Good grief. 14 crores at 4% after tax gives you 56 lakhs of post tax income a year. Seems considerably more than what it should cost to live a decent middle class life in India, methinks. Lifestyle expectation creep is all pervasive now. Of course, if you spend 10 of those 14 crores buying a house, all bets are off.
While I am happy for you to have made this achievement through the grind, it also exhibits the clear insecurities a long term job creates, especially in a law firm where the payout is relatively large
If in the current scenario with a 10crore wall behind you, you are worried about running out, you will probably never retire. Explains a lot about partner insecurity and why they keep grinding despite unfair environments and having achieved their targets
I met a very famous finance wiz recently, who comes on TV often. His advice was that a minimum of 14 crore is needed as a retirement corpus to lead simply a decent middle class life, which he defined as a DZire car and one holiday in India a year, in a simple hotel or Oyo Room.
It’s their own house. They don’t work for paying rent. I have offered them rent for staying there, they find it disrespectful. They don’t want to retire, I respect their choice.
There's 8,760 hours in a year. 8 hours of sleep + 8 hours of life every day = 2920 + 2920 = 5840. Ask yourself - what will you do with all that time on your hands. Unless you have a damn good answer, a more realistic option will be to talk to your firm and scale down your hours. Assuming here that you are working minimum 2000 billable hours a year.
Also, when you think of the alternative, visualize it thoroughly. Is it fulfilling? Does it give you purpose? A person of your skills will need intellectual stimulus.
- Mycroft Holmes : [concerning his therapist's belief that Watson's hand tremor is PTSD] Fire her. She's got it the wrong way around. You're under stress right now, and your hand is perfectly steady. You're not haunted by the war, Dr Watson... You miss it.
An average corporate lawyer in T1 earns 5 crore in his lifetime if he starts working from age of 24 and retires at 60, not including income tax, unpaid leaves, and living expenses, assuming his salary starts at 1 lakh per month, how on earth did you earn 10 crore in 15 years unless it is from your parents.
My takeaways are that you are attached to the pay at the moment, but your savings are growing to the point where retirement is a real conversation to have with yourself. I can relate. I am 13 PQE, and already asking myself some questions about retirement. I feel like one should try to know by the age of 40 what to live for in the uncertain number of years that remain ahead. Good on you for for contemplating it.
Still early stages on enquiry though. You may want to ask yourself some questions, like:
What do I enjoy about the life experience. What is my idea of quality time.
What memories do I want others and myself to leave this life with.
It may take some time. When you know for sure, you can see it through. I am sure you will enjoy it thoroughly.
You always have the option of returning to your career if you want to.
I’m mid thirties. Happily single and intend to remain so. About 6 cr worth of assets. I would like to retire, then relax and travel, but steep inflation and airfare means I should probably wait till I reach 15 to 20 cr in assets. So retirement at 50 perhaps.
No offence meant by these questions to the OP but I am curious :
Are you a junior or equity partner? Which tier of firm?
If you had not spent any of your earnings over the course of your career of 15 years - what would the figure be? Not counting if you invested it , assuming you just saved whatever your firm paid you in a bank account. What would your total take home be? Thought overall law firms would pay more within 15 years. Again no offence meant.
It depends on where you stay. If I were you, I would consider shifting to a less expensive city and then retire.
But yes, it seems a good number to retire. Given the sum, I am assuming you are from one of the premier law firms, so you can just choose to go solo and do a little bit of advisory, just to keep affording the foreign trips once a year. But that aside, this sum is effective enough to hang up the boots.
Whoever you are, cheers on achieving this milestone. May you have a wonderful time ahead :)
I’m surprised you think this is fake. I felt no one would be impressed with this figure and people expect much more before considering hanging up their boots.
I am sorry I am unable to give you any sort of advice . But if time permits and if you are willing to help someone then please kindly help me on my path to become what you are now. I am non-nlu graduate from a t-3 city and I have never lived outside here. I am looking for guidance. Please comment below your throwaway email if you are willing to take this forward.
If in the current scenario with a 10crore wall behind you, you are worried about running out, you will probably never retire. Explains a lot about partner insecurity and why they keep grinding despite unfair environments and having achieved their targets
Ask yourself - what will you do with all that time on your hands. Unless you have a damn good answer, a more realistic option will be to talk to your firm and scale down your hours. Assuming here that you are working minimum 2000 billable hours a year.
Also, when you think of the alternative, visualize it thoroughly. Is it fulfilling? Does it give you purpose? A person of your skills will need intellectual stimulus.
- Mycroft Holmes : [concerning his therapist's belief that Watson's hand tremor is PTSD] Fire her. She's got it the wrong way around. You're under stress right now, and your hand is perfectly steady. You're not haunted by the war, Dr Watson... You miss it.
Still early stages on enquiry though. You may want to ask yourself some questions, like:
What do I enjoy about the life experience. What is my idea of quality time.
What memories do I want others and myself to leave this life with.
It may take some time. When you know for sure, you can see it through. I am sure you will enjoy it thoroughly.
You always have the option of returning to your career if you want to.
Wishing you the best.
Are you a junior or equity partner? Which tier of firm?
If you had not spent any of your earnings over the course of your career of 15 years - what would the figure be? Not counting if you invested it , assuming you just saved whatever your firm paid you in a bank account. What would your total take home be? Thought overall law firms would pay more within 15 years. Again no offence meant.
But yes, it seems a good number to retire. Given the sum, I am assuming you are from one of the premier law firms, so you can just choose to go solo and do a little bit of advisory, just to keep affording the foreign trips once a year. But that aside, this sum is effective enough to hang up the boots.
Whoever you are, cheers on achieving this milestone. May you have a wonderful time ahead :)
I am sorry I am unable to give you any sort of advice . But if time permits and if you are willing to help someone then please kindly help me on my path to become what you are now. I am non-nlu graduate from a t-3 city and I have never lived outside here. I am looking for guidance. Please comment below your throwaway email if you are willing to take this forward.
Corporate lawyer or litigation?
I would get out and live my life if I had that opportunity.