I’m 65, near retirement, with a $2M nest egg and no debt. Do I need to keep paying my financial planner at this point?

A 2025 Northwestern Mutual survey recovered that Americans deliberation it volition instrumentality $1.26 cardinal to discontinue comfortably.

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But a 2022 Federal Reserve survey revealed Americans aged 65 to 74 person a median of $200,000 saved for status (2).

So clearly, the emblematic retiree has a ample spread to overcome.

If you’re nearing status with a $2 cardinal portfolio, you’re intelligibly up of the curve. Not lone bash you person mode much assets than the emblematic American your age, but you besides person much than the $1.26 cardinal per idiosyncratic that’s expected to marque for a comfy retirement.

But you whitethorn beryllium wondering if it pays to prosecute a fiscal planner to assistance negociate your status portfolio. And the information is, determination are pros and cons to getting fiscal help.

If you person $2 cardinal successful assets, and program to enactment for different twelvemonth oregon 2 more, person a paid-off home, and nary large fiscal concerns, you mightiness presume that you don't request a nonrecreational to assistance usher your fiscal decisions. But there's a crushed 27% of Americans (2) person a fiscal advisor oregon planner.

The upside of moving with a fiscal nonrecreational is that you'll person an adept who isn't emotionally attached to your wealth offering proposal connected however to negociate your assets. That could beryllium invaluable, particularly if beingness ends up throwing you a curveball.

Things whitethorn beryllium going good for you financially close now. But what if your beingness circumstances change, oregon your wellness declines and you upwind up needing semipermanent care?

If you’re uninsured, you could beryllium looking astatine an mean of $77,792 per twelvemonth for a location wellness aide, says Genworth, portion a backstage country successful a nursing location could outgo you $127,750 connected an yearly basis, according to the aforesaid study. A fiscal advisor oregon planner tin assistance you not lone hole for these types of costs, but negociate them arsenic they originate (3).

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Also, portion you intelligibly person a decent knowing of redeeming and investing to person amassed $2 cardinal successful clip for retirement, determination whitethorn beryllium immoderate unsighted spots successful your portfolio. A fiscal nonrecreational tin assistance code those and marque definite your portfolio is acceptable up to not lone nutrient income, but withstand a large marketplace lawsuit oregon a play of rampant inflation.