MW I'm 75 and retired. Should I put my life savings into CDs or hire a financial adviser to help?
By Alessandra Malito
'At my age, I want minimal to moderate risk'
"Would it be worth hiring a financial adviser?" (Photo subject is a model.)
Dear Help Me Retire,
I am 75 and retired. Should I put my life savings into CDs myself, or hire a financial planner? At my age, I want minimal to moderate risk. Would it be worth hiring a financial adviser?
Do-It-Yourself or Don't?
Related: My wife and I are retiring to Mexico. Will she get Social Security survivor benefits on my record if I die first?
Dear DIY,
There's a lot to discuss about the do-it-yourself route versus working with a financial professional - especially when you're in your 70s and already retired.
First, if you've reached this age in good financial shape without ever having worked with an adviser, you must be doing something right. Still, it's never too late to make adjustments to your retirement planning. An adviser could help you navigate drawdown strategies, tax issues and other questions about maximizing your retirement investments while minimizing risk.
Putting your savings directly into CDs is one option, but it isn't the only one. CDs can be a good choice for conservative money management, but interest rates are trending downward - you can currently find rates of up to 4.2%. Rates fluctuate constantly, and you don't want to rely too heavily on a single product when you need to keep up with inflation and make your money last the rest of your life.
Do you have questions about retirement, Social Security, where to live or how to afford it at all? We want to hear from you. Join the conversation in our Facebook community: Retire Better with MarketWatch.
Risk and asset allocation
Investing carries some risk, which is why asset allocation - dividing your portfolio into different investment categories like stocks, bonds and cash - is crucial. You need to balance your risk tolerance with your risk capacity. These two don't always align: Many investors avoid stocks out of fear of losing money, while others take on more risk than necessary in pursuit of higher returns.
At 75, you should weigh both carefully. Charles Schwab $(SCHW)$ recommends that investors between the ages of 70 and 79 adopt a moderately conservative approach of roughly 40% stocks, 50% bonds and 10% cash or cash equivalents (CDs are in this category). Investors who are 80 and older should be more conservative: about 20% stocks, 50% bonds and 30% cash and cash equivalents.
Beyond deciding about basic asset allocation, choosing specific investments can feel overwhelming. At your age, protection against market downturns is critical. Consider low-volatility dividend stocks and diversifying across categories within stocks and bonds. Keep an eye on fees, as they can quietly erode returns. Low-cost index funds offer a simple option for those who prefer not to pick individual securities. Many DIY investors rely on firms like Vanguard, Fidelity and Schwab.
Other options to explore
Annuities - insurance products that provide guaranteed income similar to a paycheck - are worth exploring. They come in many forms, and although they have faced criticism for high fees and complex rules, they can - when structured carefully - complement a diversified portfolio for people concerned about outliving their savings. When researching annuities, consider how much you must invest and how you'll access your funds, and look at ratings on resources like Annuities.org.
Online automated investment services, known as robo advisers, can select investments for you once you define your risk comfort level. Leading independent providers include Betterment and Wealthfront, and most major financial firms now offer their own robo platforms.
Hiring a financial adviser
Finding an adviser for such sensitive matters can feel daunting. You'll pay more for a real person than for a robo adviser - the latter may cost less than half a percent of assets under management, versus 1% or more for a human adviser - but the cost depends on what you want from the relationship.
Consider a fee-only financial adviser who offers planning or investment management for a fixed fee without actually managing your assets. This suits investors who want one-time or occasional advice, whether for a single service like investment planning or a broader package including estate planning and tax help.
Before committing to any adviser, interview several professionals and ask key questions. What are their qualifications - do they hold certifications like the certified financial planner designation? Are they fiduciaries, meaning they're required to act in your best interest? What does their client base look like - do they specialize in retirees? How do they charge? And ask about anything else that matters to you, such as how often they would be in contact during periods of volatile markets.
Some final thoughts
No matter where you get your investment advice, vet it carefully and make sure it fits your personal circumstances. Friends and family may offer well-meaning suggestions, but their advice isn't always accurate - and even when it is, it may not suit your financial needs.
If I were in your position, I'd start by taking a close look at all my bank and investment accounts, considering whether there's more I want to do with my money, and thinking about any financial concerns - such as whether my savings will last, or whether I'm missing a critical piece of planning like long-term-care coverage or estate documents. From there, look at potential financial-planning candidates and reach out to learn more about their services.
It's never too late to get your financial house in order.
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Have a question about your own retirement savings? Email us at HelpMeRetire@marketwatch.com
-Alessandra Malito
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March 30, 2026 10:00 ET (14:00 GMT)
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