Every profession has a retirement period. For example, if you are serving an organization, both in the government and private, it will ask you to retire at 60 years. However, in the case of lawyers, they can practice for as long as they want privately. But there will come a time when you will have to cease serving people. This is when the lawyers expect their retirement.
Even though you are the best advocate in Delhi, you are sure to consider your retirement. However, the planning of retirement cannot be and should not be done after you get retired. The top female lawyers also suggest that one should be serious about their retirement beforehand. Here are some tips that you ought to follow to begin your retirement planning from the beginning:
- Have an order of your financials
First and foremost, you have to figure out where you have all your investments and gather them all together to ensure a retirement budget. For this, your CPA, tax, and advisor have to work hand in hand to get the desired results.
In this financial journey, it may so happen that they can guide you in unventured areas that you were not aware of. So, it is suggested that you rely on them and discuss every step of your financial journey with them. If you think this is a one-step job, then you are highly mistaken. It takes a lot of effort and may continue for a few weeks.
- Accumulate client list
As a lawyer, you are supposed to have a set of clients who have depended on you for quite a long time. Check out who your existing clients are and how long you would have to serve them. If you do not want to practice law anymore, it is your responsibility to inform them clearly at a stipulated time. Telling your clients about you not practising law at the last minute will ultimately make them fall into trouble.
- Accumulate referral list
When you refrain from practising law permanently, you should contact the referral sources to pass them this message. So, being a lawyer, if you plan to sell your practice, you will need referral sources to help you in the valuation process. For creating a better referral list, take your time and create an updated one. Also, make a note of the contributions that each referral source has made.
- Create a retirement advisory team
Designing a potential advisory team is crucial for developing an excellent advisory plan. In this team, make sure to have the following people:
- Your spouse, children and other people, who will be affected by your retirement the most.
- A close friend or a spiritual guide who can help you to pass through your anxiety transition.
- A retirement coach to support and help you through the entire process of retirement.
- A financial advisor who can help you in managing your budget and make beneficial financial plans for you.
- A physician who can take care of your health.
- Anybody else who are experts in these fields.
- Picturize your life after retirement
Before you are finally retired, it is essential to picture how your life would look after you get retired. Identify your passion and purpose in retirement. If necessary, you can indulge in some creative activities that you would do once and then refrain from work pressure. Explore yourself more and see if you can face the new challenges.
Therefore, it is true that retirement remains uncharted territory unless you experience it. However, it is wiser to prepare yourself beforehand so that you enjoy every inch of it.