When Is It Time to Stop Managing Your Own Money?
Are you wondering whether you really need a financial advisor in retirement—or if you can successfully manage your own investments? In this conversation, I sit down with James Conole of Root Financial** to explore one of the biggest retirement questions: When should you hire a financial advisor, and when are you better off staying DIY?
We discuss the transition from the accumulation years to retirement, why **retirement planning becomes much more complex**, and how withdrawal strategies, tax planning, Social Security, Roth conversions, portfolio management, and healthcare decisions can dramatically impact your financial future.
We also cover one of the most overlooked retirement risks: saving too much and never enjoying the money you’ve spent decades building. Along the way, we discuss cognitive decline, protecting a surviving spouse, creating a retirement income strategy, and how to decide whether working with a fiduciary financial advisor is worth the cost.
Whether you’re approaching retirement, already retired, or simply planning ahead, this conversation will help you determine if professional financial advice makes sense—or if you’re well-equipped to continue managing your own finances.
Topics covered:
• Do you really need a financial advisor?
• DIY investing vs hiring a financial planner
• Retirement withdrawal strategies
• Tax planning in retirement
• Roth conversions and retirement taxes
• Social Security claiming strategies
• Retirement income planning
• Behavioral investing mistakes
• Protecting a surviving spouse
• Cognitive decline and financial planning
• Sequence of returns risk
• Retirement portfolio management
• Fee-only fiduciary advisors vs commission-based advisors
• How to know when retirement planning becomes too complex
If you’re searching for answers about retirement planning, retirement investing, retirement income, safe withdrawal rates, Roth conversion strategies, financial advisor fees, fiduciary advisors, retirement tax planning, DIY investing, or how to avoid running out of money in retirement, this discussion is for you.
00:00 Introduction
01:40 Who Actually Needs a Financial Advisor?
07:16 Why Retirement Changes Everything
09:34 The Hidden Risk: Saving Too Much in Retirement
14:48 Protecting Your Spouse & Planning for Cognitive Decline
18:19 DIY vs Hiring an Advisor: A Simple Framework
20:41 The Cost of Managing Your Own Money
25:19 Can You Hire an Advisor Without Giving Up Control?
30:06 The Real Cost of Financial Decisions
31:18 Root Financial & Big Announcement
37:15 Final Thoughts
Feeling unsure about your financial future? My team at Root Financial can help: https://learn.rootfinancial.com/erin
Connect with me on LinkedIn for charts & daily retirement insights: https://www.linkedin.com/in/erintalksmoney/
Some of my favorite books: https://amzn.to/3KF3tlr
Camera & equipment I use: https://amzn.to/3Z20lof
Join the family & subscribe to my channel here: https://www.youtube.com/c/ErinTalksMoney
Thanks for watching, I appreciate you!
Advisory services are offered through Root Financial Partners, LLC, an SEC-registered investment adviser. This content is intended for informational and educational purposes only and should not be considered personalized investment, tax, or legal advice. Viewing this content does not create an advisory relationship with Root Financial. We do not provide tax preparation or legal services. Always consult an investment, tax or legal professional regarding your specific situation. The strategies, case studies, and examples discussed may not be suitable for everyone. They are hypothetical and for illustrative and educational purposes only. They do not reflect actual client results and are not guarantees of future performance. All investments involve risk, including the potential loss of principal.
Comments reflect the views of individual users and do not necessarily represent the views of Root Financial. They are not verified, may not be accurate and should not be considered testimonials or endorsements.
Leave a Reply