i am a law school student and i want to know what would be the best way to plan out my retirement. Such as what i would be doing at what age. i am 26 now.
2007-04-18 07:38:52 · 5 answers · asked by gooftroop_843 1 in Politics & Government ➔ Law & Ethics
Sorry don't have any retirement plan advice, but here's something on planning for those post retirement needs:
A stingy old lawyer who had been diagnosed with a terminal illness was determined to prove wrong the saying, "You can't take it with you."
After much thought and consideration, the old ambulance-chaser finally figured out how to take at least some of his money with him when he died. He instructed his wife to go to the bank and withdraw enough money to fill two pillow cases. He then directed her to take the bags of money to the attic and leave them directly above his bed. His plan: When he passed away, he would reach out and grab the bags on his way to heaven.
Several weeks after the funeral, the deceased lawyer's wife, up in the attic cleaning, came upon the two forgotten pillow cases stuffed with cash.
"Oh, that darned old fool," she exclaimed. "I knew he should have had me put the money in the basement."
http://www.ahajokes.com/law022.html
2007-04-18 07:52:25 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Attorney's make good money. But what kind of retirement plan you would need is dependent upon who you work for...if you work for yourself and you have no employees then I'd look into a 401k with a profit sharing option (make sure it allows for Roth deferrals). Once you start making over 300k then I'd switch over to a defined benefit plan. You'll want the added deduction that the DB brings along with the extra contributions.
After you get out of school...go see a TPA or a Benefits Consultant.
2007-04-21 14:18:25 · answer #2 · answered by digdowndeepnseattle 6 · 0⤊ 0⤋
Damn you lawyers! LOL@ asking how to retire at a young age.
My answer, I guess is simple. Go after high dollar cases, where you can be heavily compensated. Malpractice suits if successfully won can sometimes be very lucrative. Unfortunately, most malpractice suits aren't won, so they're kind of risky....
Good luck, and I will see you in the Carribean, or Hell.
2007-04-18 07:50:27 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Finish law school and then start a 401(k) plan with the firm that hires you. You have lots of time.
2007-04-18 07:42:40 · answer #4 · answered by Starla_C 7 · 1⤊ 0⤋
FOR A "YONG LAWYER" INVEST IN CHINA.
2007-04-18 07:47:39 · answer #5 · answered by Anonymous · 0⤊ 1⤋