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Reply to "How do people have massive retirement accounts if it's a $19,500 (or whatever) limit per year?"
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[quote=Anonymous]Early retired biglaw partner here. There are lots of things high earners can do. In addition to the 401k, for example, our firm started defined benefit plans for partners that under IRS rules required 100 percent participation from all partners. The plans were designed to allow high earning partners to shelter more of their income from taxation, but for this to work for them all partners, including the lowest paid ones, had to participate. I remember younger partners with families and private school tuition complaining about it but being given no choice. Upon retirement, partners are given the option to roll defined benefit plans into IRAs, which I for one decided to do. I had hundreds of thousands of dollars in the account in only a few years. [/quote]
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