I always loved flying. When I was young and single I learned to fly a plane. Taking off and flying was easy. Landing safely was the hard part. There was another danger for amateur pilots like me, flying without being able to see outside the cockpit. The name for it is flying blind.
Professional pilots learned to fly blind. They need to be able to fly in all kinds of weather, even if they are in clouds. They call that “instrument flying.” It means they don’t look outside, but read their instruments to complete their flight plans and land safely. Amateur pilots, on the other hand, can get into serious difficulty if they accidentally fly into clouds. If they can’t see outside they become disoriented. It’s one of the most common ways that amateur pilots lose their lives.
When it comes to getting to their financial future, too many people are flying blind. Over the last two decades too many people have seen their dreams crash and burn because they were not properly prepared.
Approaching retirement without a formal plan is like the amateur pilot who takes off in good weather. Without noticing it he finds that there are clouds above and below him. He can’t see out. He becomes disoriented, not knowing which side is up, uncertain of his direction. Now he’s flying blind and he’s in serious trouble.
What’s the best way to avoid this kind of trouble? Two things are needed.
- Make sure you have a plan that shows you a path to a safe landing.
- Hire a “professional pilot” – a Registered Investment Advisor – who is experienced in navigating the hazards of the market and who won’t panic when the clouds move in.
Please contact us to see if we can help you land safely no matter what the weather.
Contact us for a free copy of our Investopedia article “How Advisors Can Help Surviving Spouses.”