How Many Billable Hours Until Retirement?

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If you are age 50 or higher, what steps have you taken to move toward a healthy retirement? Chances are you have not truly changed your lifestyle or changed your priority on saving for the future.

According to “Short Fall: Who’s Most Likely to Come Up Short in Retirement and When,” more than 13 percent of the nation’s highest wage earners are predicted to run out of money in their retirement.


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The issue is what is going to motivate you to take action? If we don’t save money from our earnings, then in essence, we are only supporting our lifestyle and assuming we have the capacity to run as hard in the later years of practicing law as we have all along.

Now is the time to take a financial assessment of where you are. I recommend that you prepare a personal financial statement that gives you a snapshot of your net worth. Use this as a benchmark to move forward and make sound financial decisions to improve your nest egg.

Maybe now is a great time to consider downsizing in all facets of your life. Do you really need that big home, expensive car or lavish vacations? I am not advocating to stop living, but something has to give in order for you to create more discretionary income for your future.


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It is also time to evaluate how you invest your money, evaluate your insurance policies and other financial instruments. It is critical that all financial contracts now work effectively for your future. In essence, now is the best time for an assessment.

What if you feel that full retirement is now beyond your reach? This doesn’t necessarily spell disaster.

Creating a lifestyle retirement can be productive and fun! Consider how many files you need to actively work on to create your desired income and start to take time to pursue your passions or hobbies. The old paradigm is semi-retired. The new paradigm is lifestyle living!

I have witnessed more lawyers starting to pursue their passions outside the practice of law and it is awesome!


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The definition of insanity is doing the same things every day and expecting a different result. You deserve happiness in whatever form that manifests itself. And why do you have to wait until normal retirement age to make these changes?

I also would be remiss if I did not state that maintaining your health is most important to this entire equation. Without your health, money has little meaning.

I hope you truly contemplate this critical subject as your financial future depends on it.

Securities and Advisory Services offered through Commonwealth Financial Network, Member FINRA/SIPC. A Registered Investment Adviser. Craig Richman

Craig Richman

Craig Richman is president and chief investment officer of Richman Capital Management, 5550 Glades Road, Suite 500, Boca Raton, FL 33431. For more information, please call him at (561) 368-6400 or email Craig at [email protected].

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