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Not mid 40s but Retired at 51 after “vesting”. Was a partner 20 years. 30-ish with firm. It has been the best decision of my life. I loved my time in PA. But I did miss a lot of time with my kids through the years. Now I can enjoy them as young adults (they were early 20s when I retired) and their future families. We saved a lot through the years to make it possible to live comfortably on savings until pension kicks in at 58. Best advice I have—live modestly even as a partner. We tried to live on close to the equivalent of a sr mgr salary through the years. And banked the excess. That made it possible. I’ve not missed the pace. It took a huge leap of faith to trust that I’d like pulling away from clients, life-long friends, and all I had worked for. The depth and satisfaction of real & substantive relationships we have built since retiring with kids, friends and family are priceless. Getting to retirement this early took very intentional financial planning and delayed gratification throughout our careers to save for it. Our net worth is now comfortably above 8 figures FYI. I read Halftime by Buford in my 30s which inspired me to stay the course and also a lot of books on FIRE (financial independence/Retire early). Last advice—avoid turning work or your firm into an idol. It’s not a savior. Through the years, trust in God and lean on Him, not the firm. Hope that helps.
Retired Partner 2 - this is great advice! I’m 51 and my spouse and I are contemplating retirement to spend time with our kids as they are still in middle school. Yet when faced with the decision I’m finding it harder than I thought to give up the high earnings despite our financial plan is solid (e.g. “but I could give more to extended family, charity, etc”) as well as I worry about whether I will miss the challenges and high pace (although I feel pretty burnt out right now). Also I know it will be a surprise to leadership and teams I work with given the role I’m in but your point about not idolizing the work or firm is great and I probably just need to make the leap of faith as I doubt most partners who retired early regret it!
Mid 40s probably not attainable unless you married well or inherited a small fortune. My plan had been 57, after 22 years as a partner. However, I worked it out with my practice leaders who asked me to stay longer, lessened my client load, no comp hit (they just asked me to help our younger partners develop and drive new business, which I was always pretty good at). I had said ok, I’ll stay to 58, then a year passed and I said ok, 59, then later said what the heck, I’ll go the distance. It all worked out professionally and personally, and a few more years of savings and a higher pension doesn’t hurt!
Most folks don’t make partner until almost 40 so mid 40s doesn’t allow enough time to acquire enough wealth to retire comfortably.
How long ago did you retire? Any rough justice on the nest egg you were comfy with?
It is a personal decision. I have been a partner for 4 years only and plan to retire as soon as my kids graduate and I can make around enough income from my savings. Probably only 80k a year. I live a very modest life. But enjoy life as well. I did not change my life style with increase in income and don’t plan to. You have only this life to spend the money your earn and I don’t plan working all my life and not able to spend. My dad worked all life and died after 5 years of retirement. I will inherit his money but I learned that you don’t take money with you when you die. I don’t care about pension vesting. I will only have a pension if I live long.
That’s my dilemma, about at a paid off house and 529’s and 80k inflation adjusted annual draw down rate with a spouse that may keep working for health insurance....it looks tasty, if no shaved truffles on top.
Yeah 50 is as early as I can go and then the haircut on pension is large. 58 is the number for me. Deloitte here
Mid 40s isn’t really attainable if only considering work income to build the nest egg, unless you are planning to move to a cabin in the woods and live off of the land. This only works if you have considerable investment income outside of whatever firm you are working for.
Most Big 4 Partnerships are a deferred comp scheme because the firms want/need partners to stick around until at least 58. Benefits are structured to fit the Firm’s needs, not the needs of the partner.
Most don’t retire in late 40’s or early 50’s as you can’t bank enough and your various pension/retirement plans haven’t grown enough. Depending on where you live and required lifestyle would determine what you need. Most of my friends (also partners big4) are all in the 8-10m range to be comfortable in retirement (we are in the northeast, and go south in the winter).