I want to ‘stem the shrink.’ I’m 66 and my Social Security check is only going to be about $1,000 a month. My only savings is in a 401(k) that is ‘currently shrinking weekly.’ Should I get professional help?

Question: I’m trying to determine if seeking a financial adviser is warranted for a 66-year-old senior whose only savings is in a 401(k) and currently shrinking weekly. My husband is a retired teacher so we do have his pension, but he didn’t pay into Social Security for most of his working years, so his monthly benefit is smaller. I think that means there won’t be any additional spousal benefit money. At my full retirement age (which I hit soon) my Social Security check would be just a little over $1,000 a month.

I need to learn if there’s someplace else I should move the 401(k) to stem the shrink before I lose even more. Would it make sense to hire a financial adviser or is there a better place to get good information for such small potatoes? (Looking for a new financial adviser too? This tool can help match you with an adviser who might meet your needs.)

Answer: The transition to retirement is not one to be taken lightly. It sounds like there needs to be retirement income distribution planning, Social Security maximization and tax planning here, too. But as for whether you need a pro to do it, that depends on how comfortable you feel doing this correctly yourself among other things. We’ll explore both routes below. 

Thinking about hiring a financial adviser or have an issue with your current one? Email [email protected].

If you feel unsure of how to proceed, or don’t have the time to research it all yourself, hiring a planner to help you weed through the intricacies of your situation may make sense. If you decide to go with a pro, you may want to think about certain kinds of advisers.

In your case, this planner would likely work best on a project or hourly basis or some combination of the two, where you hire them for one-time advice but let them know you may need help (for which you’d pay hourly) in the future. “This way you have professional advice on tap with someone who knows your situation as decisions and questions arise but you aren’t paying an ongoing fee for help you may not truly need,” says certified financial planner Kaleb Paddock of Ten Talents Financial Planning.  A typical fee for a one-time creation of a comprehensive financial plan costs roughly $1,500 to $3,000, depending on complexity.

Note too that this guide can help you find financial planners who might work at a discounted rate, or even pro bono.

Make sure the adviser does certain things for you: “I would hire an adviser to perform a detailed risk analysis, current risk to retirement portfolio, capacity to take risk and actual risk needed to accomplish the goal of not running out of money,” says certified financial planner Michael Miller of Miller Premier Investment Planning. 

And “go see three or more of them as long as they offer free consultations,” says says certified financial planner Ryan Townsley of Town Capital. This will give you a much better feel for whether working with an adviser is for you or not and it’s always great to get multiple perspectives. (Looking for a new financial adviser too? This tool can help match you with an adviser who might meet your needs.)

Of course, you don’t need an adviser. For one, they are often costly, and you already feel financially stretched. And there are plenty of resources both in print and online where you can research this yourself. This guide is all about who does not need to work with a financial adviser.

And if you meet with an adviser and she doesn’t convince you that their fees are worth it, then that likely means they aren’t. “If you walk away feeling that they can deliver more value than their fees, it may be a good idea to move forward and learn more about their processes,” says Townsley. If you want to learn more about personal finance, there are books, podcasts and even virtual courses you can take.

Another thing to consider: Certified financial planner Don Martini at Envision Financial Planning says even though your husband has smaller Social Security benefits, he may be entitled to spousal benefits which is 50% of your benefit at full retirement age (FRA). “This might be reduced depending on whether his pension is a salary-based calculation. If salary-based, it’s reduced by two-thirds of his monthly pension amount. He would be entitled to the higher benefit amount of either his own or the spousal benefit,” says Martini. Regardless, this is the type of information a planner can help you sift through to achieve some clarity. 

Questions edited for brevity and clarity.

Thinking about hiring a financial adviser or have an issue with your current one? Email [email protected].