For the Defense - Volume 2, Issue 2 - 2017 - 8
easy to think about - is part of developing a
holistic retirement plan.
Align your exit
strategy with financial goals
Very few lawyers go from working a full caseload to
nothing at all. Most take a more gradual approach
to retirement. If you're driving a car at 80 mph and
then suddenly switch gears to 10 mph, you're going
to experience whiplash. The same is true for pace
of work and life. Going from the fast-paced nature
of the legal industry to a more quiet, relaxed pace
in retired life could leave you bored, anxious and
even depressed. A multi-year phase out is standard,
particularly for partners at a law firm. This gradual
approach is beneficial for the health of the individual, but also for the firm. This way, cases can be
resolved or slowly transitioned to others.
But while phasing out is a healthy lifestyle
choice, it does add complexity to the retirement
distribution process. If you're working part-time,
your income will reflect that. When planning your
phase out, consider whether or not you are able to
live off an adjusted, part-time income or whether
you will need to withdraw from your retirement
The Law Offices of
Wagner and Spreha
fund to make up for the difference. If you plan
to use your retirement fund or other investments
to fill in the gaps, factor that into your long-term
retirement plan.
If you are a partner at the firm, communicate
with the other partners to develop a business succession plan. If the firm's partnership agreement
does not already account for this, discuss whether
you would like to transfer ownership to an existing
partner or extend an offer to another promising
lawyer at the firm.
Consider rolling over to an IRA
Employer-sponsored retirement plans often
allow for little flexibility in how much money
can be withdrawn and when, giving retirees less
freedom in managing their own money. If you
ever want to withdraw a larger sum or change
the timeline for your distributions, your hands
may be tied. Switching from a standard 401(k)
to an Individualized Retirement Account (IRA)
lifts those restrictions and reassigns you control.
With an IRA, you can withdraw any amount you
want, whenever you want - with no distribution
limitations.
Heather J. Mattes
Providing representation for criminal charges in state and federal court.
2401 N Front Street
Harrisburg, PA 17110
Phone:(717) 234-7051
Fax: (717) 273-7080
www.WagnerSpreha.com
Law Offices of Heather J. Mattes
105 South High Street , Suite 2A
West Chester, PA 19382
Office: 610-431-7900
Fax: 484-244-5077
Email: hjm@hjmattes.com Web: www.hjmattes.com
Dedicated To Your Strongest Defense
8
For The Defense | Vol. 2, Issue 2
http://www.hjmattes.com
http://www.WagnerSpreha.com
Table of Contents for the Digital Edition of For the Defense - Volume 2, Issue 2 - 2017
For the Defense - Volume 2, Issue 2 - 2017 - 1
For the Defense - Volume 2, Issue 2 - 2017 - 2
For the Defense - Volume 2, Issue 2 - 2017 - 3
For the Defense - Volume 2, Issue 2 - 2017 - 4
For the Defense - Volume 2, Issue 2 - 2017 - 5
For the Defense - Volume 2, Issue 2 - 2017 - 6
For the Defense - Volume 2, Issue 2 - 2017 - 7
For the Defense - Volume 2, Issue 2 - 2017 - 8
For the Defense - Volume 2, Issue 2 - 2017 - 9
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For the Defense - Volume 2, Issue 2 - 2017 - 11
For the Defense - Volume 2, Issue 2 - 2017 - 12
For the Defense - Volume 2, Issue 2 - 2017 - 13
For the Defense - Volume 2, Issue 2 - 2017 - 14
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