5 Jobs That Put Early Retirement Within Reach
No matter how much you may love your job, there’s a good chance you’ve dreamed of retiring early. It could be because you want to work on your own schedule rather than someone else's. Or it could be because you want to spend more time traveling or with family.
No matter what your reasoning might be, certain jobs have a better chance of making that dream a reality. Just keep in mind that retiring early isn’t just about a high income; it’s also about retirement benefits and the opportunity to increase your income over time.
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1. Software Developer
Average Salary: $135,000
Software development ranks high on our list for several reasons. Not only can you earn six figures within a few years of entering the field, but depending on the company, you may also receive stock options or Restricted Stock Units (RSUs).
Job demand for software developers is strong, which gives you negotiating power over your initial salary. Plus, many of these jobs are still remote, allowing you to relocate to a lower-cost-of-living area and save even more.
Just remember that if you want to retire early, it’s important to save 25% to 30% of your take-home pay.
2. Physician Assistant
Average Salary: $133,000
Becoming a physician's assistant will give you the chance to retire early without needing to go through nearly as much schooling as a physician. This also helps minimize out-of-pocket costs for school or the student loans that would need to be repaid.
It will be important to maximize retirement contributions once you become debt-free. In this profession, you would want to ensure you’re increasing your savings rate as your salary increases.
3. Financial Analyst
Average Salary: $105,000
Finance-related jobs can provide an advantage for early retirement for several reasons. Not only do they come with competitive salaries and annual bonuses, but career progression into management positions can dramatically increase salaries.
Individuals in finance also tend to have a better understanding of what it takes to retire early. They understand the importance of investing early and compound growth, both of which are crucial to accumulating wealth sooner.
4. Registered Nurse
Average Salary: $105,000
Nursing can be a great career choice because of the flexibility it provides. Also, if you’re a specialty nurse, a traveling nurse or willing to work overtime, your earnings can be well ahead of the averages.
One of the biggest advantages of pursuing early retirement as a nurse is that many hospitals offer extremely generous retirement packages that can help you reach early retirement sooner.
5. Electrician
Average Salary: $67,000
While the average salary for an electrician might not make early retirement seem possible, it doesn’t tell the entire story. Electricians with experience and those who start their own businesses can earn well over $100,000 per year.
While electricians need to attend trade school, the debt they accumulate is usually much less than that of a traditional four-year college or university. This means they can start earning sooner and have fewer loans to repay.
Editor's note: Average salary data was pulled from the Bureau of Labor Statistics.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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