These are the top 10 industries for those who want to retire young
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
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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