Retirement benefits for term clerks? Forum
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Anonymous Posting
Anonymous posting is only appropriate when you are sharing sensitive information about clerkship applications and clerkship hiring. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.
Failure to follow these rules will get you outed, warned, or banned."
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Retirement benefits for term clerks?
I know that term clerks don't get a Thrift Savings Plan, but are there any retirement -- or investment-type benefits that clerks can take advantage of, or is it just one of those deals where you suck it up and find your own savings vehicles outside of the employer. I'd be curious to hear stories from term clerks as to different strategies.
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Re: Retirement benefits for term clerks?
Pretty sure you just suck it up and go outside the employer, but if anyone else knows any differently it would be interesting to hear.
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Re: Retirement benefits for term clerks?
There are no employer retirement benefits for term clerks. You're on your own. But don't forget to max your IRA.
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Re: Retirement benefits for term clerks?
This is something that has really irked me. People often clerk for 2-3 years -- what is the rationale for not offering them some form of retirement vehicle?
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Re: Retirement benefits for term clerks?
I don’t think any employers offer temporary employees retirement options. Many employers make *permanent* employees work for them for at least 2 years before they can vest in the company’s retirement plan - that’s very common. That would knock out almost all term clerks out of the pool. It’s not like you can’t invest in long-term stuff on your own.
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Re: Retirement benefits for term clerks?
My state clerkship is actually earning me a State pension which I'll apparently be able to collect from.
$20/month in 40 years. Yay.
$20/month in 40 years. Yay.
- polareagle
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Re: Retirement benefits for term clerks?
If you sign up for a high deductible health plan with an HSA, you can set aside $3,500 pre-tax. If you save what's in your HSA until retirement and use it for medical expenses, they're actually the most tax-advantaged retirement vehicle. (The funds go in without being taxed, grow without being taxed, and then can be withdrawn without being taxed.) https://www.biglawinvestor.com/stealth- ... count-hsa/ Granted, there's nothing employer specific about these--you can do it with an HDHP with any employer--but at least you can set it up to come out of your paycheck.