Rethinking retirement; new realities demand new financial planning strategies
Article Abstract:
Attorneys planning for retirement must recognize that they face different considerations from those retiring a generation ago. They will live longer than prior generations and inflation will continue driving the cost of living up. Employers' pension plans are subject to increasing restrictions and social security can no longer be depended on. All of this makes adequate saving a necessity, and saving 20% of earnings is a good rule of thumb. Systematic savings programs are a good way of acquiring the saving habit. As to investments, common stocks have historically been the best long-term investment.
Publication Name: ABA Journal
Subject: Law
ISSN: 0747-0088
Year: 1993
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Money pit; digging out from under the costs of home ownership
Article Abstract:
Following certain rules of thumb will enable people to save money, meet mortgage payments in a house suitable to their income levels, and pay off consumer debt. A good rule of thumb for an affordable mortgage is to choose one which will allow saving a minimum of 15% of monthly income. The most advantageous mortgage term must also be selected, bearing in mind that mortgage interest rates sustain their attractiveness only when higher than investment returns. Before refinancing a mortgage, it is wise to decide how the savings created would be used.
Publication Name: ABA Journal
Subject: Law
ISSN: 0747-0088
Year: 1993
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"D" in finance; learning the basics of personal finance management
Article Abstract:
Lawyers who manage their personal finances poorly can improve matters by remedying several common failings. Disorganized financial papers must be tightly organized, for instance, in folders according to the type of investment. Living within a budget and never spending more than earned is a worthy rule of thumb. Investments should be diversified to protect against downturns in one sector of the economy. Professional advice should be heeded.
Publication Name: ABA Journal
Subject: Law
ISSN: 0747-0088
Year: 1993
User Contributions:
Comment about this article or add new information about this topic:
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