Top 5 job roles for early retirement
With the average person in the UK working well into their 60s before finding themselves in the financial position to retire, it’s no surprise that people are taking an interest in the plans of people who are able to retire significantly earlier.
Even if you have been able to develop a career that brings you joy and fulfilment, the opportunity to get a fast-track pass to your golden years of retirement will always be an interesting one. Some great research, undertaken by Our Life Plan, has delved into a cross-section of 40 different careers to pinpoint which industries, and more specifically, which job roles allow people to reach retirement earliest. The research looks at average requirements for training and qualifications, starting salaries and how salary increases over time, and the potential for building a healthy pension pot.
Top 5 Specific Roles:
So let’s look at which roles offer the best route to an early retirement, on average.
- IT Manager
Coming in at number five is IT Manager. With an average retiring age of 47, career IT Managers can expect to build a savings pot of £246,953 at time of retirement.
- Product Manager
Taking the fourth spot with an average retiring age of 46 and a savings pot at time of retirement of £270,534 is Product Manager.
- Construction Manager
Construction Managers get the bronze medal with a retiring age of 46 and savings at time of retirement of £257,485.
- Taxation Expert
For Taxation Experts, a retiring age of 46 can be expected, boasting savings at time of retirement of £260,250.
- Commercial Manager
The top spot goes to Commercial Managers. On average they can expect to retire at age 46 with a savings pot at time of retirement of £263,164.
Outside of these five specific roles, professionals working in the industries of Marketing, Project Management and IT Management follow closely with an average retirement age of 47. On top of that, these industries often require no formal qualifications at point of entry. If you’re committed to an early retirement, you could theoretically join these industries straight from school and begin building your retirement pot at 18 years old.
One of the metrics that the study takes into account is the scale of income increases at each stage of your career. Despite its relatively low end average starting salary of £18,561, Marketing actually boasts a high opportunity for progression. With an average increase of £13,475 at each stage, you could find yourself at a salary of £72,460 after a 20 year career.
Retirement costs can be unpredictable
An important factor of how the results are categorised is what is considered to be enough to cover a full retirement. They consider a retiree to live off at least £13,500 per year, after a mortgage has been paid off. This allows for bills and living expenses to be covered, with limited luxury options also available to the retiree.
Of course, everybody has a different view of what their retirement will look like. It can be difficult to gauge exactly what you’ll need to save to enjoy your retirement years in the way you would like. For example, enjoying a large purchase or expensive travelling experience early into your retirement can mean that your long-term requirements cost less than expected as the costs reduce and plateau over time. Conversely, circumstances requiring care and assisted living in later years can increase income requirements, unexpectedly.
When it comes to planning for your own retirement, asking for help is always a good idea. Professional advice can provide you comfort in developing an understanding of what events your future may hold and putting a plan in place for when you approach them.
At Questa Chartered, we have a wealth of experience in helping individuals and families make provision for their future. If these uncertain times have caused you to think about planning not only for unprecedented events, but also for those that are more predictable, give yourself some peace of mind and get in touch.