Bar to host two workshops to help lawyers plan for
retirement
By Amy Yarbrough
Staff Writer
More than half of working-age households are at risk of not having
enough money to maintain their standard of living after they retire, according
to a study by the Center for Retirement Research at Boston College.
What’s more, the outlook for baby boomers and Generation
Xers looks far less rosy than it does for those now entering retirement, the 2010
National Retirement Risk Index notes.
To attend the workshops contact Richard Carlton at 415-538-2355 or Richard.Carlton@calbar.ca.gov. Indicate the date you’d like to attend and the number of people attending. Spouses and partners are welcome.It’s with that somber forecast in mind that the State Bar is
planning a series of workshops aimed at helping lawyers map out their financial
future. “Planning for a Healthy Financial Future and a Retirement You Can
Enjoy” is currently scheduled for Oct. 16 and 22 at 180
Howard St. in San Francisco and Oct. 28 and 29 at 845 S.
Figueroa St. in Los Angeles. The seminars will take place from 9 a.m. to 3
p.m. with a break for lunch.
Richard Carlton, acting director of the State Bar’s Lawyer
Assistance Program, said the sessions should be particularly useful for
sole practitioners, noting, “There is a general perception that a lot of people
who work for themselves don’t do a great job of planning for their financial
future.”
Following the October workshops, the Lawyer Assistance
Program will offer one-on-one financial planning sessions for individual
lawyers.
Fewer and fewer Americans have pensions to rely on, and generally
Social Security benefits only cover 20 to 25 percent of expenses, Carlton said.
Whether you even have the option of retiring may depend largely on the extra
money you’ve set aside.
“Unless you decide early on what that nest egg is going to
be, you may or may not have the resources to do that,” Carlton said.
“We’ve had many attorneys in our program over the years who
are in their late 60s, early 70s without even a thought of stopping working
because they don’t see it as an option,” he added. “We’re not even talking
about fancy lifestyles, we’re talking about the basics.”
Attorney Jay Foonberg, a former chair of the State Bar’s
Senior Lawyers Division who has led seminars for senior lawyers on retirement,
said some lawyers are resistant to planning because they don’t want to stop working
and don’t intend to. Then, they’re hit with a major roadblock, like health
problems.
“When you reach 65 you’re really in the fourth quarter of
your life,” he said. “They don’t prepare. There are a lot of reasons people
have. They just worry about it when the time comes.”
The San Francisco sessions will offer tips on maximizing
Social Security and deal with topics such as annuities and when, where and how
attorneys can retire, according to presenter Bob Goldman, a Sausalito-based
financial planner.
Because he and the other fee-based planners presenting at
the workshop do not have products to sell, that advice will be objective, he
said.
Financial educator Pat Funk, one of the authors of the book “Lawyers
at Midlife: Laying the Groundwork for the Road Ahead,” will lead the L.A.
seminars. She described her presentation as more of a life planning program and
said it will help lawyers figure out what they will need to have a fulfilling
retirement and how to make their savings work for them. It will also touch on “new
approaches and new paths for saving money in retirement that weren’t available
to our parents and grandparents,” she said.
“I think it’s going to be an opportunity to identify where
they are in their retirement planning. Are they on the right path, or are there
some corrective actions that will help put them on a better path?”
Funk said the financial information will not only be
valuable to attorneys, but their clients, noting the amount of influence that lawyers
can have.
“We’re finding that attorneys have to be more financially
literate with their clients,” she said. “It’s a unique role that attorneys can
play.”
Funk, who has led planning workshops in Oregon and a number
of other states, said even wealthy attorneys can benefit from the information. Even
attorneys who use professional money managers have told her they learned
things their advisers didn’t bring up, she said.
“My challenge to myself (is) everyone gets to go away with
one thing that they didn’t think about,” she said.
The final hour of the program is an optional, free presentation on stress, depression and related concerns. It qualifies for one hour of MCLE credit in competency issues.
To attend the workshops contact Richard Carlton at
415-538-2355 or Richard.Carlton@calbar.ca.gov.
Indicate the date you’d like to attend and the number of people attending. Spouses and partners are welcome.