Retiring from Law? Ask Yourself 5 Very Important Questions
When should you retire? There is no “should” about it. The answer will vary depending on the person.
In the mid-1930s, with the passage of the original Social Security Act, the country needed to select a retirement age. The age of 65 was chosen because it reflected the average life expectancy at the time. In fact, according to one estimate, only about 2 percent of the population lived past age sixty-five. Today, however, the average life expectancy is approaching 80 years of age.
Consequently, many individuals—including lawyers—are ready, able, and willing to work past the traditional retirement age. In witness of that, according to one study by legal management consultant Altman Weil, the closer to retirement a lawyer gets, the more likely he or she is to oppose mandatory retirement ages. Interviews with a number of aging lawyers suggest that they don’t want to retire at the typical age, although they may want to work part-time only.
After all, with advances in modern medicine, we live longer and our quality of life is better. At the same time, owing to the effects of the Great Recession, if we retire, our finances may seem too tenuous to support our usual, or desired, lifestyle. Thus, many Baby Boomers are wondering when they should retire from the practice of law.
When coaching lawyers who want to leave the practice, I typically start with several questions that set the stage for all further deliberations:
- Why do you want to leave your practice?
- What do you want to do with your life once you leave the practice?
- Do you want to quit working and retire, or do you want to start a new adventure?
- Can you achieve the same objective without leaving the practice of law?
- Are you truly ready to let go?
How do these questions resonate with you?
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