45 Jobs That Can Make You a Millionaire Before Retirement
Becoming a millionaire is a dream harbored by many an American, but it’s also one that precious few manage to reach in their lifetime. After all, with all of the various costs that come with living your life and raising a family, having enough income held back to hit that second comma on your net worth is just not a simple feat. You need the sort of job that’s going to pay well in excess of what it takes to cover your bills.
So which jobs can you expect to do that? To answer the question, GOBankingRates used data from the Bureau of Labor Statistics (BLS) to determine the average salaries of many common jobs. Then, it deducted the cost of federal taxes and the average cost of living from that figure to show how much income one would have left over after covering the basics. Using that figure, the study then calculates how long it will take you to save up that $1 million while making an average salary in the profession. It doesn’t factor in the cost of your education — obviously a major expenditure for many of these, based on their requirements — or how you can grow your savings through investment, but it should still give you a clear sense of how fast someone can stash away money in each job.
So, who can expect to reach that million-dollar goal the fastest? Here’s a look at which jobs will get you there.
Last updated: Oct. 2, 2020
45. Air Traffic Controllers
Annual salary: $120,140
Annual salary after federal taxes: $91,012
Annual income after average expenditures: $28,574
How long it takes to become a millionaire: 34 years, 11 months and 20 days
44. Political Scientists
Annual salary: $120,260
Annual salary after federal taxes: $91,094
Annual income after average expenditures: $28,656
How long it takes to become a millionaire: 34 years, 10 months and 14 days
43. Nuclear Engineers
Annual salary: $120,700
Annual salary after federal taxes: $91,394
Annual income after average expenditures: $28,956
How long it takes to become a millionaire: 34 years, 6 months and 5 days
42. Actuaries
Annual salary: $120,970
Annual salary after federal taxes: $91,580
Annual income after average expenditures: $29,142
How long it takes to become a millionaire: 34 years, 3 months and 15 days
41. Health Specialties Teachers, Postsecondary
Annual salary: $121,620
Annual salary after federal taxes: $92,024
Annual income after average expenditures: $29,586
How long it takes to become a millionaire: 33 years, 9 months and 9 days
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40. Astronomers
Annual salary: $122,270
Annual salary after federal taxes: $92,468
Annual income after average expenditures: $30,030
How long it takes to become a millionaire: 33 years, 3 months and 10 days
39. Optometrists
Annual salary: $122,980
Annual salary after federal taxes: $92,953
Annual income after average expenditures: $30,515
How long it takes to become a millionaire: 32 years, 8 months and 29 days
38. Computer Hardware Engineers
Annual salary: $123,030
Annual salary after federal taxes: $92,987
Annual income after average expenditures: $30,549
How long it takes to become a millionaire: 32 years, 8 months and 16 days
37. General and Operations Managers
Annual salary: $123,030
Annual salary after federal taxes: $92,987
Annual income after average expenditures: $30,549
How long it takes to become a millionaire: 32 years, 8 months and 16 days
36. Training and Development Managers
Annual salary: $123,470
Annual salary after federal taxes: $93,289
Annual income after average expenditures: $30,851
How long it takes to become a millionaire: 32 years, 4 months and 22 days
35. Pharmacists
Annual salary: $125,510
Annual salary after federal taxes: $94,682
Annual income after average expenditures: $32,244
How long it takes to become a millionaire: 30 years, 11 months and 27 days
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34. Computer and Information Research Scientists
Annual salary: $127,460
Annual salary after federal taxes: $96,015
Annual income after average expenditures: $33,577
How long it takes to become a millionaire: 29 years, 9 months and 4 days
33. Purchasing Managers
Annual salary: $128,400
Annual salary after federal taxes: $96,657
Annual income after average expenditures: $34,219
