My team reports a lot of questions regarding when I plan to retire. That is a fair question. I thought I would address my thoughts on my retirement and the firm’s long-term future.
I can see why people might think retirement was a possibility as Cindy and I now spend half our time in Tucson, AZ, and I did sell the law firm. But selling the law firm to Matt Schwartz and John Montoya has provided a continuity of excellent service. Matt and John are now strategic partners to the firm, and we continue to work together. And to be honest, Matt was the managing and top attorney for our law firm over the last 25 years.
I see myself in my working prime, for at least the things I want to do now. I love Tucson, but it isn’t a vacation. I live and work in Tucson for six months. I don’t think remote work has diminished my connection to the firm and our clients—partly because I try to get as much personal work done from May to November when I am in Pittsburgh.
Acquiring new clients is still exciting but at this stage, but it is much more important to maintain and enhance our commitment to our current clients. Providing continued excellent value and service to our existing clients is paramount.
The book that I published in 2023, Retire Secure for College Professors and TIAA Participants, is by far the best book I have written. If you are a client—no matter your profession—you received a copy of that book with the note encouraging you to “scan the Table of Contents” for gems relevant to you. The vast majority of the content of the book applies to most IRA and retirement plan owners.
There are so many gems in that book. You may enjoy reading a few of the 74 glowing five-star reviews on Amazon. Many discuss the benefits they received by reading prior books, but this is the best one yet. The reviews communicate the great value so many readers have gained from the book.
The book I published in 2024 with two co-authors, Retire Secure for Parents of a Child with a Disability will likely be the most important book I have ever written. I believe it is the best book available for that deserving community—which claims Cindy, Erica, and I as members. (Again, if you are a client, you should have received a hard copy of that book.)
We just held our first virtual Financial and Life Summit for Parents of a Child with a Disability. We had 450 people register to attend, and we had 13 speakers. My marketing team and I worked very hard to find the speakers and advertise the Summit, and we are planning more in-person workshops, Summits, webinars, and so much more.
My drive to spread good information that provides value to a specialized audience—usually IRA and retirement plan owners with large retirement accounts—motivates so much of my work. Helping families who have a child with a disability provides a special reward. The name of that game is transferring assets from the feds to your child. Save taxes and receive benefits!
And did I mention how excited I get working with my top-notch CPAs? Jen Hall came to us with the perfect background to do the kind of work that we do. She was also a stellar student pushing Steve Kohman our veteran number cruncher to teach her everything he knew. Likewise Dominic Bonacorsi was on partnership track with a fine CPA firm, but he also wanted to provide clients with the long-term quantitative analysis that is our specialty. He has picked up these skills beautifully. Jeremy Bucklew is a relatively new CPA to us, but he comes with deep expertise from working with other firms. He is not only an outstanding income tax preparer but has shown a strong interest in conducting the types of quantitative analysis that we do.
And, then there is Steve Kohman. When I describe Steve as our “veteran number cruncher” it is with the utmost respect and admiration. I also have the privilege of working with a great marketing team that does a great job getting my strategies, tactics, and information “out there” to both clients and prospective clients.
I find that my energy remains strong. For example, I should’ve been exhausted after preparing, hosting, and participating in the three-day virtual summit for parents of a child with a disability. Instead, with just one day of rest, I was the only speaker for a six-hour in-person workshop. I also want to influence behavior. I don’t want my talks or books to be followed by “Great information, thank you.” I want people to make changes, to plan differently, to improve their prospects for the future as a consequence of reading my books or hearing me speak.
So I am doing what I love. I am providing value and helping people and I am making money. Why retire?
Of course, for many of our clients the idea of continuing to work well past the conventional retirement age is hardly a new idea. And I know that many of you share my love for being an expert strategist, the seasoned veteran, the consummate advisor. My friends and my family treat me like a Schmoe. That will likely never stop. So, if I retire, then all my contacts will treat me like a Schmoe. I much prefer to keep family impressions and work impressions separate!
I Love Being a Working Snowbird
My plan for the indefinite future is to continue to spend six months, roughly May to October in Pittsburgh and November to April in Tucson, AZ.
