Raeder briefly played in the WHA for the New England Whalers in 1975–77 after starring for the University of New Hampshire men's ice hockey team in the early 1970s. His best year as a professional was in 1976 when he had the lowest goals against average of all goalkeepers in the WHA playoffs. Based on the strength of that performance, he was later selected to the United States team at the inaugural 1976 Canada Cup. He later served as an interim head coach of the San Jose Sharks for one game in 2002, before taking a scouting position with the Sharks. In 2008, Raeder was hired as an assistant coach for the Tampa Bay Lightning. In August 2010, Raeder retired, and now runs camps and clinics. Raeder is the analyst for Westwood One's coverage of the Frozen Four.