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Rising Star
I hope to be able to step away from the full time practice of law and do something else more low key and potentially fulfilling by the time I’m 50. That’s my definition of “retirement.” I actually really like working, using my mind, and being useful and productive, so the idea of going away and sitting on a couch somewhere until I pass away is very depressing to me.
This. I love being a lawyer, and couldn’t imagine not practicing law. I’m chasing the freedom and security of not having to grind forever. I hope to reach a stage where I can practice for fun, not survival
By my math, 50 years old with $6mil accessible cash savings.
Gets us 22 years of spending and growth on whatever we don’t spend by age 72. Thereafter, we will dip into 401ks.
If you’re in BigLaw, marry someone else in BigLaw, and don’t have kids.
Associate4: I’m so glad that you have children in your life - even if they’re not “yours.” Children bring enrichment in many different ways (especially since each child is different). I’m also happy to hear that you are generous to your nieces and nephews. Love and kindness are repaid many times.
Around 90 years old thanks to student loans.
How young are you now?
I am so under water right now, I’m not even doing the math. Just had a baby and paying childcare and a mortgage in a HCOL area; I’m saving next to nothing right now. Maybe I’ll be able to come up for air once the kid starts school.
(I have strong savings from before baby, pretty good equity in my house, no debt, and a defined benefit pension, so hoping it’ll all work out eventually)
Pro
Same. Fully planning to die at my desk.
Death.
Right? I figure I will retire shortly after collapsing from a catastrophic stroke after-hours at my suburban low rise "boutique" firm law office. Ex-spouse won't have a reason to check on me, children will all be grown and estranged, and my meaningful social connections will have been whittled down to a handful of guys I halfheartedly talk to about sports once or twice a month. They'll eventually find me after a court holds me in contempt for failing to appear at a pretrial and the bailiff finds me sprawled out by the copier.
Around 75, but I hope that my financial portfolio greatly improves to allow me to retire at 70 or before.
43 with 3.5 and 1.5yo, but didn't start earning even decently till last 5 years so I'll be happy if I can retire when they start college (hope to have their full college funded in 529s by then). I have two rentals that should continue to cash flow well (one commercial, one residential) that should supplement actual retirement savings.
What's the argument against just contributing the annual pre-gift tax maximum of $17K per year? Given you can roll over excess into a Roth ira, I don't see why not contribute the maximum into a 529 each year (about $1.5K/ month)
I am 84 now and have no intention of retiring. I love what I do so I never work a day of my life.
The goal right now is 60
If i don't buy a house and the market doesn't crash, I should be financially independent by 45 but I like working so I don't plan on retiring. I would like to have the freedom/flexibility to be picky about when and how i work.
Depends on when the day comes when I can make my current salary (biglaw mid level) or its equivalent (taking into account inflation, etc) from completely passive means. I’m talking dividends, etc. truly passive. I’m not greedy. So hoping maybe in late 40s? Why I’m keeping expenses as low as possible now, saving close to 70% of my take home.
I could probably do it now, but I’m not psychologically ready. I will probably keep going a few more years and retire at 60-62.
I’m liking going to use the Remington retirement plan. The plan lets you retire anytime you want.
120
I am 84 and don’t need the money but I love what I do and the people I work with so I will be there until they find me dead on my desk someday
Let's hope that doesn't happen! I look forward to retiring and hope to help mentor younger lawyers while I am retired. There's not greater joy than passing on what we have learned to others so they do not have to struggle with learning from scratch (that doesn't mean not struggle and figure things out, just that they have been advised on where to start). "A society grows great when old men plant trees whose shade they know they shall never sit in."
I'm hoping 62 or 63
Death 😭
We’re projected to reach our f*you number ($5mil in brokerage account; separate from our individual retirement accounts) at 52/55 respectively so maybe I’ll retire then or keep going. Whatever I feel like at that point.
No idea! I am in house at the moment and not earning a huge amount. Probably need to go back to a law firm and grind for a few years. Unless something else happens.
Planning to go to Southeast Asia to retire at the age of 43