Are You Doing Your Financial Planning in a Vacuum?

Sir Edmund Hillary was the first to summit Mount Everest in 1953, but he didn't do it alone. Sherpa Tenzing Norgay was his partner in the climb. Climbers today continue to attempt the grueling trek, and most take experienced guides.

Far too many people today are attempting a solo climb of another kind -- the preparation for retirement -- while relying mainly on do-it-yourself advice from well-meaning friends, neighbors or co-workers. While such advice may work in some situations, blanket recommendations are rarely one-size-fits-all.

Without a trained guide, they may be relying on luck and word of mouth to make some of the most important decisions in their financial future. Those who plan in a vacuum may not take into account all the necessary considerations. Each person or family brings a different set of circumstances and assets to the table.

I frequently get questions such as "I just sold a house for $350K -- how would you invest it?" or "When should I start taking my Social Security check?" or "I