I love Tucson. We bought a place 2.2 miles from East Saguaro National Park. There is fabulous biking and hiking in the park. You bike through horse farms and low traffic roads to access the park. There are over 150 miles of paved bike trails in Tucson. There is also a fabulous outdoor attraction, Mt. Lemmon, a 9,000-foot mountain that I love to bike up (now on an e-bike, but I did do it once on a regular bike). In Tucson, I try to get outside to hike or bike most every day. Cindy and I go for walks more days than we don’t.
Combining work and play in Tucson is truly my happiest lifestyle during the winter. In Tucson, I work from my home office. Client and staff meetings are done via Zoom or sometimes the phone.
The summer is another story. It is hotter than hell in Tucson and I have no desire to be there from May to October. I love my house in Squirrel Hill, which as many of you know is where I grew up and had my first office. It is a 7-minute commute to my office on Murray Avenue where I go most days. And I’m minutes from Schenley Park, Frick Park, and many Pittsburgh bicycle trails. My plan is to maintain this lifestyle indefinitely. I am happy juggling work, family time, and outdoor activities.
Parting Thoughts on Work and Retirement
It isn’t original but it is my aspirational model—something I have not yet succeeded in accomplishing. To paraphrase Dan Sullivan:
First, divide your activities into three groups: (1) Stuff you hate (2) Stuff you neither hate nor like and (3) Stuff that excites you. Then, quit doing #1 and #2.
That’s easier said than done. But, if you succeed in that goal—and my hope is that you will—all your work time would be spent doing the stuff you love. If you are good at what you do, you are likely providing people with value and there is no need to stop until you want to. And I don’t want to.
Empowering Families: A Recap of Our...
Financial and Life Planning Summit
Last month, we hosted our inaugural Financial and Life Planning Summit for Parents of Children with Disabilities. This information-packed, three-day virtual event, held on Zoom, brought together a diverse group of experts and passionate advocates who provided invaluable information and support resources for families navigating the unique challenges of raising a child with a disability.
The Summit kicked off with powerful keynote presentations from all three co-authors of Retire Secure for Parents of a Child with a Disability. Jim, along with co-authors Deborah L. McFadden, a former U.S. Commissioner of Disabilities, and Julieanne E. Steinbacher, Esq., CELA, offered a comprehensive overview of their three-part solution for a family’s long-term financial security and—no less—peace of mind: optimizing government benefits including SSI and SSDI, estate planning, and tax strategies, including Roth IRA conversions.
Their practical guidance provided attendees with a roadmap to a future with fewer worries, better finances, and long-term security. But the Summit wasn't solely focused on finances. We also gathered an impressive cast of guest speakers who addressed a wide range of non-financial topics aimed at improving family life and well-being.
A Star-Studded Moment:
A highlight of the Summit was a truly inspiring presentation from Tatyana McFadden, Champion Paralympic Wheelchair Racer and a 20-time Paralympic medalist. Tatyana shared her incredible journey from her humble beginnings in a Russian orphanage to becoming a global icon in Paralympic sports. Her message of resilience, determination, and the importance of embracing challenges resonated deeply with attendees.
Although her talk at the Summit was live-only and no replay is available, starting August 28, 2024 you can watch her compete for Team USA in the 2024 Paralympic Games. As Tatyana heads to Paris, we wish her all the best in her pursuit of continued success on the world stage.
Beyond Finance: Addressing Key Life Challenges
Our guest speakers delved into critical aspects of life-planning for families of children with disabilities, providing valuable insights and resources:
Tara Bonner, Chief Neuroeducation Officer at Arrowsmith, discussed the power of neuroplasticity and how it can be leveraged to overcome learning disabilities.
Emily Brady, LCSW, and Angela Sweeten from the National Alliance on Mental Illness (NAMI), addressed ways to support caregivers of individuals with mental health conditions.
Ashley Kim Weiss, Executive Director of Together for Choice, shed light on the importance of housing options for individuals with intellectual and developmental disabilities, highlighting the need for diverse and accessible housing models. We learned so much from all of our many experienced guest speakers and we’re thrilled we were able to deliver their information to you.
