Ending your work life is usually a difficult decision, especially if you haven’t figured out how to maintain your financial stability as an older adult. The job market in America currently offers many alternatives, especially if you want to plan for early retirement.
In the article below, you will read about the precise wages, expected retirement age, and estimated savings base for different occupations. Below, we present the four jobs with the best preparation standards and an opportunity for economic growth to prepare for your early retirement.
Top Four Highest-Paying Jobs for a Successful Retirement: In Detail
The average American worker’s savings depends on many factors, such as the company they work for, the type of employment, and personal management. According to CNBC, millennials between the ages of 25 and 40 can save an average of $51,300 for retirement. The estimates below are from retirement savings calculation tools. If you haven’t chosen a career path yet, pay attention to the following.
- Physical Scientist
- Retirement age: Before 62
- Average annual wage: $81,186
According to estimates, this occupation has the highest percentage of professionals planning to retire early. The net savings projection exceeds $550,000 for retirement. Physical scientists have tools to achieve financial stability for early retirement compared to other careers.
The role of a physical scientist is to investigate scientific problems by gathering information and conducting laboratory examinations. Another important duty is analyzing existing research studies and formulating theories. This career is in high demand in tech companies, as well as in public and private universities.
- Manager in Education and Related Fields
- Retirement age: Between 62 and 65
- Average annual wage: $60,002
This job has good prospects for growth and financial benefits. Professionals in this field can accumulate a savings fund of close to $600,000 to cover their needs during retirement.
The basic skills for this role consist of offering educational leadership to teachers and administrative officials of education institutions. In addition, an education manager must also guide the development and coordination of educational programs. Another key role of this job is to oversee academic research providing new directions for the educational system.
- Post-Secondary Professor
- Retirement age: Before 65
- Average hourly salary: $40
According to estimates, post-secondary teachers receive $3.18 in employer contributions for every hour of work. Purchasing power and earnings management can be good for working in this field. The savings fund for post-secondary teachers can be more than $520,000.
Post-secondary teachers can choose subjects like history, science, or business. A post-secondary teacher also manages research and publishes scholarly papers and books. This educational role is fundamental for developing future talents that will enter the country’s job market. If you are planning on going into this field, you may want to consider looking into joining a trade school.
- Firefighting, Prevention, and Inspection
- Retirement age: 65
- Average hourly salary: $22
Firefighters are among the top officials in the public administration planning to retire by age 65. Because of their long history of public service, firefighters receive generous early retirement contributions from employers.
Other than their salary, average hourly contributions are estimated to be $5.83. The prospect of savings in this field exceeds $330,000. The main role of these professionals is to prevent, mitigate, and attend to accidents related to fires, landslides, earthquakes, floods, etc.
The Perks of Having One of these Jobs When Looking Forward to Retirement
- Self Development: During your career in any of these jobs, you will gain many technical, physical, and mental skills. With them, you can improve your professional level, and ideally, you will understand what you are passionate about.
- Labor Stability: Job stability is essential to organize your retirement plan, especially if you have been in the same company for more than 20 years. Verify that your retirement plan is adequate according to the company you work for.
- High Economic and Social Profits: Salary and social benefits should be objective for your career. Every industry you work in must follow strict protocols, but you must keep your patience.
Retiring early can be easier if you are in the right career. In today’s job market, you will be able to find excellent alternatives to work, earn a high income, and maintain an easy early retirement plan. Start building a strong retirement plan right now, as it is never too early. Keeping on top of your technical skills and researching the job you may want to specialize in is the right first step.