The biggest mistake most people make when it comes to their retirement is that they do not plan for it. They take the same route as Alice did in the story “Alice in Wonderland,” in which a cat tells Alice that surely she will get somewhere long as as she walks long enough. Although it may not be exactly where you wanted to get to, but you certainly will get somewhere.Similar is the case with financial planning, if you fail to define your goals, determine your risk tolerance and don’t have a well-defined investment plan which is personally tailored. You may end up saving a corpus, but not the right amount and at the right time.Now, since most of us are tied up with everyday commitments and may not have the time to undertake all this research, we need a financial planner who can help us with this. There are two types of planners: commission-based and fee-only.