MML# 045: The Best Years of Retirement Might Be Sooner Than You Think

I had the privilege of presenting a webinar for the American Bar Association this past week on retirement preparation and spending phases.

One section covered how most lawyers approaching retirement focus heavily on whether they have enough saved, but spend almost no time thinking about when they'll actually enjoy that money.

Here's what the research shows, and why it matters for your planning.

The Go-Go Years Are Front-Loaded

David Blanchett, a retirement researcher, studied spending patterns across thousands of retirees and found something he calls the "Retirement Spending Smile."

The pattern is pretty simple. Spending is highest in the first decade of retirement, decreases in the middle years, and ticks back up slightly at the end (mostly for healthcare).

The years in your first decade are your go-go years. You're young enough to travel, energetic enough to take on new hobbies, and healthy enough to do the things you've been postponing for decades. This is when you hike Machu Picchu, not when you're 78.

The middle years slow down naturally. You're less interested in constant activity. You've checked off the bucket list items. Spending decreases because your lifestyle often becomes less expensive. Don’t worry—these years are incredibly rewarding and satisfying too. They just gradually prioritize different activities.

The final years see a slight uptick, mostly due to healthcare needs, but you're not exactly booking safaris at that point.

If you wait too long to retire, you skip the best part.

The "Dying at Your Desk" Question

Some lawyers genuinely want to practice until their final day. If that's you, and it truly brings fulfillment, there's nothing wrong with that choice.

But, even if you plan to work forever, you need a backup plan.

What happens to your spouse if you die suddenly? What about your clients? Your partners? Your staff?

Working until you die is only a viable plan if you've built intentional exit strategies that protect everyone around you. Otherwise, you're leaving chaos in your wake.

And I think if they’re honest, most lawyers who say "I'll never retire" aren't saying it because they love practicing law that much. They're saying it because they believe they have no other choice.

The "I Can Never Retire" Myth

I often hear, "I can't afford to retire."

When I dig deeper, it usually falls into one of three categories:

First, they feel they haven't saved enough. Fair concern. But often, they also haven't run the numbers to see what's actually possible. Maybe full retirement isn't feasible, but a gradual transition to part-time work might be. Or consulting. Or mediation. There's rarely just one answer.

Second, they don't understand how their portfolio and income sources work together. They see their 401(k) balance and think, "That's not enough." But they're not factoring in Social Security timing, Roth conversions, tax-efficient withdrawal strategies, or how their pension might cover baseline expenses while their portfolio funds discretionary spending.

Third, there's guilt. After years of prioritizing clients, the idea of finally putting yourself first feels selfish. But you can't bill hours forever, and at some point, you deserve to focus on what brings you joy instead of what brings you revenue.

What's Your Actual Plan?

The real question isn't whether you can retire. It's whether you have a sound plan that accounts for:

• How you'll spend those go-go years when you still have the energy to enjoy them
• What your life looks like if you transition out of practice gradually instead of cold turkey
• How your income sources coordinate to support your lifestyle without running out of money
• What happens to your family and your firm if you're no longer able to work

You don't have to retire (now). But you should know whether it's even possible.

Because the worst outcome isn't retiring too early or working too long. It's reaching 70, realizing you missed your window, and wishing you'd at least explored your options.