A 2025 Northwestern Mutual survey revealed Americans believe they’ll need $1.26 million to retire comfortably. However, a 2022 Federal Reserve survey found retirees aged 65 to 74 only have a median of $200,000 saved (2). With a $2 million portfolio, you’re ahead of the curve, but hiring a financial planner has pros and cons.

Financial advisors can provide expert advice, especially when life throws a curveball like health issues or unexpected costs. Long-term care can cost up to $127,750 annually, and advisors can help manage these expenses (3). Working with an advisor may help you feel more financially secure during your senior years, according to Northwestern Mutual (4).

While financial advisors can help manage assets and plan for inheritance, there are costs involved. Advisors may charge fees based on assets under management, potentially costing $20,000 yearly for a $2 million portfolio. Managing finances independently may be suitable if you’ve successfully built and managed your portfolio (5).

Before deciding whether to hire a financial advisor, consider your financial situation and goals. If you’re knowledgeable about investing and managing your portfolio effectively, you may not need the services of a financial professional. Working with an advisor involves costs and potential benefits, so weigh your options carefully (6).

Read more at Yahoo Finance: 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?