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Stop it 😂 ✋. Sure thing we’ll have McKinsey run a fact finding probe - their analysis concludes all partners should be euthanized prematurely.
I responded earlier and said that the age we see is definitely older than originally implied. I was interested to get some data since we get announcements posted on our portal for every retired partner that dies and includes their age, year they joined the firm, etc. I gathered the date for every one in 2019, 28 announcements. The average age was 79.5, clearly above average general population life expectancy for that generation. That also included 2 active partners that died. I removed them since they weren’t retired yet, and the average age of retired partners went to 82. This is consistent with what I’ve observed over the years.
P2 is the reason sales are down🙊
I have heard this as well. Morbidly, it’s part of the pension projections (pension is paid until death). While retirement is at 60, the average partner supposedly doesn’t collect a pension for longer than 5 years after that. I haven’t seen the data first hand, but have heard such assumptions being ascribed to the model.
Spouse gets it if you elect ‘joint and survivor’ at retirement. If you elect ‘individual’ to get the higher amount and die on day 1 of retirement, spouse gets nothing. This is a standard setup for defined benefit retirement plans.
Yes, can attest it’s true. Main reason for the big focus on stress management and meditation, etc is to try and help people cope better. What they’ve found is many partners retire and don’t live very long, sort of like when you go on vacation and get sick- your body relaxes and then you get ill, it’s sort of f#{*<ed up
This analogy is very disconcerting.
This is fiction. We get notified of every former partner when they die and how old they are. I open every one out of curiosity and the average age is definitely in the 80s. Very unusual to see someone in their 60s or even early 70s. Most are late 70s and older.
Yeah, I have a feeling there’s some saliency bias going on here. Younger deaths are more sensational and more likely to be noted and remembered.
I've heard this too. I know at least 4 people that passed away shortly after retiring.
P4 - Not uncommon for people to post on LinkedIn when someone’s professional mentor (and friend) that made of big impact in their career passes.
Saw several of them a week or so ago about one VC’er and current professor that just died unexpectedly.
BS. I would expect it to be shorter right now but you have to keep in mind the lifestyle that group lived - mad man days.
Amen. Just thinking of all the atrocious ones!!
If this were true, partnership would be blamed for a full 15% reduced life expectancy. I’m honestly questioning your intelligence if you believe this.
There is a recent study on airplane pilots who are also forced retirement in 65 in this country. They tend to die right after at a slightly higher rate. Interesting. Most partners choose the individual retirement payment and then buy life insurance. It is suppose to be cheaper to synthetically create the joint retirement that way. I can tell you that there is some incentive to keep going thru retirement even if you are falling down physically. Get over the line to help your family. So you make it and croak.
We actually have to sign an agreement confirming our intent to expire within five years of retirement. This avoids competitive issues and reputation risk as Partners age and start to share secrets.