Nearly One in Three Workers Plan to Never Retire
Has the concept of retirement become a dinosaur?
Sure seems that way, in light of a recent survey in which almost a third of workers under 55 said, “I don’t think I will ever retire.”
“Asked why not, three-quarters of the never-retire group said they could not afford to stop working,” according to The Hill. “A smaller share said they didn’t want to. [A] comfortable retirement requires savings, and many workers fear they don’t have enough.”
Read the Axios-Ipsos July 2023 retirement survey.
Here is another survey that found one-third of workers expect to retire at age 70 or later – or maybe never.
What would happen to your law practice if you experienced a medical emergency? Who would take care of your clients? What if a key partner dies unexpectedly? What would happen to the firm? If you aren’t sure of the answers to those questions, HELP is available. Lawyers Mutual has assembled a rapid response team to Handle Emergency Legal Problems. Led by our in-house claims attorneys and outside counsel, our team has the training and resources to guide you through difficult professional times. Lawyers Mutual HELP will assess your crisis situation and work with you to craft a workable plan for moving forward. Since 1977, Lawyers Mutual has been there for our insureds and their clients. We have provided professional liability protection for NC lawyers longer than any other insurance company. Want to learn other ways Lawyers Mutual can HELP your practice? Visit our website, give us a call, or drop by our office. You’ll see why Lawyers Mutual is the smart choice for liability coverage in North Carolina.
Professional Liability Tail Coverage for Retirement
The following is from the Lawyers Mutual website:
An Extended Reporting Endorsement – often called an “ERE” or “Tail Coverage” – is an endorsement to your policy that provides a period of time to make or report a claim after a policy expires or is cancelled, or after an attorney is removed from a policy.
Lawyers Mutual offers two options for this: (1) a 4-year period of time to report claims (to correspond to the current Statute of Repose for legal malpractice in NC), or (2) an unlimited period of time to report claims. Note that while an ERE extends the time to report a claim under the last policy insuring you, it does not cover against acts/errors/omissions occurring after your coverage under that policy ended.
As a benefit of being a long-time insured and meeting certain underwriting criteria, an ERE may be available at no cost or a reduced cost to an attorney leaving the private practice of law. For additional information, please see our article Maintaining Continuous Coverage or contact our Underwriting Department at 1-800-662-8843 for further information or with any questions about maintaining your professional liability insurance coverage.
SOURCES: More Americans say they can never retire | The Hill
Extended Reporting Endorsements - Lawyers Mutual Insurance Company (lawyersmutualnc.com)
For close to half a century, Lawyers Mutual has been the smart choice for professional liability coverage for North Carolina attorneys. We cover the state from Murphy to Manteo. We insure large firms, solo practitioners and everyone in between. We help new lawyers enter the profession with confidence, and we help keep seasoned veterans safe and successful. The numbers speak for themselves. Lawyers Mutual has been in business since 1977, making us the only insurance carrier to provide continuous protection over that period. Today we insure more than 8000 lawyers in North Carolina. Most of them will stick with us until they retire. Why? Because they know we are here for them today and will be here tomorrow, bringing protection and peace of mind in turbulent times. Visit our website, give us a call, or ask a colleague why Lawyers Mutual is the smart choice for liability coverage.
