I recently acted as moderator of a program on retirement for partners at Saul Ewing, at which four partners on the cusp or approaching the cusp of retirement discussed how they decided it was time, or not yet time, to make definite plans for retirement. The discussion at the program, including questions from the audience, demonstrated a wide range of levels of knowledge about retirement rules and information—this despite the large amount of information being offered to those nearing retirement through many media. This article concerns tax and financial issues, but it might be of interest that the most important task in preparing for retirement was judged to be finding interests to take the place of the more-than-full-time pace most lawyers maintain during their years of practice.

Social Security

Although the U.S. Social Security Administration has made progress in offering a user-friendly website on which many retirement choices may be made, it remains a complex program with many options as to how and when benefits are paid. If two spouses are working and accumulating Social Security benefits, their ages and the level of benefits they have accumulated result in choices they can make to maximize their benefits. Unlike many other financial decisions, these choices will also be influenced by the health of the spouses and their life expectancies.

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