If the main mantra of real estate is “location, location, location,” the one for retirement should be “planning, planning, planning.” And that means a lot more than making sure you have enough money, a group of lawyers learned at a recent workshop on the subject in Victoria.

Sponsored by the Lawyers Assistance Program of B.C. (LAP), the day-long conference – a similar one was held in Vancouver earlier this year – was presented under the banner Retire or Refire?

“What it’s about is coming alive for the last third of your life,” workshop facilitator and LAP counsellor Robert Bircher told The Lawyers Weekly. “What kind of cool stuff are you going to do? It can be exciting.”

But people “have to start thinking about this new stage in their lives to consider alternatives to an abrupt stop at 65 , which for lawyers is uncommon,” Bircher added

Facilitator Clarissa Green, a family therapist and retired UBC professor, explained that people in relationships “need to reconfigure how they use space and time after retirement.”

She stressed the importance of communication – talking things over with the people involved in your life, particularly about how your relationship with them is going to change when you retire.

Facilitator Kerry Blain, a chartered accountant, pointed out that the rule of thumb is that once you stop working your annual income should be about 70 per cent of what it was before you retired. But people “should be real careful about rules of thumb,” he added. Someone who decides she’s going to travel the world after she hangs up her gown could require 150 per cent of her pre-retirement income while a person who chooses to live on a desert island might get by on 30 per cent, Blain pointed out.

Once again, it’s all down to planning — what do you want to do with the rest of your life when you’re no longer working full-time?

Or as Bircher put it in the workshop, “Old age is like everything else; to make a success of it, you’ve got to start young.”

He said lawyers “are by nature thinkers and highly value their cognitive functioning” and many wonder “will this decline as we age?

“The old myth was that mental decline was inevitable and that neurons die as we age. New research shows that our brains are constantly reorganizing (neuroplasticity) and this process speeds up with the amount and complexity of new information the brain receives.

“Stimulated brain cells branch frequently, with the result that millions of new connections are created and your brain becomes larger. This means that our brains actually grow when stimulated by new material (material that is unfamiliar to you.) Examples are learning a new language, learning to dance or paint etc.”

But polls show that “retired people spend half their free time watching TV,” and research “indicates you are unlikely to start new activities when you actually retire — you need to start now!”

Bircher also pointed out that the transition “out of ‘I am a lawyer’ tends to be subtle but profound at the same time.” And those “who have made the shift sometimes find it much more difficult than they expected, even those who didn’t particularly like being a lawyer in the first place. It is an experience of loss of being ‘important’ in the eyes of the world.”

Or as he explained in the introduction to that part of his presentation, “If you thought getting into law was hard wait till you try getting out!”

One survey of lawyers indicated that 11 per cent do not plan to ever retire (“the die-in-the-saddle crowd”); 30 per cent intend to practice part-time after 65 “mainly for the stimulation, sense of purpose and satisfaction it provides”; and 11 per cent plan to continue practising part-time “primarily for the income it will provide.”

As part of her presentation, Green explained that “During retirement and later life, personal relationships benefit from conversations that address topics of particular relevance to those involved. These conversations explore and ‘sort through’ what’s especially pertinent to each member. They address the importance of retirement and aging.

“Often, when we ask ourselves: What do I wish I could explore (with my spouse, parent, child, friend), we can list topics that, if explored, would increase clarity, lessen confusion and foster connection.”

As for just how much money you’ll need to live comfortably in retirement, Blain recommended that “Individual planning should be undertaken, taking into consideration expenses, cash flow and lifestyle choices.”

Blain also urges everyone to “keep an open mind” on such options as working longer or reducing “retirement needs/expectations (eg. Rent a boat for a week instead of buying).”

They might also want to pay off most if not all of their debts and save more money. And many who are now provided with medical and dental coverage by their employers will be on their own when they retire.

But whatever you do, Blain cautions, “Do not procrastinate adjusting your retirement plan or putting the plan into action.”

Originally published in the Lawyers Weekly, Volume 26, Number 32. Reprinted with permission.