What are the chances of finding a job that provides good pay and good retirement? Pretty good, actually!
As you approach your golden years, it can seem like finding a job that provides good pay and good retirement is about as probable as running across a unicorn on your morning commute.
Not so, says Steve Vernon, president of Rest-of-Life Communications and a former retirement program consultant.
"Maybe it's surprising, but jobs with good retirement benefits are still out there," says Vernon. "They're usually with companies that are profitable and need to attract and keep highly skilled people."
The best retirement programs? A traditional pension—which is professionally managed and requires no contribution from you—plus a 401k with a company match. But if you can get a 401k with employer contributions—with or without a match from you—you're in good shape, too.
Trades: Electricians, Plumbers, Truck Drivers, Construction
For these jobs, you'll need to sign up with a union to get a good retirement, says Vernon. Unions negotiate and fight for traditional pensions.
"Look for unions that are strong and doing well," says Vernon. "United Auto Workers may offer a good pension, but that's not a good field to enter right now."
Insurance: Underwriters, Actuaries, Accountants, Secretaries
"The insurance industry is in the business of providing benefits, so philosophically, they'll want their employees to experience their own products," Vernon says.
Pharmaceuticals: Sales, Scientists, Marketing, Accountants, Secretaries
Pharmaceuticals is a great industry in which to seek better retirements, because the companies tend to take a long view with their products.
"Drugs are out for many years, and they'll want the scientists to be around for years, too," says Vernon. "And because of benefits law, once they offer good retirement to scientists, they have to offer it to the rank-and-file as well."
Public Employees: Police, Fire, Accountants, Secretaries, Planners, Engineers
Governments may be cutting back now, but if you can snag one of the open jobs, you're likely to be enrolled in a state pension program that can pay you up to 90% of your salary at retirement. In California today, for example, 480 state retirees collect more than $100,000 a year in pensions. Most of them are retired police or fire officers or their survivors.
Teachers
Layoffs are under way in states heavily affected by the housing crisis, but if you can get and keep a teacher job in a public grade school or university, you're likely to get a great retirement program.
"And those plans are often offered to the rank-and-file employees, like aides and secretaries, as well," Vernon adds.
Nurses
"There's a tremendous demand for any kind of nurse, and some have good retirements," Vernon says.
The key is to find larger hospital systems that can support hefty retirement programs, or a hospital that has a unionized nursing staff. In the past 15 years, registered nurses in particular have fought for and won traditional pensions.
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In the UK, the average person will keep working into their mid-60s before being financially able to enjoy their retirement years. That's a whole lot of nine to fives ahead of those golden years spent gardening, holidaying and doing the things we've always wanted to do.
Of course, if we're lucky, work isn't just about paying the bills and adding to the pension pot - it's a source of fulfilment and an outlet for our skills and passions. That said, even if you absolutely love your job, we bet you wouldn't turn your nose up at the chance to retire early.
Cue new research from Our Life Plan, which has established the 10 best industries to get into with a view to early retirement. Spoiler, if you're a Commercial Manager, Taxation Expert or Construction Manager, you'll probably like the sound of this list, as these professions allow for employees to be able to retire a full 20 years before the national average. Meanwhile, Product Managers retire with the most savings on average, hitting £270k at the age of just 46.
To come up with this list, research looked at a combination of metrics across 40 different careers to determine how our job role and industry of work can affect the age of which we retire. Metrics include average years of training/ qualification, average salary increases at different stages of the career path and the average potential savings in a pension pot.
NB: The research is based on a retiree living off an income of at least £13,500 a year after having paid off a mortgage, sufficient to cover bills and living expenses as well as limited luxury options.
Best industries for early retirement
1.Commercial Manager
Retiring age: 46
Savings at time of retirement: £263,164
2. Taxation Expert
Retiring age: 46
Savings at time of retirement: £260,250
3. Construction Manager
Retiring age: 46
Savings at time of retirement: £257,485
4. Product Manager
Retiring age: 46
Savings at time of retirement: £270,534
5. IT Manager
Retiring age: 47
Savings at time of retirement: £246,953
6. Project Manager
Retiring age: 47
Savings at time of retirement: £255,126
7. Marketing
Retiring age: 47
Savings at time of retirement: £246,517
8. Financial Analyst
Retiring age: 48
Savings at time of retirement: £238,677
9. Electrician
Retiring age: 48
Savings at time of retirement: £229,737
10. Programmer Analyst
Retiring age: 48
Savings at time of retirement: £253,930
Ezra BaileyGetty Images
All jobs within the top 10 have the advantage of requiring no formal qualifications upon entry to the role, meaning you could get into them straight after school and start saving for your pension as young as 18.
That said, these careers do offer a higher than average starting salary and strong career progression within the role too.
Ian Wright at Our Life Plan said of the research: “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. We hope that our research brings to light how even your career choice could affect the age in which you can retire. And who isn’t after an early retirement?”
Preach. Now, do excuse us while we go and check our pension pot. We're liking the sound of this whole early retirement thing.
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Megan Sutton Acting Senior Editor Megan is Cosmopolitan UK's acting senior editor, covering topics like careers, books, health and relationships.