👀At what age do you think you’ll be able to retire?

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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.

likeuplifting

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

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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.

likesmart

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.

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Around 90 years old thanks to student loans.

likefunny

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)

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Same. Fully planning to die at my desk.

funny

Death.

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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.

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Around 75, but I hope that my financial portfolio greatly improves to allow me to retire at 70 or before.

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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.

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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.

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The goal right now is 60

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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.

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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.

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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.

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I’m liking going to use the Remington retirement plan. The plan lets you retire anytime you want.

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120

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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

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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."

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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

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Hi. Does anyone remember the provider of our 401k and wealthbuilder? Trying to rollover accounts but benefits express is closed!

Hi everyone! What do you invest in after maxing out 401k, IRA, and HSA? Thinking about real estate or continue investing in the market?

Currently making 140K with 100K NW. 23 years old.

Thank you!

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What is comp like at a pension fund?

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Can I get some real helpful guidance here?

Current finances:
-75k in the market (VTI,QQQ, ETFs and stocks)
-20k in Emergency find /Cash
-30k in Roth(maxing since 2019)
-60k in 401k (maxing since 2019

I don’t got much money expenses and wanted to know where to put my money during this market for the next couple months. Is it smart to DCA? Put limit orders in? Just hold cash?

Additional info:
-minimal rent / expenses (~1000/mo)
- started HSA this year
-130k, 3 YOE
- no debt

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What’s the general guidance on the order to maximize retirement contributions for tax benefits for an normal individual and for a self employed/small business owner before moving to taxable accounts or alternate vehicles like cash value life policies?
I’ve seen for individual: match trad 401k->match roth 401k->max roth IRA->max trad IRA->max trad 401k->max roth 401k->max HSA
For self employed: max SEP IRA/solo 401k->max roth IRA->max trad IRA->max HSA

Of course situations differ but in general?

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Should I put $20K towards my student loan balance of $230K before the no-interest period ends or max out my 401k, which I have contributed nothing to this year. I’m 25. Employee matches 4%.

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Poor, clueless 23 year old here. Any tips on how to balance retirement savings with short-to-medium term savings goals? (Wedding, MBA, car, down payment).

I currently max out my Roth IRA, but don’t max out my 401k. If I did i would have nothing left for liquid savings. Any tips?

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Has anyone negotiated a 401k match to begin immediately? I have a great offer but a 1 year wait. I’m super focused on building retirement and really don’t want to wait for a match.

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Does your job offer a pension? Care to share? I’m wondering if ours is competitive and also wondering whether to stay or leave for greener pastures?
Population: around 35K; 5 years to vest; retirement age 65; pension calc based on average of last 5 years’ salary times years in service times multiplier; multiplier is 1.25%. TIA!

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How do you find firms/books of business to buy? All the posts on here are buyers looking for sellers. Where do you go to find someone looking to sell or retire?

Whelp, GroupM just suspended 401K matching, from May 1st till the end of the year...

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Is this a good time to move from pre-tax 401K to Roth IRA? We have been one income family last 4 months but I still expect year income to be in $250K-$270K range. Considering conversion for $40K amount.

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Hi all - I'm on a £100-110k base + bonus at a tier 2 firm. This is in the region where personal allowance for tax starts eroding away..
Wondering what options I have to make this as tax efficient as possible (legally), considering a salary sacrifice pension and student loan.
Also what are you investment recommendations? Stocks and Share ISA? What are the good alternatives?

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Thinking about making the switch to BDO! Is there a traditional pension, like in B4?

likefunny

Lot of fear in the market right now (understandably so). The situation in Ukraine is awful and the potential consequences are scary to think about.

There are some who want to sell in fear of their investments falling further. Do not do this. Hold and continue to buy more. Continue your 401k contributions, and add whatever you can afford after every paycheck into your brokerage. Those who sold the covid crash were often late buying back in.

This is the dip you're worried about.

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likehelpful

Will base jump from 120 - 145 make a significant difference in my saving? Offer has significantly less PTO and a lower 401k match. 32F with 400k saved, interested in buying a home soon in HCOL.

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Please tell me it's worth it.

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I run book club and choir ❤️

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Time to party, bring in the booze, because we already got the peanuts.

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