How long it takes to become a millionaire: 29 years, 9 months and 14 days
32. Judges, Magistrate Judges and Magistrates
Annual salary: $128,550
Annual salary after federal taxes: $96,760
Annual income after average expenditures: $34,322
How long it takes to become a millionaire: 29 years, 1 month and 10 days
31. Human Resources Managers
Annual salary: $129,570
Annual salary after federal taxes: $97,458
Annual income after average expenditures: $35,020
How long it takes to become a millionaire: 28 years, 6 months and 13 days
30. Law Teachers, Postsecondary
Annual salary: $129,950
Annual salary after federal taxes: $97,717
Annual income after average expenditures: $35,279
How long it takes to become a millionaire: 28 years, 3 months and 28 days
29. Physicists
Annual salary: $131,080
Annual salary after federal taxes: $98,489
Annual income after average expenditures: $36,051
How long it takes to become a millionaire: 27 years, 3 months and 19 days
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28. Public Relations and Fundraising Managers
Annual salary: $132,630
Annual salary after federal taxes: $99,549
Annual income after average expenditures: $37,111
How long it takes to become a millionaire: 26 years, 11 months and 4 days
27. Compensation and Benefits Managers
Annual salary: $137,210
Annual salary after federal taxes: $100,629
Annual income after average expenditures: $38,191
How long it takes to become a millionaire: 26 years, 2 months and 1 day
26. Sales Managers
Annual salary: $141,690
Annual salary after federal taxes: $105,989
Annual income after average expenditures: $43,551
How long it takes to become a millionaire: 22 years, 11 months and 10 days
25. Advertising and Promotions Managers
Annual salary: $141,890
Annual salary after federal taxes: $106,139
Annual income after average expenditures: $43,701
How long it takes to become a millionaire: 22 years, 10 months and 12 days
24. Podiatrists
Annual salary: $142,680
Annual salary after federal taxes: $106,727
Annual income after average expenditures: $44,289
How long it takes to become a millionaire: 22 years, 6 months and 24 days
23. Lawyers
Annual salary: $145,300
Annual salary after federal taxes: $108,680
Annual income after average expenditures: $46,242
How long it takes to become a millionaire: 21 years, 7 months and 10 days
22. Natural Sciences Managers
Annual salary: $145,450
Annual salary after federal taxes: $108,792
Annual income after average expenditures: $46,354
How long it takes to become a millionaire: 21 years, 6 months and 22 days
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21. Financial Managers
Annual salary: $147,530
Annual salary after federal taxes: $110,343
Annual income after average expenditures: $47,905
How long it takes to become a millionaire: 20 years, 10 months and 9 days
20. Marketing Managers
Annual salary: $149,200
Annual salary after federal taxes: $111,588
Annual income after average expenditures: $49,150
How long it takes to become a millionaire: 20 years, 3 months and 30 days
19. Architectural and Engineering Managers
Annual salary: $152,930
Annual salary after federal taxes: $114,369
Annual income after average expenditures: $51,931
How long it takes to become a millionaire: 19 years, 2 months and 29 days
18. Computer and Information Systems Managers
Annual salary: $156,390
Annual salary after federal taxes: $116,948
Annual income after average expenditures: $54,510
How long it takes to become a millionaire: 18 years, 4 months and 1 day
17. Petroleum Engineers
Annual salary: $156,780
Annual salary after federal taxes: $117,239
Annual income after average expenditures: $54,801
How long it takes to become a millionaire: 18 years, 2 months and 26 days
16. Airline Pilots, Copilots and Flight Engineers
Annual salary: $174,870
Annual salary after federal taxes: $130,725
Annual income after average expenditures: $68,287
How long it takes to become a millionaire: 14 years, 7 months and 19 days
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15. Dentists, All Other Specialists
Annual salary: $178,040
Annual salary after federal taxes: $132,901
Annual income after average expenditures: $70,463
How long it takes to become a millionaire: 14 years, 2 months and 7 days
14. Dentists, General
Annual salary: $178,260
Annual salary after federal taxes: $133,047
