Sep 8, 2022
Retirement today is very different
than it was 50 years ago. People are living longer, and lawyers,
like many other knowledge workers, have the ability to work well
into their 60s, 70s and beyond. Supreme Court Justice Ruth Bader
Ginsburg was productive well into her late 80s.
But for many lawyers, continuing to work is a default option rather than something that has been carefully planned out. Part of the reason is that lawyers have very strong professional identities. Part of the reason is finances.
As high-income earners, many lawyers fear that they won’t have enough money to last them throughout retirement. That fear needs to be addressed before decisions can be made.
From my perspective as a career coach, I see lawyers creating meaningful and productive “third chapters” of their lives. A crucial part of this is to look at finances.
Given how long many Americans are now living, taking the time to prepare to finance your possibly lengthy retirement is essential in making a successful career transition. Finances should really be the first step in any transition planning. If you are healthy, it can be an exciting time of life. Figuring out how you will make it all work financially is an important first step.
My guest, has written a new book on that very subject. In this episode, we discuss her book and the financial considerations for lawyers who are planning for their next stage of life.
Julie is an investment manager who started out on Wall Street as a lawyer. Thirty years ago, she founded her own Investment Counsel firm—Jackson, Grant, Investment Advisers, Inc. of Stamford, CT, a fiduciary boutique—where her team manages personal portfolios for high-net-worth families. She writes and speaks frequently on financial literacy and related topics . I met Julie while serving on a panel put together by the Senior Lawyers Division of the American Bar Association.