Am I poor?
I graduated law school in 2019 and work as a government lawyer making $90k/year. I contribute to a pension fund but also have a Roth IRA with $35k in it and $50k in savings. I have no debt other than my mortgage. I feel like I am so far behind other lawyers.

likefunny
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I make $300k base and I live paycheck to paycheck, so you're doing great, sweetie

likefunny

Agreed! In a similar boat

like

There are so many variables, but you’re saving money and preparing for the future. You’re doing it right.

like

I think it depends where you live. I’m in CA and 90K seems low but you have a mortgage, retirement and good savings so you’re doing better than ALOT of people.

like

The economic situation of lawyers varies so widely by practice area, etc. You have retirement funds and over 6 mos of savings which is awesome! I’ve seen attorneys who make millions a year and have no savings or retirement.

For context, I graduated in 2016, make around $165k/year, and have about $40k in retirement and savings each, so we’re in similar boats (except for my $200k in student loans lol).

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My rent alone would be 60-75% of that in NYC.

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Average us salary is $63,795. Average us savings is $8,000-$13,400. Based purely on numbers, you're well above average. It just feels like you're behind because the idea of Big Law salaries makes above average seem small. 🙃

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What's your definition of poor? By most people's standards, you're miles ahead when compared to the average person.

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That’s great that you’re debt-free aside from the mortgage—and you have a pension, which is virtually unheard of in the private sector these days. It took me about eight years to pay off my student loans. Until then, I honestly felt like an indentured servant to my firm. So from my perspective, you’re already ahead of the ball.

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Don’t get trapped in the comparison wheel — there’s always “more.” Too many people I know burned themselves out with no idea what they were working toward besides more money or prestige. Debt free and over half a year’s salary in savings with a pension and Roth sounds like you are financially doing great, so if you are happy in your job I’d say you’re golden

likesmart

This. “Poor” depends so much on your lifestyle more than numbers. You are making ends meet and saving, which is more than most people. If you’re really looking for numbers, I’d check out the 4% Rule and FIRE (financial independence retire early) - second half is optional but having numbers tailored to you about when you are doing well and when you may never have to work again is amazing.

like

Comparison is the thief of joy.

Let’s just say you are “behind other lawyers” as you’ve suggested. Which lawyers are these? Are they also 2019 grads? Also making about your salary? Also have your bills & expenses?
What about doctors? Or teachers? Are you behind them too? Where does the comparison end?

I suggest you stop comparing yourself and start focusing on your journey and your journey only. If you want to know how well you’re doing for your retirement then run your numbers. Get on an investment calculator and look at how much you would have at retirement based on your current account value, expected contribution, the rate of return & the time horizon.
Comparing the 5 & 10 year returns on index funds is a far more worthwhile comparison than comparing yourself to other individuals who have no bearing on your retirement.
You seem to be doing quite well. $50k in savings is a hefty amount (but may be perfectly reasonable for your situation). You didn’t mention investments so make sure you don’t underestimate the importance of long term investing.

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Depends on what your goals are

like

The pension may be HUGE compared to private sector options. Can you also get government sponsored healthcare in retirement? You can in certain jobs in NY and that is also HUGE.

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You're debt free and have plenty of time! Max out your IRA every year if you can. Impressive savings too.

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Impressive savings!

like

There are government lawyers making $90k??

I make $109k as entry level government in my state’s AG’s office doing civil litigation. It was a pay cut from the fed doj.

You're better than I was. I was 7 years in back in 2017 making 54k. 200k in student loan debt. Maxed out Roth every year.

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