Resources and Next Steps
The Financial and Life Planning Summit for Parents of a Child with a Disability was a resounding success, offering attendees practical guidance, inspiring stories, and valuable resources. Recordings and bonus content from most Summit presentations will be made available in the coming weeks, and select recordings are available now at: DisabledChildPlanning.com/Summit-Replays
We are incredibly grateful to all our speakers and attendees who made this inaugural event so successful. We look forward to continuing to provide valuable resources and support to families of children with disabilities.
This month, the Weinstein Clan gathered to celebrate the 100th birthday of our patriarch, Walter Weinstein. The reunion also marked the 20th year in a row of these clan gatherings. If you are new to our newsletter, I have previously extoled Walter’s generosity and wisdom that taught our family the value of sponsoring annual family gatherings, and I have encouraged all my friends, and readers to follow in his footsteps.
For five days the entire clan—27 parents, children, grandchildren, and great grandchildren—gathered at the Woodland Pines Resort in the Poconos, all expenses paid by Walter. Because of Walter’s generosity and foresight, my daughter, Erica, feels deep family connections to aunts, uncles, and cousins scattered across the east coast. For an only child, the gift of that connection is priceless. Walter’s gift is invaluable. He has created a legacy to treasure. Walter choked up with tears of joy during his toast—he was not alone.
Another lesson garnered from this year’s gathering is to play the cards you are dealt and keep looking forward. Like all of us, Walter has suffered. He lost two spouses to slow lingering deaths. He lost a son to brain cancer. He suffered extreme ups and downs in his business that he had to close before he was ready to retire. But, after each tragedy or setback he got back on his feet and moved forward and looked ahead. He still buys green bananas. The reservations for next year’s gathering have already been made.
Walter now uses a walker to get around, but he still plays golf several days a week. Three of his companions in his foursome can’t walk and one of the spouses has dementia, but they all continue to get out there and play.
He often goes out to dinner with family and friends, spending half his time in New Jersey and the other half in Florida. He also enjoys the company of his much younger partner, the current love of his life, Myrna, who is a spry 88 years old.
I am grateful that many of my friends, clients, and readers have reported that my accolades for Walter’s vision and thoughtfulness have spurred them to adopt some similar traditions—truly a gift that keeps on giving. Thank you Walter. You are an inspiration to all of us!
Disclaimer: Lange Accounting Group, LLC offers guidance on retirement plan distribution strategies, tax reduction, Roth IRA conversions, saving and spending strategies, optimized Social Security strategies, and gifting plans. Although we bring our knowledge and expertise in estate planning to our recommendations, all recommendations are offered in our capacity as CPAs. We will, however, potentially make recommendations that clients could have a licensed estate attorney implement.
Asset location, asset allocation, and low-cost enhanced index funds are provided by the investment firms with whom Lange Financial Group, LLC is affiliated. This would be offered in our role as an investment advisor representative and not as an attorney.
Lange Financial Group, LLC, is a registered investment advisory firm registered with the Commonwealth of Pennsylvania Department of Banking, Harrisburg, PA. In addition, the firm is registered as a registered investment advisory firm in the states of AZ, FL, NY, OH, and VA. Lange Financial Group, LLC may not provide investment advisory services to any residents of states in which the firm does not maintain an investment advisory registration. Past performance is no guarantee of future results. All investing involves risk, including the potential for loss of principal. There is no guarantee that any strategy will be successful. Indexes are not available for direct investment. If you qualify for a free consultation with Jim and attend a meeting, there are two services he and his firms have the potential to offer you. Lange Accounting Group, LLC could offer a one-time fee-for-service Financial Masterplan. Under the auspices of Lange Financial Group, LLC, you could potentially enter into an assets-under-management arrangement with one of Lange’s joint venture partners.
Please note that if you engage Lange Accounting Group, LLC and/or Lange Financial Group, LLC for either our Financial Masterplan service or our assets-under-management arrangement, there is no attorney/client relationship in this advisory context.
Although Jim will bring his knowledge and expertise in estate planning to this workshop and to the meetings, it will be conducted in his capacity as a financial planning professional and not as an attorney. This is not a solicitation for legal services.