Retirement benefits for term clerks?

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Retirement benefits for term clerks?

Postby Anonymous User » Sat Apr 13, 2019 1:21 pm

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.

nixy

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Re: Retirement benefits for term clerks?

Postby nixy » Sat Apr 13, 2019 2:15 pm

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.

AUSAorBust

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Re: Retirement benefits for term clerks?

Postby AUSAorBust » Sat Apr 13, 2019 2:21 pm

There are no employer retirement benefits for term clerks. You're on your own. But don't forget to max your IRA.

Fireworks2016

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Re: Retirement benefits for term clerks?

Postby Fireworks2016 » Sat Apr 13, 2019 3:38 pm

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?

nixy

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Re: Retirement benefits for term clerks?

Postby nixy » Sat Apr 13, 2019 6:00 pm

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.

Anonymous User
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Re: Retirement benefits for term clerks?

Postby Anonymous User » Sat Apr 13, 2019 9:19 pm

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.

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polareagle

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Re: Retirement benefits for term clerks?

Postby polareagle » Sun Apr 14, 2019 10:42 am

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-ira-health-savings-account-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.



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