Federation of Ontario Law Associations

FINANCIAL SOLUTIONS BLOG

retirement savings and retirement planning for lawyers

ARE WE SAVING TOO MUCH FOR RETIREMENT?

If the unexpected is truly unexpected, who knows what to expect? Well, the Society of Actuaries is a good group to ask. In 2015, they set out to identify the type of rainy day situations that retired Americans actually encounter and how they cope with them. We can assume that Canadians might expect similar situations.   


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EVERYONE NEEDS AN RSP RIGHT? WRONG!

The deadline to make a contribution to your Retirement Savings Plan (RSP) is March 1st, 2019. Most people will likely benefit from opening an RSP early, investing regularly, and staying invested for the long haul.


But perhaps, you are not like most people.   Maybe an RSP is right for you. Maybe it’s not.  So what is right for you?    


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YOU CAN CONTRIBUTE MORE IN YOUR TFSA FOR 2019

TFSAs are an excellent way for Canadians, age 18 and older, to grow their savings tax-free. Although contributions are not tax deductible, income earned in the account and withdrawals from the account are tax-free. Unused contribution room is carried forward, and withdrawals from your account will be added back to your TFSA contribution room at the beginning of the following year*.   


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FOUR STEPS TOWARDS FINANCIAL FREEDOM

For many, the thought of planning for retirement is daunting. How much money will I need to be able to retire? How much do I have to save each month or year? Will it be enough? What if we changed the goal to achieving financial freedom? 


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IS YOUR LAW FIRM PROTECTED?

You most likely have home insurance to protect your house and all contents … but do you also have this type of protection in place for your law firm?  Whether your firm rents office space or owns its own building, office insurance can protect your assets and your livelihood. 


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BENEFITS & CHALLENGES OF GOING SOLO

Going Solo:  A practitioner in the emerging field of family health law reflects on the benefits and challenges of a one-person firm.


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ANNUITIES: OVERLOOKED GEMS IN RETIREMENT PLANNING

Defined Benefit Pension Plans are becoming increasingly rare in Canada and more rarely an option for members of the legal profession. 

For retirees with some savings who also expect to collect benefits from the Canada Pension Plan (CPP) and Old Age Security (OAS), Vettese recommends converting about one-third of personal retirement assets into an annuity that provides income for life. 


Those planning for retirement should consider these four important steps to making annuities part of the plan. 


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3 THINGS THEY DON'T TEACH YOU IN LAW SCHOOL

Congratulations! You've graduated law school, passed the barrister and solicitor exams (hopefully), and are now working as an articling student or lawyer. The world's your oyster, or at least you think it is. Law school is great at getting you ready for the rigours of legal research and writing memoranda, but there are scary realities awaiting you in the practice of law. Whether you are hanging your own shingle, working in a small practice, or heading into a career with big law, here are 3 things your professors forgot to teach you in law school. 


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This Blog is generously supported by Lawyers Financial

Lawyers Financial is a brand of The Canadian Bar Insurance Association (CBIA). Providing a comprehensive suite of financial solutions exclusively for lawyers, their families and employees is all we do. Being not-for-profit, we measure success in satisfied clients, not dollars. No matter the situation, we can help you to be ready. 

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