A Retirement Game Plan for Law Partners – Make 2025 Your Year
As a law partner, you’re managing a lot—cases, firm responsibilities, and the constant balancing act of life. But when was the last time you stopped and asked: Am I going all-in on my retirement savings?
Here’s the truth: you’ve worked hard for your success, and it’s time to make that success work harder for you. With smart planning, you can build real wealth for the future and save money on taxes this year.
So let’s talk about how you can start now to maximize every opportunity in 2024—and make 2025 the year you go big for your financial future.
The Retirement Power Plays for Law Partners
You’ve got unique opportunities—and you’re leaving money on the table if you’re not taking full advantage of them. Here’s what’s available:
1. Solo 401(k): Big Contributions, Big Wins
If you’re self-employed or earn side income, the Solo 401(k) is your MVP.
You can contribute up to $66,000 in 2024 ($73,500 if you’re 50+).
The catch? You get to contribute as both the employee and employer.
Pro Move: Spread contributions throughout the year to maximize cash flow and tax savings.
2. SEP IRA: Simple and Flexible
A SEP IRA is a go-to for law partners with high earnings and a busy schedule.
Save up to 25% of your net income, up to $66,000.
Easy to set up, flexible to fund—perfect for unpredictable income streams.
Pro Move: If your earnings fluctuate, fund the SEP IRA with a lump sum when profits are high.
3. Traditional or Roth IRA: Don’t Overlook the Basics
These smaller accounts pack a punch when combined with other plans:
Traditional IRA: Reduces your taxable income now.
Roth IRA: Gives you tax-free income in retirement.
Limits for 2024? $6,500 ($7,500 if you’re 50+).
Common Retirement Missteps—And How to Avoid Them
Even high-achievers miss opportunities when retirement planning takes a back seat:
Waiting Too Long: The earlier you contribute, the more your money grows.
Overlooking Tax Savings: Retirement accounts like Solo 401(k)s and SEP IRAs offer huge tax advantages—don’t skip out.
Ignoring the Right Plan: Don’t default to “good enough.” The right strategy can unlock serious wealth.
Your 2025 Retirement Playbook: 4 Simple Steps
Here’s how to get serious about your retirement savings this year:
Review Your Income: Know what you can contribute and where to put it.
Pick Your Plan: Solo 401(k), SEP IRA, or a combination—match your goals and cash flow.
Automate Contributions: Saving consistently is the easiest way to hit big goals.
Work With a Pro: A financial planner can fine-tune your strategy and make sure you’re maximizing your options.
Make 2025 Your Year
You’ve got the earning power—now let’s turn it into long-term success. Retirement planning isn’t just about the future; it’s about taking control now. By starting today, you’ll save on taxes, build wealth, and set yourself up to thrive for decades to come.
Ready to take action? Let’s work together to create your personalized game plan. Schedule a call today and make 2025 the year you go all-in on your future.
