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Accounting and Financial Planning for Law FirmsFeaturesLaw Firm AssociatesLaw Firm ManagementLaw Firm Partners

Yes, You'll Retire Someday. Avoid These Retirement Financial Pitfalls Now.

By Justin Peacock
July 01, 2018
Waiting Too Long to Start Planning Thinking Your Portfolio Is Enough
  • How long you will work. This factor can vary greatly for lawyers, depending on your partnership agreement and health. If you're a partner at a firm with some version of mandatory retirement, you may have very little control over how long you work. Other firms have more flexible agreements, allowing partners to work for as long as they are able. The impact of this factor is enormous. Working just one to two more years and not tapping into your portfolio for those years can significantly change the likelihood of your money lasting.
  • How much you spend. Seems so obvious, right? You would think most people would have a crystal-clear understanding of their monthly spending rate. However, as lawyers advance throughout their careers and compensation increases, they often lose track of their monthly cash burn. Do you know how much you spend each month, to within $1,000? If not, look at your last few credit card statements and figure it out. It is impossible to know how large your portfolio needs to be at retirement without knowing what it costs to finance your lifestyle.
Relying Only on Firm-Sponsored Retirement Plans article See http://bit.ly/2to5rgU ***** Justin Peacock [email protected] . Disclosure: Investments involve risk, and past performance may not be indicative of future results. Balasa Dinverno Foltz LLC (BDF) investment and wealth management strategy recommendations may not be profitable, suitable or equal historical performance. BDF's current written disclosure statement discussing advisory services and fees is available for review at www.BDFLLC.com or upon request

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