and income. That kind of calibration requires someone who works with retirement situations every day—not just occasionally.

Business Model Matters More Than You Think

Beyond training and focus areas, it’s worth understanding how an advisor is paid. Some financial planners earn commissions from selling financial products. Others charge fees based on a percentage of assets under management. Still others, like Chris Maggio at Retirement Planning Partner, operate under a flat-fee, fiduciary retirement planning model.

That fee-only approach eliminates product sales from the equation. It also means you can get advice without transferring your investments or meeting a minimum asset threshold. For many retirees, that flexibility creates a more comfortable working relationship.

More importantly, fee-only fiduciaries are legally obligated to act in your best interest. That’s not always the case with commission-based advisors, who are often held to a lower suitability standard. If you’re approaching retirement and want truly unbiased advice, it makes sense to work with someone who’s committed to your goals—not their own sales quota.

How to Know Which One You’re Working With

Titles like “financial advisor” and “wealth manager” aren’t regulated. Anyone can use them. That’s why it’s so important to dig into the advisor’s background, ask questions about how they’re compensated, and learn more about their client base.

You can ask:

Do you specialize in retirement planning?
What types of clients do you typically work with?
Are you a fiduciary at all times?
How do you charge for your services?
Will you give me a written plan, or only manage my investments?

If the advisor mainly works with clients still in the workforce, spends little time on Medicare, Social Security timing, or long-term care, and doesn’t provide income projections, they probably aren’t a retirement specialist.

Retirement Planning Requires a Different Lens

At Retirement Planning Partner, Chris Maggio works with individuals and couples who are either on the cusp of retirement or already navigating it. Her services focus on income sustainability, tax-efficient withdrawal strategies, healthcare coordination, and helping clients feel confident in the decisions they make. That level of focus is hard to find in a generalist model.

If you’re wondering whether to keep your mortgage, how to handle an inherited IRA, when to claim Social Security, or what a Roth conversion might mean in your 70s, those aren’t side topics—they’re the center of the conversation here.

Whether you’re five years out or already retired, it’s never too early to speak with someone who lives and breathes this work. You deserve a plan that’s built specifically for the next chapter of your life.

This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

More Recommended Ebike/Scooters

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Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
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Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.

More Recommended Investing App Bonuses

For additional investing app bonuses, be sure to check out the ones below:

M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with just $10 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
Webull (20 free stock shares) – Webull's current promotion gives you 20 free shares valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free shares using Webull.
Moomoo (15 free stocks) – Moomoo is a free investing app currently offering 2 different referral bonuses if you open an account using a referral link. Read my Moomoo referral bonus guide for more information.
Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.

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If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.

Upgrade ($200) – Upgrade is a free checking account that’s currently offering a $200 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $200 Referral Bonus – Step By Step Directions.
Ally Bank ($100) – Of all the banks out there, Ally is, without a doubt, my favorite. At the moment, Ally is offering $100 to customers who open an eligible Ally account and meet the requirements. Here are the step-by-step directions to earn your Ally Bank referral bonus.
Fairwinds Credit Union ($175) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
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US Bank Business ($900) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
GO2Bank ($50) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $50 referral bonus.
Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
Varo ($25) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $25 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.

Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
US Bank Business. US Bank is currently offering new business customers a $900 signup bonus after opening a new account and meeting certain requirements.
M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.

Feel free to send Kevin a message here.