Annual income after average expenditures: $70,609
How long it takes to become a millionaire: 14 years, 1 month and 24 days
13. Nurse Anesthetists
Annual salary: $181,040
Annual salary after federal taxes: $134,898
Annual income after average expenditures: $72,460
How long it takes to become a millionaire: 13 years, 9 months and 15 days
12. Pediatricians, General
Annual salary: $184,410
Annual salary after federal taxes: $137,140
Annual income after average expenditures: $74,702
How long it takes to become a millionaire: 13 years, 4 months and 17 days
11. Chief Executives
Annual salary: $193,850
Annual salary after federal taxes: $143,422
Annual income after average expenditures: $80,984
How long it takes to become a millionaire: 12 years, 4 months and 3 days
10. General Internal Medicine Physicians
Annual salary: $201,440
Annual salary after federal taxes: $148,474
Annual income after average expenditures: $86,036
How long it takes to become a millionaire: 11 years, 7 months and 12 days
9. Physicians, All Other; and Ophthalmologists
Annual salary: $203,450
Annual salary after federal taxes: $149,811
Annual income after average expenditures: $87,373
How long it takes to become a millionaire: 11 years, 5 months and 8 days
8. Family Medicine Physicians
Annual salary: $213,270
Annual salary after federal taxes: $156,347
Annual income after average expenditures: $93,909
How long it takes to become a millionaire: 10 years, 7 months and 21 days
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7. Psychiatrists
Annual salary: $220,430
Annual salary after federal taxes: $161,091
Annual income after average expenditures: $98,653
How long it takes to become a millionaire: 10 years, 1 month and 15 days
6. Prosthodontists
Annual salary: $220,840
Annual salary after federal taxes: $161,352
Annual income after average expenditures: $98,914
How long it takes to become a millionaire: 10 years, 1 month and 6 days
5. Orthodontists
Annual salary: $230,830
Annual salary after federal taxes: $167,700
Annual income after average expenditures: $105,262
How long it takes to become a millionaire: 9 years, 5 months and 28 days
4. Obstetricians and Gynecologists
Annual salary: $233,610
Annual salary after federal taxes: $169,467
Annual income after average expenditures: $107,029
How long it takes to become a millionaire: 9 years, 4 months and 2 days
3. Oral and Maxillofacial Surgeons
Annual salary: $237,570
Annual salary after federal taxes: $171,983
Annual income after average expenditures: $109,545
How long it takes to become a millionaire: 9 years, 1 month and 12 days
2. Surgeons, Except Ophthalmologists
Annual salary: $252,040
Annual salary after federal taxes: $181,179
Annual income after average expenditures: $118,741
How long it takes to become a millionaire: 8 years, 4 months and 30 days
1. Anesthesiologists
Annual salary: $261,730
Annual salary after federal taxes: $187,337
Annual income after average expenditures: $124,899
How long it takes to become a millionaire: 7 years, 11 months and 31 days
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Methodology: To determine the jobs that can make you a millionaire before 65, GOBankingRates analyzed salary data from the Bureau of Labor Statistics; jobs used in this study have the highest mean pay as of May 2019, according to its Occupational Employment Statistics. The study takes the annual salary of each given job, subtracts federal income taxes (FICA and Medicare taxes included) and the average cost of living in the United States, based on average annual expenditure, sourced from the Bureau of Labor Statistics’ midyear Consumer Expenditure Survey (July 2018 – June 2019); the difference left over is then multiplied by 35, 30 and 25 years in order to find out whether that job will get you past the $1 million threshold. *Note: The majority of these jobs require additional schooling and the cost of schooling is not accounted for in the study. The study assumes that the listed salary is the salary you earn every year for the given year period. All income taxes calculated using in-house calculator using 2020 tax brackets as sourced from the Tax Foundation. All data was collected on and up to date as of June 26, 2020.
This article originally appeared on GOBankingRates.com: 45 Jobs That Can Make You a Millionaire Before Retirement
