Early retirement: ‘Top 10 industries’ for retiring early – could you retire in your 40s? | Personal Finance | Finance
Of course, there’s a lot of different factors which play into whether retiring early will be feasible or not. However, according to new research, some careers could be easier to retire from than others.
Experts at Our Life Plan recently conducted a study to find out which industries have the highest chances of early retirement.
Commercial managers who want to retire in their 40s will likely be delighted to hear they came out top in this survey.
Taxation experts, construction managers and production managers also came in joint first place, with all four of these roles having the possibility of retiring as early as 46.
Looking across 40 different careers, the research looked at a combination of metrics to determine how job role and industry of work can affect the age of which one retires.
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Metrics include years of training/qualification, salary increases at different stages of career and the potential savings a person could have for their pension pot.
The analysis of potential pay development of different roles over a 20 plus year period showed saving for the future is far easier in some industries than others.
Employees in these job roles could find themselves retiring nearly 20 years earlier than their state pension would allow, Our Life Plan said.
They were closely followed by professionals working in marketing, IT management and project management.
The study found they allowed for a retirement age of 47.
Financial analysts, electricians and programmer analysts completed the top ten, with the age of retirement possible being 48.
Ian Wright at Our Life Plan added: “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 three percent meaning that you’ll need to think about saving a lot outside of this for a comfortable retirement.
Retired couples were found to need £26,000 per year for a “comfortable” retirement, and £41,000 for couples looking for a “luxury” retirement.
Jenny Ross, Money Editor at Which?, said: “For many people, the events of the past year will have caused them to rethink their retirement plans and brought the amount of money needed for later life into sharper focus.
“Our research shows most people will need to be putting away significant sums if they want to ensure they can enjoy a comfortable retirement.
“But many do not have access to the clear and accessible information they need to help them plan.”