Q: I am 61 yrs old, and have a small retirement fund. Do I get the best for my money by paying a financial advisor $100 per month or should I do it myself?
A: Approximately 25% of American households are do-it-yourself investors. It all comes down to your level of comfort and confidence in managing your own investments. Like anything else, you get what you pay for.
You can open investment accounts with Vanguard or Ameriprise and pick your own funds. Each custodian will offer advisory services typically for an additional service charge that will in effect provide someone for you to ask questions and make recommendations to you from the list of investment choices based on your goals.
Beyond that there are fee only and fee based advisory services, each offering more holistic financial and retirement planning services but, as expected, at a higher cost.
If you feel the least bit overwhelmed, I would strongly encourage you to seek some form of advisory services to help you invest your retirement fund in alignment with your overall retirement goals and objectives.