I’ve always believed that retirement should be about freedom—the freedom to sleep past sunrise, wear socks that don’t match, and, for many of us, finally take charge of our money without someone in a suit telling us what to do. That’s where DIY investing comes in. On paper, it sounds empowering. “Do it yourself,” the slogan proudly declares, like you’re about to build a tree house for your 401(k). No middleman, no hefty advisor fees, no one steering your ship but you. Awesome!

But as I’ve learned (sometimes the hard way), DIY investing is a bit like home plumbing, you can save money, sure, but one wrong move and you’re standing in a puddle of regret wondering what possessed you to think you could fix it yourself.

So let’s pull up a chair, pour a cup of coffee, and look at the pros and cons of managing your own investments in retirement.

The Allure of DIY Investing: Control and Confidence

When I first retired, I felt a little restless. After decades of work, I was used to making decisions and solving problems. So, when it came to managing my retirement accounts, I thought, “How hard could it be?” I started reading financial blogs, binge-watching YouTube videos, and convinced myself that with a little effort, I could do this just as well as any advisor.

There’s something deeply satisfying about taking control of your own money. DIY investing gives you that sense of ownership. You decide where every dollar goes. You pick the stocks, the funds, and the timeline. You don’t have to wait weeks for an advisor to “get back to you.” You can make changes in real-time, which is sometimes a blessing, sometimes a curse.

And let’s face it, advisors can be expensive. If you’re paying one percent a year in management fees on a $500,000 portfolio, that’s $5,000 annually, money that could fund a nice vacation, a grandkid’s college fund, or a new set of golf clubs you’ll still slice the ball with. DIY investing feels like a way to cut the middleman and keep that cash where it belongs, in your pocket.

Plus, the tools available now make it easier than ever. You can open a brokerage account in minutes, run simulations, compare ETFs, and even get “robo-advice” at the click of a button. With all these resources, it’s easy to think, “Why not me?”

The Reality Check: Experience Still Counts

Here’s where things get tricky. Investing isn’t just about knowledge, it’s about temperament. Advisors aren’t just financial planners; they’re emotional shock absorbers. They stop you from making impulsive decisions when markets swing and CNBC starts flashing headlines like “CRASH ALERT.”

Without that buffer, DIY investors sometimes make decisions that feel good in the moment but look terrible later. I once convinced myself to sell off a chunk of my portfolio during a market dip because “it felt smart to get out while I still could.” Naturally, the market rebounded two weeks later, and I was left feeling like the guy who sells his house before the neighborhood gets trendy.

DIY investors also face the challenge of complexity. Retirement portfolios aren’t just about buying low and selling high—they’re about balancing risk, income, and longevity. There’s sequence-of-returns risk (how market timing affects your withdrawals), tax implications, and the ever-confusing world of required minimum distributions (RMDs). It’s not impossible to learn, but it’s a lot to manage, especially when you’d rather be doing literally anything else. So yes, it’s a commitment.

The Emotional Rollercoaster of Being Your Own Advisor

Let’s talk about emotions for a second. When the market’s booming, it’s easy to feel like Warren Buffett’s understudy. You log into your account, see those green arrows, and suddenly you’re wondering why you ever doubted yourself.

Then comes the downturn. The headlines scream, “Recession Looms!” and your portfolio takes a nosedive. Suddenly you’re not Warren Buffett anymore, you’re the guy who bought Bitcoin at its peak and told everyone at Thanksgiving it was “the future of money.” Yikes.

Managing your own investments means managing your emotions, and that’s often harder than managing the money itself. The urge to “do something” during volatility is powerful. Sometimes doing nothing is the best move, but it takes discipline—and maybe a glass of wine—to resist the panic button.

The Benefits of Professional Guidance (Even If You Don’t Want It)

Now, before you think I’m campaigning for Team Financial Advisor, let me be clear: I’m not. But there’s a reason professionals exist. They can help with tax strategies, estate planning, withdrawal sequencing, and long-term care funding—things that often trip up even seasoned DIYers.

Some retirees take a hybrid approach. They manage the day-to-day investing themselves but hire an advisor for big-picture guidance once or twice a year. Think of it as hiring a financial mechanic for an annual tune-up. You’re still the driver, but someone checks the brakes and makes sure you’re not steering toward a cliff.

There are also fee-only advisors who charge by the hour or per consultation, rather than a percentage of assets. That can be a great compromise if you don’t want to hand over the keys entirely but still value a second opinion.

The DIY Investor’s Toolbox

If you do go the DIY route, preparation is everything. The best investors are lifelong learners, not gamblers. I keep a financial journal where I jot down why I made certain decisions. It keeps me honest when the market tests my patience.

I also use portfolio trackers and automatic rebalancing tools. They help me stay on course without having to constantly tinker. I’ve learned that too much “hands-on management” can lead to more mistakes than successes. Sometimes, the best move really is to walk away from the screen, grab a fishing pole, and let time and compound interest do their work.

Education is your best friend here. Read reliable sources, not hype-driven “hot stock” articles. Understand index funds, dividend strategies, and bond ladders. Know your risk tolerance. And most importantly, have an exit plan—not for your money, but for your emotions.

The Hidden Cost: Time and Stress

One thing few people mention about DIY investing is how much time it takes. Sure, it’s cheaper than paying a professional, but it’s not free if you value your time. Researching, analyzing, adjusting—it can eat up hours every week. And unless you genuinely enjoy this stuff, it can feel like a part-time job that doesn’t pay benefits.

Stress is another cost. Watching markets fluctuate daily can mess with your peace of mind. Retirement is supposed to be about freedom and joy, not sleepless nights because a tech stock dropped 7%. You need ice in your veins sometimes, but it can be worth it.

That’s why it’s crucial to build a portfolio you can live with emotionally, not just mathematically. If your investments make you anxious, you’re more likely to make bad decisions.

So, What’s the Verdict?

After years of tinkering, reading, and occasionally kicking myself, here’s where I’ve landed: DIY investing can be wonderful if you have the time, curiosity, and temperament for it. It keeps you engaged, gives you control, and can save you a good bit of money. I personally like money.

But it’s not for everyone. If managing your own portfolio feels like trying to assemble IKEA furniture without instructions, there’s no shame in hiring help. A good advisor can more than earn their fee by preventing costly mistakes and helping you sleep better at night.

The key is self-awareness. Know your strengths, your limits, and your emotional triggers. Whether you do it yourself or get professional help, the goal is the same, to make your money last as long as you do, and maybe even have some fun along the way.

Final Thoughts

Retirement isn’t about proving you can beat the market. It’s about creating a life you don’t need a vacation from. If DIY investing adds a sense of purpose and excitement, go for it. But if it adds stress, confusion, or heartburn, hand off the wheel and let someone else drive for a while.

I like to think of it like lawn care. Some folks love mowing their own grass—it’s meditative. Others would rather pay someone to handle it while they sip iced tea on the porch. Either way, the lawn gets cut, and life goes on.

At the end of the day, the best investment decision you can make is the one that lets you sleep soundly, live freely, and enjoy every sunrise of this well-earned stage of life.

Don’t wait until it’s too late, get your financial house in order today!

Happy retirement planning!