My decision to retire was both voluntary and involuntary. Eleven years ago, a lower back injury made some office days agonizing despite using a stand-up desk. I found myself being short and snappish at times with both clients and staff. A heart attack in January 2020 (thankfully just before the worst of Covid-19 hit) added more impetus to move forward on retirement. Then my law partner of 20-plus years passed away in 2021, having only been diagnosed with cancer 2-3 weeks earlier, at the age of 73.
Well before my heart attack, I had begun to lay out a plan to retire. I reviewed my financial situation. I read as much as I could about retirement. I devoured articles in The Globe & Mail and magazines on the topic - especially ones where a couple would disclose their financial assets, age and objectives and various financial advisers would then assess how well-positioned they were for retirement, along with advice on how to improve things.
The toughest thing was to leave the partnership. To actually retire. It was my hardest decision, but it turned out to be not a difficult or drawn-out process. I agreed to sell my partnership interest but stay on working for a minimum period as an associate, after which I was then free to resign with a certain notice period (unless further illness or death intervened, in which case notice was waived!). I was fortunate to have an associate who was willing to buy-in at the time. I cannot imagine what it must be like for a sole practitioner. Important to myself was that I could leave confident that my ongoing files and clients would be attended to. Staying on as an associate, we agreed that I would keep 50% of my billed and collected fees from which I paid my share of the office Group Health Plan. I also sold the interest I had in our building.
The toughest aspect of leaving the partnership and retiring from practice was two-fold: first, my fear of giving up the ability to earn income the only way that I knew how; and secondly, leaving the clients and relationships I had carried on for many years. “Are you sure you want to do this?” I kept asking myself. It is like you are on a boat (built by you) moored to a dock (your job), and you throw off the rope and drift away. All you have to live on is with you on your boat… the assets you have built up and saved for over the years. Inflation was beginning to rear its ugly head. “Will I have enough?” I constantly asked myself. I found myself outlining various scenarios. I had no “company pension” other than my RRSP, CPP, OAS, and other investments. And what the heck was I actually going to do in retirement? I wondered if I was overly worried about these issues, but other lawyers and professionals going through the same process reported feeling the same thing to me. I wanted to do something. Sure, I had some ideas, but would I enjoy doing that? No doubt dreading the prospect of having me around all day, my spouse also signalled that she wanted me to plan to do something – but what?
“Prospective retirees always say that they plan to travel more,” said one adviser, “but most do not. Sure, they do some travelling, but not anywhere near the amount of time they expected. And if they suffer a significant illness, the ability to travel usually becomes more constrained because of travel health insurance limitations or their new physical limitations.”
So, I needed to find something to do. It certainly could be travelling, but honestly, that will occupy only a small amount of the time. I have taken up some new hobbies and plan to take up pickleball (along with, seemingly, a billion other people). I have volunteered for some boards and organizations looking for help (but not, of course, in the capacity of being a lawyer). I have discovered that a great way to stay connected with the practice of law is to volunteer for Saskatchewan Pro Bono Law, in which you can elect how much work you want to take on.
When the expiry date for my minimum stay as an associate came up, I decided to leave. I had no interest in extending the “departure” process further, although I suppose I could have. Once I announced that I would be gone as of June 30 a great weight was lifted off me, and I knew it was time.
So far, I have discovered that our income from savings, RRSPs and other sources is perfectly adequate for our needs. We are enjoying meeting new friends through our involvement in various activities. I am especially enjoying our grandchildren and have discovered how much I missed regarding the early years of my own children while they grew up because I spent so much time at work. I am also much more conscious of one’s mortality. I have lost several family, friends and clients to death or disability, and the time now is so important.
Christopher Sarsons was a partner at Robertson Moskal Sarsons in Lloydminster and is now enjoying retirement.