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Retirement & What To Expect (The following paper is an abridgement of the text presented at the May 7, 1994 SCAFO meeting)
Speaker DONALD J. FANDRY I have been retired for the last year and a half, and I thought I'd talk about retirement, and what you can do with your time during this phase of your life, specifically running your own forensic consulting business. Some of you are approaching retirement age, and for some of you, retirement seems a long way off, but believe me, it's time to start planning for it now, no matter what your age. Some agencies will be offering early retirements, and it is worthwhile to begin thinking and planning for that possibility. My retirement came a lot earlier than I had ever planned, due to an early retirement offer from the county. After figuring all the pros and cons, I decided it would be in my best interest to take the county's offer, and to retire. As the representative of the union's retirement committee and a member of the Association of Retired Persons, I keep informed about the problems that retirees face. A recent article stated that more and more early retirees are finding the going rough. Some things to consider: What are you going to do? Can you financially afford it? Can you maintain the life style to which you are accustomed? What about medical insurance? Have you fulfilled your Social Security contributions to provide you with maximum benefits and Medicare? How is your debt situation? If you can work through these questions and decide retirement is for you, then you will have to decide what to do with all of your new found time. Some of you will choose to fill your time with hobbies, travel, volunteer work, part--time jobs, etc. But you might get a little bored. I did. And then I got a phone call from someone asking for my help on a questioned document case, and that's how my business got started. There are some things you should consider if you are thinking of starting a business. You will need to establish your business location. I use my home, but you may to want rent office space, or have a separate phone line to avoid late night calls from inmates. You will need to check with your city regarding licensing requirements. You will need to get supplies such as business cards, letterhead, envelopes, files, chemicals, etc. And equipment such as a typewriter or computer with printer, a fax machine, copier, a fire safe for storing evidence, and possibly some camera or laboratory equipment. You may want to set up a business bank account. There are various liability insurance policies available, so that in the event that any evidence is damaged or destroyed, you will be protected. It is advisable to consult with your tax preparer. He can advise you on the proper record keeping requirements, and the advisability of claiming use of your home, etc. You will need to decide on advertising methods — word of mouth, referrals, colleagues, professional directories, yellow pages, letters to private investigators and attorneys, etc. Have a resume ready to provide to prospective clients. You will need to establish your fees — either by the hour and with or without a minimum, by the job, or whatever you decide. I cannot emphasize enough the importance of record keeping. Keep track of everything which relates to each specific case and to your business in general — phone calls, travel expenses, postage, training, purchases and your time. Don't overlook any expense. You will need this information for billing your clients, and also for tax purposes. I have a small business, and I enjoy it. I've learned a lot, and I hope I've shared some of what I've learned with you.
This article was originally published in “THE PRINT” 10(5), May 1994,
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