10 of the best industries for an early retirement | MyWalletHero

Image source: Getty Images

Who doesn’t like the idea of early retirement? Well, some roles could allow you to retire nearly 20 years earlier than the current state pension age!

Let’s explore the different jobs and industries that give you the best chance of retiring early. 

Plot your path towards financial freedom with our Hero’s Journey tool!

MyWalletHero is here to help you learn about taking control of your money, whether that’s paying off debt, working towards a short-term money goal, or investing for your future.

This tool can help you understand the next steps on your journey – simply choose a goal that best describes your current interests to get started.

What are the best industries for early retirement?

The experts over at Our Life Plan have conducted a study to find out which careers give you the best chance of retiring early.

Their research looked at a combination of different metrics to determine how your job and the industry you work in could affect your retirement age. So without further ado, here are the top ten industries along with the age at which you could potentially retire:

  1. Commercial manager – 46
  2. Taxation expert – 46
  3. Construction manager – 46
  4. Product manager – 46
  5. IT manager – 47
  6. Project manager – 47
  7. Marketing manager – 47
  8. Financial analyst – 48
  9. Electrician – 48
  10. Programmer analyst – 48

How are the early retirement ages calculated?

When calculating these figures, certain factors were taken into account. For each role and industry, the research looked at:

  • Years of training or qualification needed
  • Potential salary increases at different stages of your career
  • Possible savings you could have in your pension pot

You might notice that certain ‘classic’ career paths didn’t make it into the top ten. This is mostly because highly-qualified careers, such as doctor, psychologist, and architect, require several years of training before you can enter the workforce.

With these careers, you’d likely be on a decent salary and see good career progression. But the knock-on effect means that you could be working longer. When it comes to pensions, savings and investing, time can be the most important factor leading to your retirement success.

4 iron-clad rules for saving money on everything

Our Editor Sam Robson has been on a personal cost-cutting mission for years – and it’s time to share his wisdom.

Check out his choicest saving tips and tricks in this free report, “Sam’s 4 Iron-Clad Rules For Saving Money On Everything”.

Just enter your email below for instant access to your free copy.

What can increase my chance of early retirement?

No matter what your job or industry, there are some easy steps you can take to boost your chances of retiring early:

  • Pay into your pension as early as possible and with as much as you’re able to
  • Make use of any tax-efficient accounts like ISAs
  • Be consistent with your saving and investing
  • Try and avoid debt where possible
  • Aim to pay your mortgage off as soon as you can

Ian Wright from Our Life Plan explains further about the importance of pension contributions: “Saving for your pension is often not at the forefront of many people’s minds, particularly at the very beginning of your career.

“Employer contributions to your pension generally sit at 3% meaning that you’ll need to think about saving a lot outside of this for a comfortable retirement.”

How do I retire early in the UK?

What’s great about the jobs listed above is that they do not require any formal qualifications. So you can get into one of these roles straight after school and begin saving into your pension from the age of 18.

Don’t worry if you’re already working outside one of these jobs. There is still hope for early retirement! You can take control of your own finances and use something like a stocks and shares ISA to invest and build wealth that’s shielded from tax.

If you start saving and investing consistently both inside and outside of your pension, you’ll give yourself a great chance of creating wealth using the power of compound interest.

Do keep in mind that the value of your investments could go up or down and that tax treatment depends on your individual circumstances, which can change in the future.

Was this article helpful?


Reviewed and rated 4 stars out of 5 by MyWalletHero

Need a financial adviser? Get a free initial review lasting up to 1 hour, plus £50 off any follow-up advice.

MyWalletHero has sourced you a £50 discount off the cost of advice when you find an independent or whole-of-market financial adviser through*. All advisers are FCA-regulated, qualified and give fully unbiased advice. To find yourself an adviser fast and for free – use the Unbiased matching tool.

*This is an offer from one of our affiliate partners. For more information on why and how we work with partners, click here.

Some offers on MyWalletHero are from our partners — it’s how we make money and keep this site going. But does that impact our ratings? Nope. Our commitment is to you. If a product isn’t any good, our rating will reflect that, or we won’t list it at all. Also, while we aim to feature the best products available, we do not review every product on the market. Learn more here. The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool UK has recommended Barclays, Hargreaves Lansdown, HSBC Holdings, Lloyds Banking Group, Mastercard, and Tesco.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button