I’m 67, retired, with a $3 million portfolio, house is paid off, and no major financial concerns. Is it worth the cost to get a financial planner to ensure we stay on track?

Finally, working with a financial adviser could help you feel more secure as you navigate your senior years; it takes the pressure off you to be the expert and to stay current. Northwestern Mutual reports that 64% of Americans who have an adviser feel financially secure, compared to just 29% who don't have one.

Managing your finances solo

The obvious downside to working with a financial professional is that there is an additional cost involved. And that cost can vary depending on who you use, where you're located, and the fee structure your adviser employs. If you manage your finances on your own, you won't have to pay a professional any fees.

Let’s say a financial adviser charges you a fee of 1% of assets under management. For a $3 million portfolio, you’re paying $30,000 a year for help you may not need.

Granted, because many financial advisers get paid as a percentage of assets under management, they’re motivated to grow your portfolio so they get paid even more. But once you’re retired, you may not need portfolio growth so much as stable income. And if you’re already getting that, there may be little sense in bringing in an adviser.

Fees aside, there can be other benefits to managing your money on your own. For one thing, not every financial adviser is trustworthy. And not all financial advisers put their clients' best interests ahead of their own.

If you've been able to comfortably build and manage your portfolio all of these years, then you may be perfectly equipped to continue doing so — especially if you're a savvy investor with a pulse on the market who understands the importance of diversification.

Furthermore, while a financial adviser can offer guidance on estate planning, you’ll typically still need an attorney to create a will or trust (or whatever tool you use to pass down an inheritance). So while a financial professional can perhaps steer you toward your ideal option, you’re probably going to be looking at a separate attorney fee anyway.

Before you make your decision, it could be worth sitting down with an adviser or two and seeing what they have to say. But if you’ve gotten to $3 million and are managing this well, you don’t necessarily need to hire someone for extra help at this point. Just be sure that before making any major money moves, you’re as informed as possible. You’re essentially your own adviser.