I’ve
been
thinking
a
lot
about
retirement
planning
lately,
especially
as
I
work
with
more
legal
professionals.
There’s
something
fascinating
about
how
the
brightest
minds
in
law
approach
their
own
future
planning.
And
it’s
not
always
what
you’d
expect.
When
I
talk
with
lawyers
about
retirement
planning,
I
see
incredibly
smart
people
making
the
same
mistakes
over
and
over.
The
good
news
is
that
these
aren’t
character
flaws
or
intelligence
gaps.
Instead,
they’re
the
natural
result
of
a
career
that
rewards
certain
mindsets
—
mindsets
that
just
happen
to
work
against
you
when
planning
your
next
chapter.
Let’s
dive
into
the
five
biggest
retirement
planning
mistakes
I
see
lawyers
make,
and
more
importantly,
how
to
fix
them.
1.
Tying
Your
Identity
to
the
Practice
of
Law
You’ve
spent
decades
building
expertise
that
matters.
Clients
depend
on
you.
Colleagues
respect
you.
Retirement
can
feel
like
stepping
off
the
stage
into
irrelevance.
But
if
I’ve
learned
anything
from
working
with
lawyers,
it’s
that
the
skills
that
make
you
exceptional
in
law
—
analytical
thinking,
problem-solving,
advocacy
—
don’t
disappear
when
you
leave
the
office.
They
just
find
new
outlets.
Lawyers
who
have
successfully
bridged
this
“life-gap”
become
mediators,
teach
at
universities,
serve
on
nonprofit
boards,
or
mentor
young
attorneys.
Interestingly
enough,
many
report
feeling
more
fulfilled,
not
less.
Start
your
“identity
expansion
project”
now.
Pick
two
non-law
activities
that
intrigue
you
and
dive
in
while
you’re
still
practicing.
You
might
discover
parts
of
yourself
that
have
been
waiting
patiently
in
the
wings.
2.
Overconfidence
in
Future
Earnings
Your
earning
power
has
always
been
tied
to
your
intellect
and
skill.
Age
feels
irrelevant
because
good
lawyers
just
get
better
with
experience,
right?
I
get
why
this
feels
true,
and
it
often
is,
for
a
while.
But
health
issues,
industry
changes,
or
simple
burnout
can
shift
the
landscape
faster
than
you
expect.
That
confidence
in
“always
being
able
to
make
more
money”
becomes
a
trap
when
it
prevents
serious
planning.
The
approach
here
isn’t
to
tie
yourself
into
one
particular
outcome.
Instead,
create
multiple
financial
independence
timelines.
Map
out
what
retirement
at
60,
65,
and
70
would
require.
Having
these
scenarios
gives
you
control
and
choices.
You
can
still
work
as
long
as
you
want,
but
now
you’re
doing
it
from
a
position
of
strength
rather
than
necessity.
3.
Lifestyle
Creep
and
Keeping
Up
Appearances
The
right
car,
the
private
schools,
the
country
club
membership.
These
weren’t
just
purchases
—
they
were
investments
in
your
professional
image
and
family’s
future.
I
won’t
lecture
you
about
lifestyle
choices
because
that’s
missing
the
point.
There’s
absolutely
nothing
wrong
with
these
things.
Afterall,
money
is
simply
a
tool
to
help
us
connect
our
capital
resources
(e.g.,
income,
assets,
opportunities)
with
what’s
important
to
us
(e.g.,
time-freedom,
experiences,
lifestyle
purchases).
The
real
issue
is
when
these
commitments
become
financial
handcuffs
as
retirement
approaches.
You
end
up
working
longer
than
you
want,
not
because
you
love
it,
but
because
you
need
the
income
to
maintain
obligations.
Get
super
clear
on
what
truly
matters
versus
what
you’ve
been
doing
on
autopilot.
Some
lawyers
I
work
with
discover
they
can
downsize
their
lifestyle
without
feeling
deprived
—
they
just
need
permission
to
stop
performing
success
for
others.
