For the Defense - Volume 2, Issue 2 - 2017 - 6
Determine your vision for retirement
Lawyers carry a heavy burden of responsibility,
from divorce settlements to custody cases and
criminal trials - the list goes on - and it doesn't get
any lighter. With such pressures at hand, lawyers
are rarely off the clock. They work long and untraditional hours so planning for retirement rarely
makes the priority cut. However, it's critical to set
aside time for retirement planning. Otherwise, you
may find out too late that you don't have an appropriate amount of savings to sustain your current
lifestyle in retirement. Planning ahead allows for
greater security and confidence in spending, as well
as the opportunity to re-allocate assets in order to
maximize returns and create tax efficiencies.
The first step in planning is to think about
your vision for retirement and discuss it with
family members. Do you plan to retire to
another area? Do you dread snowy winters in
Pennsylvania and want to travel more often to
sunny Florida beaches? What about charitable
contributions and college funds for grandkids?
Too often, couples and families fail to communicate about this, and they enter retirement with
very different ideas of how they will be spending
their time and money.
Once you have a clear, unified vision, you will
need to determine your "number" - the total
amount that you will need to save in order to
afford your vision for retirement.1 To figure out
what your "number" is, evaluate your current
living expenses and estimate how those expenses
will translate into retirement. For example, if you
have a mortgage payment, consider the amount
and how much longer you will be paying that
bill. Calculate projected spending on necessities
such as food, insurance, taxes, transportation, and
clothing - and leave a cushion for inflation. Be
mindful of your standard of living, and whether
you plan to maintain it or scale back in retirement.
Factor in additional spending such as charitable
giving, college funds and vacations, as discussed
with your family.
When determining your number, remember
the 4% Rule. It is generally accepted that a safe
withdrawal rate from a retirement portfolio in
the first year should be around 4% to give the
portfolio the greatest chance of lasting throughout retirement. For example, if you have one million dollars set aside in your retirement portfolio,
6
For The Defense | Vol. 2, Issue 2
you could withdraw $40,000 in the first year of
retirement, with annual increases of 3 percent
each year after, with reasonable expectation that
you would not run out of money in a 30-year
retirement.
After you determine how much your vision
will cost, determine if you are on track to obtain
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
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