Retopology with subsurf - snapping.

How would do you retopo of a mesh using a subsurf modifier?

Meaning that given a high poly model, make a low poly model that closely matches target mesh… when subsurf modifier is applied.

Snap to face/volume does not work with subsurf modifier. And neither does shrinkwrap (as far as I know).
Well, it does work, but it snaps “control vertices” and if subsurf control points are snapped to mesh surface, resulting subdivided geometry will be below the surface of original mesh.

So, is manually moving one vertex at a time the only way to go about it?

Snap to face/volume does not work with subsurf modifier. And neither does shrinkwrap (as far as I know).
Well, it does work, but it snaps “control vertices” and if subsurf control points are snapped to mesh surface, resulting subdivided geometry will be below the surface of original mesh.
Modifier order is important. Modifiers are applied from top to bottom in the stack. You want to shrinkwrap after you have subsurfed, not subfurfed after you have shrinkwraped

Hmm… the problem here is that I’d like to have “control vertices” in positions where they would produce geometry that is close to original mesh. Meaning they need to be adjusted in such way that subdivided surface would “snap” (to a reasonable extent) to desired surface.

If I just add shrinkwrap after subsurf, it will not do what I want.