Standard FIRE Calculator for Lawyers
Estimate your FIRE number as a lawyer with high taxes and student loans. Use pre-filled defaults, adjust spending and savings, and see your target update instantly—no login required.
Legal careers can produce strong income—but the path to FIRE is rarely straightforward. Many lawyers start with large student loans, then face high effective tax rates, expensive cities, and unpredictable compensation (bonuses, billable swings, or partnership economics). It’s easy to feel “high income” while still living paycheck-to-paycheck, especially once lifestyle creep arrives. Standard FIRE brings the plan back to one measurable target: the portfolio needed to sustainably fund your spending using a safe withdrawal rate. For lawyers, the real leverage is clarity on spend and consistency in saving—not just gross compensation. Start with a realistic annual spending number that reflects the lifestyle you’d actually maintain in retirement, then use your monthly contribution as the after-tax amount you can invest reliably (treat bonuses as extra, not guaranteed). If student loans are part of your picture, you can still plan FIRE: many people run a hybrid approach—build a cash buffer, pay down high-interest debt aggressively, and invest consistently at the same time. This calculator gives you a clean baseline FIRE number and progress snapshot so you can stress-test scenarios (lower spending, higher savings, a more conservative withdrawal rate) and choose a strategy that still works if markets, bonuses, or career plans change.
Need More Precision?
This calculator is great for a quick check, but real life is more complex. If you want to track your net worth, manage multiple currencies, and simulate detailed retirement scenarios with changing variables over time, try our dedicated app.
Download Asset Prism for FreeFrequently Asked Questions
Should I pay off student loans before investing for FIRE?
It depends on your interest rate and risk tolerance. Many people pay down high-interest loans aggressively while still investing consistently; low-rate loans may justify investing more, especially with employer matches.
How do taxes affect this calculator?
Taxes primarily affect your savings rate. Use “Monthly Contribution” as the after-tax amount you can invest reliably, and keep “Annual Spending” realistic for your post-work lifestyle.
Should I include bonuses or profit-sharing in my plan?
Treat variable compensation conservatively. You can model it by increasing monthly contribution using a multi-year average, but avoid relying on best-case bonuses to make the plan work.
What withdrawal rate is reasonable for a long retirement?
Many use 4% as a baseline, but 3.5% (or lower) can be more conservative—especially if you want a larger margin of safety or expect a longer retirement horizon.