Regardless of how much you love your job, all of us look forward to skipping ahead to a period when you simply relax and enjoy some “me” time. While early retirement is possible, you need to plan it out accordingly. These are the best jobs to help you get there.
Whether you want to travel the world, pursue passion projects, or simply spend more time with your family, early retirement is possible if you plan ahead. Read below for some of the best jobs if you’d like to retire early.
Which Jobs are the Best for Early Retirement?
How do you ensure that you’ll land a job with the best retirement capabilities? Well, you need to be prepared. Given that the competition between candidates for a job is increasing, you need to step up your A-game. This can either be achieved by enrolling at a reputable university or simply getting an online degree (depending on the occupation). Continue reading to find out some of the best jobs for early retirement.
Pilots
When it comes to careers allowing you to retire early, an airline pilot is at the top of the list. Compared to all other vocations in this ranking, airline pilots earn the fourth-highest average salary and have the fourth-largest anticipated 401(k) savings by the age of 62. Furthermore, the average hourly employer 401(k) contribution is $5.13, which is tied for the third-highest among all jobs studied.
Average Salary: $159,201
Physicians
Physicians have the highest average salary of any of the professions on this list, as well as the largest anticipated 401(k) savings. Many physicians will have amassed a substantial retirement nest account by the age of 62 to retire early.
Average Salary: $236,208
Financial Managers
Financial managers have the third-highest average compensation of all the jobs included in this list, and they will have the third-largest anticipated 401(k) savings by the age of 62. However, the average financial manager will have less than $1 million in savings, which may explain why 69 percent of those in this job prefer to work past the age of 62.
Average Salary: $94,737
Lawyers
In comparison to the other vocations studied, lawyers and judges have the sixth-highest average salary. People in this occupation had the fifth-largest predicted 401(k) savings by age 62, compared to people in the other occupations covered, because of the high compensation that comes with these positions.
Average Salary: $111,078
Government Workers
In recent years, the salaries and benefits of public sector employees have been scrutinized. It’s no surprise: two-thirds of private-sector workers have no pension at all, but public-sector workers have substantial pension schemes with early retirement options that pay up to 70% of their last wage.
Average Salary: $41,045 – $178,939
IT Managers
Since the IT industry is booming and is expected to offer the highest paying jobs, it is surely a career choice that will allow you to retire early while saving a good amount of money for leisure. Additionally, the IT sector offers a wide range of occupations so you can find one that suits your preference while enjoying your time as a full-time employee and retiring before the age of 50. In fact, this is also one of the reasons why many people are moving towards coding bootcamps.
Average Salary: $88,969
Dentists
Dentists make the second-highest average salary of all the jobs studied, and as a result, they have the second-largest 401(k) savings. By the age of 62, the average dentist will have amassed a retirement fund of more than $1 million.
Average Salary: $139,870
Conclusion
Before opting to retire, you should assess your finances and assets, including your home, investments, 401(k), IRA, Social Security income, and any other sources of income. You need to determine whether you have the right amount of money to support yourself for the rest of your life.
Having a fixed income during retirement is the best financial safety net you can have, despite the fact that most individuals currently retire without a pension. Many of the best jobs for early retirement still come with pensions, which explains why many people in these professions expect to retire early even if they don’t have $1 million or more in their 401(k) fund.