When most people think about financial planning, they think about implementation tactics. Should I be in a Roth or a traditional IRA? Should I use a bond ladder or stick with a total return portfolio? How should I time Social Security? These are good questions, but they’re not the first questions you should be asking. You can’t determine which strategy or tool might be appropriate based on a list of your assets without additional context.  

Imagine walking into a doctor’s office and saying, “I’m 62, I weigh 180 pounds, and my blood pressure is 130/80. What’s wrong with me?” The doctor would likely raise an eyebrow and ask questions instead of offering a diagnosis: “What symptoms are you experiencing? What are your goals for your health?” 

The same goes for financial planning. If you’re not clear about what you’re trying