How Young Lawyers Can Save for Retirement

Sophia Bera, CFP
Save small amounts each month in an emergency savings account to afford emergencies without getting further into debt.

Save small amounts each month in an emergency savings account to afford emergencies without getting further into debt.

filadendron/E+ via GettyImages

Young professionals have one big factor in their favor when it comes to saving for retirement: time. With compound interest, time allows your investments to grow. One complication that especially affects lawyers: many law firms offer a 401(k) but do not offer an employer match. Ouch! That means you do not get the benefit of “free money” that others with more traditional employer benefits get. How do you save for retirement? Contribute to that 401(k) anyway (and a Roth IRA if you qualify).

Premium Content For:
  • Current ABA Member
Join - Now