Posted Feb 22, 2016 05:45 am CST
Many lawyers who responded to a survey by American Lawyer Media had a strategy to cope with a falling stock market: Keep on working.
Twenty-nine percent of more than 200 lawyers who responded to the unscientific survey said they would work longer to make up shortfalls in their retirement plans, Law.com reports.
That might not be a bad idea, according to international tax attorney Martin Press of Fort Lauderdale, Florida. He says lawyers nearing retirement should calculate if they could live on 4 to 5 percent of their total assets each year. If they can’t do that, maybe they should continue working, Press told Law.com.
Many other respondents indicated they would stay the course, which is consistent with financial advice to maintain a long-term perspective. Kristi Sullivan, founder of Sullivan Financial Planning in Denver, discourages changes based on short-term stock market results. She advises diversification and to “watch as little financial TV as possible,” according to the Law.com story.
Joe Votava, chief executive of Seneca Financial Advisors, advocates developing a plan that focuses on saving now, limiting taxes and managing cash flow.
Miami tax lawyer Alan Weisberg tells Law.com he’s not losing sleep over the stock market. After all, he joked, he recently got an email from Nigeria telling him he will inherit $100 million.