Part of the reason I want to go into banking is so I can retire comfortably at 55-60.
After an average career in IB/PE, is it common for senior bankers to retire to a nice ($2M-$3M) home with $10M in savings? Or is that a bit excessive?
| +137 | If Tik Tok is forced to sell, what banks do you think would be involved in the deal? | 62 | 51s | |
| +56 | Ranking banks that went under | 34 | 1d | |
| +54 | Intern Ettiquette | 14 | 1d | |
| +42 | Relevance of A-Levels for U.K. London recruiting | 31 | 11h | |
| +42 | NEED NY RESTAURANT RECOMMENDATIONS | 25 | 52m | |
| +41 | Burnt Out M&A ASO | 23 | 3h | |
| +38 | Would comitting to ATL İB be stupid? Please give feedback. | 21 | 6h | |
| +27 | 2024 new grads who didnt get return offers update | 12 | 1d | |
| +25 | A shitter's comprehensive guide to sophomore year recruiting | 2 | 5h | |
| +23 | PSA to gymcels: focus on the summer internship | 10 | 2h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
I'm just a prospect so take this with a grain of salt. The bankers that retired at some point this year at the ages of 55-60 would have started their careers (assuming they joined on as analysts after undergrad) started their careers 33-38 years ago or from somewhere between 1982 and and 1987. I don't know a whole lot about banking history, but it's safe to assume that the industry has changed greatly since when they started. If you start working in banking next year (given that you're a summer associate), then you would retire between 2053 and 2058. No way of knowing how much the industry is going to change between now and then. It's fun to speculate but there's really no way of knowing. You might be able to do that, you might not. There's two things you can do 1) have other reasons to go into banking and you won't be disappointed if you don't meet those goals exactly and 2) do things other than banking (such as saving and investing) to try and reach those goals.
This is a great response. Looking at current MDs or recently retired MDs is useless, because pre-08 was a pretty different era of finance as far as comp. No one knows what banking will look like in 5, 10, or 20 years, so you can’t look at historical average income/net worth and assume it’ll be the same 30 years from now.
Dolorem doloremque dolorem beatae aut aspernatur id sunt at. Fugit ut ab mollitia facilis est. Veritatis impedit iste dolores. Animi autem consequatur soluta natus ad et perferendis nobis. Qui doloremque aut facere velit minus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...