4.
Avoiding
Hard
Conversations
About
Succession
Nobody
wants
to
trigger
family
drama
or
disappoint
partners
who’ve
been
counting
on
inheriting
your
book
of
business.
So
you
postpone
the
conversation,
hoping
it’ll
somehow
resolve
itself.
But
avoiding
succession
planning
isn’t
protecting
anyone.
It’s
creating
a
ticking
time
bomb.
To
frame
this
in
a
more
positive
light,
you’re
building
something
bigger
than
yourself.
A
well-planned
succession
becomes
part
of
your
legacy,
ensuring
clients
are
cared
for
and
the
practice
thrives
without
you.
Start
these
conversations
early
and
frame
them
around
growth,
not
endings.
What
would
need
to
happen
for
your
practice
to
run
beautifully
without
you?
That’s
a
strategic
challenge
worthy
of
your
best
thinking.
5.
Postponing
Joy
for
“Someday”
The
legal
career
trains
you
to
put
clients
first
and
delay
personal
fulfillment.
“After
this
case
closes.”
“When
the
firm
is
stable.”
“Once
I
make
partner.”
Ever
find
yourself
whispering
these
thoughts
to
yourself?
The
problem
with
“someday”
thinking
is
that
it
becomes
a
habit.
You
get
so
good
at
deferring
satisfaction
that
you
forget
how
to
prioritize
your
own
well-being.
Come
retirement,
you
might
find
yourself
with
financial
resources
but
diminished
energy
or
health
to
enjoy
them.
Try
“retirement
rehearsals”
—
extended
breaks
or
sabbaticals
while
still
practicing.
Test-drive
activities
and
rhythms
you
might
want
in
retirement.
This
removes
the
all-or-nothing
pressure
and
helps
you
discover
what
actually
brings
you
joy.
I
recently
enjoyed
a
beach
vacation
in
Cape
May,
NJ
with
my
family
—
beautiful
weather
and
even
better
memories.
But
after
just
a
week,
I
realized
that
sitting
in
the
sand
probably
won’t
be
my
version
of
retirement.
I
need
more
purpose,
and
maybe
you
do
too.
(Of
course,
there’s
nothing
wrong
with
parking
yourself
in
the
sand
—
you’ve
earned
it!)
The
Bottom
Line
The
solution
here
is
comprehensive
planning
that
starts
now,
regardless
of
when
you
actually
want
to
retire.
There’s
nothing
wrong
with
working
as
long
as
possible,
assuming
that’s
what
brings
you
fulfillment.
But
maximizing
your
plan
at
any
age
gives
you
clarity
and
peace
around
your
options.
Retirement
planning
really
is
about
building
your
ultimate
fallback
plan
—
financial
independence
and
life
satisfaction
insurance.
In
my
Money
Meets
Law
newsletter,
I
dig
deeper
into
these
ideas,
offering
fresh
perspectives
on
how
attorneys
can
build
more
flexibility
into
both
their
finances
and
their
lives.
If
you’re
curious,
it’s
written
with
lawyers
like
you
in
mind.
For
years,
your
focus
has
been
on
creating
winning
outcomes
for
clients.
Time
to
turn
that
brilliant
strategic
mind
toward
your
own
future.
David
Hunter,
CFP®
is
a
CERTIFIED
FINANCIAL
PLANNER™
and
owner
of First
Light
Wealth,
LLC,
a
financial
planning
&
wealth
management
firm
with
a
unique
focus
on
serving
attorneys
nationwide.
David
has
over
a
decade
of
experience
helping
clients
build
financial
plans
and
has
been
featured
in
publications
such
as
Attorney
at
Work,
ThinkAdvisor,
MarketWatch,
Financial
Planning,
and
InvestmentNews.
David
also
writes
weekly
to
attorneys
in
his
popular Money
Meets
Law newsletter.
For
more
about
David,
visit firstlightwealth.com/lawyers or
connect
with
him
on LinkedIn.