15 Top Occupations for Early Retirement
Everyone is thinking about which profession is better to choose in order to ensure a comfortable life and a good pension. Edition Go Banking Rates gathered the top 15 of the best professions where you can accumulate a tidy sum and retire early.
- Civil engineers
Average percentage of people who think they will continue to work after 65 years: 22,4%
Average annual salary: $ 91 790
401 (k) savings level: $ 576 565
About half of all standing engineers plan to retire by the 62 years, while most plan to retire by the 65 years.
- High school teachers
Average percentage of people who think they will continue to work after 65 years: 36,7%
Average annual salary: $ 82 880
401 (k) savings level: $ 520 598
For each hour of work, higher education teachers typically receive $ 3,18 as employer contributions to their 401 (k) program accounts. This is the fourth largest average contribution compared to other professions included in this study.
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- Medical and Health Managers
Average percentage of people who think they will continue to work after 65 years: 33,8%
Average annual salary: $ 111 680
401 (k) savings level: $ 701 501
Those who work at the level of managers in the field of medicine and healthcare earn almost $ 112 thousand a year. With this salary, the average person with this job can retire with more than $ 700 000 in the 401 (k) account by 62 years.
- Physicists
Average percentage of people who think they will continue to work after 65 years: 14,3%
Average annual salary: $ 88 470
401 (k) savings level: $ 555 711
Most physicists expect retirement before they turn 65 years old, and even before they turn 62 years old, and only 27 percent of those surveyed said they plan to work over the age of 62 years. It is this profession that has the highest percentage of people who retire earlier, and this is the second largest percentage of people who retire by 65 years. In general, physicists are most confident in the financial feasibility of retirement compared to people in other professions included in this rating.
- Firefighters and Inspectors
Average percentage of people who think they will continue to work after 65: 50%
Average annual salary: $ 52 560
401 (k) savings level: $ 328 263
Firefighters benefit from the employer's generous pension contributions. The average hourly contribution to 401 (k) made by employers is $ 5,83, which is the second largest employer contribution included in this study.
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- Managers in education and related fields
Average percentage of people who think they will continue to work after 65 years: 26,1%
Average annual salary: $ 95 270
401 (k) savings level: $ 598 424
About half of the workers who work as leaders in the field of education and related fields plan to retire ahead of schedule by the 62 years. By 65, about 74 percent plan to retire.
- Lawyers and Judges
Average percentage of people who think they will continue to work after 65 years: 61,3%
Average annual salary: $ 137 660
401 (k) savings level: $ 864 690
Lawyers and judges have the fifth highest average salary compared to other professions included in this study. Due to the high salaries received in these positions, people in this profession have the fifth largest accumulation in 401 (k) years by 62 years compared to people in other professions included in this study.
- Aviation mechanics
Average percentage of people who think they will continue to work after 65 years: 23,3%
Average annual salary: $ 62 540
401 (k) savings level: $ 392 835
For an aviation mechanic, the average hourly employer contribution to a 401(k) is $5,13—the third-highest average contribution compared to other jobs in this study.
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- Pharmacists
Average percentage of people who think they will continue to work after 65 years: 11,7%
Average annual salary: $ 121 710
401 (k) savings level: $ 764 503
Most pharmacists retire early, and only 30 percent of those surveyed said they plan to continue working after 62 years. Among the jobs included in this list, pharmacists are in second place in terms of the number of workers planning to retire by 62. Pharmacists have the second highest level of confidence in the financial possibility of retirement compared to other types of workers in this ranking.
- Police officers and detectives
Average percentage of people who think they will continue to work after 65 years: 22,1%
Average annual salary: $ 62 960
401 (k) savings level: $ 395 473
Two-thirds of the police and detectives surveyed plan to retire by 62. Among the jobs included in this list, he ranks third in the percentage of people planning to work after 62 years. It is also work with the fourth highest level of financial confidence among employees that they will be able to retire.
- Electricians, electricians and repairmen
Average percentage of people who think they will continue to work after 65 years: 19,1%
Average annual salary: $ 57 910
401 (k) savings level: $ 363 753
Less than a fifth of electricians plan to continue work after the traditional retirement age of 65 years. This is the occupation with the fourth lowest percentage of employees who plan to work after 65 years, compared to others on this list. It is also work with the most generous contribution to 401 (k) with an average contribution of $ 6,52 per hour.
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- Financial managers
Average percentage of people who think they will continue to work after 65 years: 43,8%
Average annual salary: $ 143 530
401 (k) savings level: $ 901 562
Of all the jobs included in this rating, financial managers receive the third highest average salary, and they will accumulate 3 by value the largest expected savings by the age of 62 years. However, it is worth noting that the average financial manager will accumulate less than $ 1 million, which may explain why 69 percent of people in this position plan to work after 62 years.
- Dentists
Average percentage of people who think they will continue to work after 65: 75%
Average annual salary: $ 180 010
401 Accumulation Level (k): $ 1,13 Million
Dentists receive the second-highest average salary of all those included in this study, so they also have the second-largest estimated savings under the 401 (k) program. By 62, the average dentist will have accumulated more than $ 1 million in his retirement account.
- Doctors
Average percentage of people who think they will continue to work after 65 years: 64,2%
Average annual salary: $ 214 700
Accumulation rate under the 401 (k) program: $ 1,35 million
Doctors have the highest average salary of all the professions included in this list, and they also have the largest estimated savings in 401 (k). By 62 years, many doctors will have a large enough amount to retire.
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- Airplane pilots, navigators and air traffic controllers
Average percentage of people who think they will continue to work after 65: 25%
Average annual salary: $ 138 690
401 (k) savings level: $ 871 127
When it comes to working with early retirement, the airline pilot takes first place. Airline pilots receive the fourth highest average salary compared to all other jobs included in this rating, and also have the fourth highest level of savings under the 401 (k) program by 62 years. In addition, the average hourly contribution of the employer 401 (k) is $ 5,13, which is the third largest compared to all the professions in this study.
Read also on ForumDaily:
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