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?

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Here's howDave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAPBut a 2022 Federal Reserve survey revealed Americans aged 65 to 74 have a median of $200,000 saved for retirement (2).So clearly, the typical retiree has a large gap to overcome.If you’re nearing retirement with a $2 million portfolio, you’re clearly ahead of the curve. Not only do you have way more assets than the typical American your age, but you also have more than the $1.26 million per person that’s supposed to make for a comfortable retirement.But you may be wondering if it pays to hire a financial planner to help manage your retirement portfolio. And the truth is, there are pros and cons to getting financial help.If you have $2 million in assets, and plan to work for another year or two more, have a paid-off home, and no major financial concerns, you might assume that you don't need a professional to help guide your financial decisions. But there's a reason 27% of Americans (2) have a financial advisor or planner.The upside of working with a financial professional is that you'll have an expert who isn't emotionally attached to your money offering advice on how to manage your assets. That could be invaluable, especially if life ends up throwing you a curveball.Things may be going well for you financially right now. But what if your life circumstances change, or your health declines and you wind up needing long-term care?If you’re uninsured, you could be looking at an average of $77,792 per year for a home health aide, says Genworth, while a private room in a nursing home could cost you $127,750 on an annual basis, according to the same study. A financial advisor or planner can help you not only prepare for these types of costs, but manage them as they arise (3).Trending: Warren Buffett used 8 simple money rules to turn $9,800 into a stunning $150B — start using them today to get rich (and then stay rich)Also, while you clearly have a decent understanding of saving and investing to have amassed $2 million in time for retirement, there may be some blind spots in your portfolio. A financial professional can help address those and make sure your portfolio is set up to not only produce income, but withstand a major market event or a period of rampant inflation.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,773.50 +18.25 (+0.27%)Dow Futures47,249.00 +20.00 (+0.04%)Nasdaq Futures25,212.25 +118.25 (+0.47%)Russell 2000 Futures2,398.90 +2.90 (+0.12%)VIX20.40 +0.57 (+2.87%)Gold4,068.00 -26.20 (-0.64%)PortfolioSign in to access your portfolioSign inTop gainersCDTX Cidara Therapeutics, Inc. 217.71 +111.72 (+105.41%)SRRK Scholar Rock Holding Corporation 37.41 +7.34 (+24.41%)AVDL Avadel Pharmaceuticals plc 23.56 +4.32 (+22.45%)LGN Legence Corp. 40.27 +6.95 (+20.86%)CSIQ Canadian Solar Inc. 33.58 +4.96 (+17.33%)Top losersNFLX Netflix, Inc. 111.22 -1,043.01 (-90.36%)DGNX Diginex Limited 10.53 -2.97 (-22.00%)STUB StubHub Holdings, Inc. 14.87 -3.95 (-20.99%)HTFL Heartflow, Inc. 27.98 -2.96 (-9.57%)EOSE Eos Energy Enterprises, Inc. 13.80 -1.40 (-9.24%)Most activeNVDA NVIDIA Corporation 190.17 +3.31 (+1.77%)ONDS Ondas Holdings Inc. 7.18 +0.62 (+9.45%)OPEN Opendoor Technologies Inc. 8.12 -0.44 (-5.14%)TSLA Tesla, Inc. 404.35 +2.36 (+0.59%)PFE Pfizer Inc. 25.06 -0.73 (-2.83%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersBTC-USD Bitcoin USD 95,061.10 -758.82 (-0.79%)GOOG Alphabet Inc. 276.98 -2.14 (-0.77%)NFLX Netflix, Inc. 111.22 -1,043.01 (-90.36%)GOOGL Alphabet Inc. 276.41 -2.16 (-0.78%)QUBT Quantum Computing Inc. 10.60 +0.57 (+5.68%)Top economic events