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Financial Milestones on the Path from New Associate to Retiree
Financial freedom. It's something everyone wants. As a lawyer, what should you be thinking about and doing now to put yourself on the path to a secure retirement?
The answer is it depends. It depends on where you are in the arc of your career and how close you are to your retirement years. Here's a rundown of the top few items you should have on your financial checklist, based on your career stage.
Associates
Law school isn't free, so many young lawyers start their careers carrying significant debt. The best thing you can do early in your career is to pay down that debt as quickly as feasible. Interest rates have increased significantly over the last year, so if your loan has a variable interest rate, that debt has gotten more expensive. There are few guarantees in life, but think of paying down your law school debt as a guaranteed rate of return on the money you put toward exhausting that debt because you're paying that much less in interest costs.
Once you've gotten yourself on a consistent plan to pay down your debt, it's time to get serious about your firm-sponsored retirement plans. Big law firms typically do a great job of providing quality retirement plans. The power of compounding interest is most fully unleashed the more time you give it to work. Start contributing to your firm's 401(k) or other retirement plan as soon as you can.
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