"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."
"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."
Many lawyers tie personal identity tightly to legal practice, producing fear of irrelevance in retirement. Analytical thinking, problem-solving, and advocacy skills can transfer to mediation, teaching, board service, or mentoring. Beginning identity-expansion projects while still practicing and experimenting with two non-law activities can ease transition and increase fulfillment. Overconfidence in future earnings is common because experience often increases value, but health issues, industry changes, or burnout can quickly alter earning trajectories. Proactive planning should address identity, realistic income expectations, and practical transition steps to reduce common retirement pitfalls for legal professionals.
Read at Above the Law
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