Police & Detectives
Many people believe that police officers and detectives retire early due to the nature of their jobs, often saying that the highly stressful environment paired with the dangers of the work is enough to make them want to leave the workforce early. But what people don’t mention is that they are financially able to retire early, which plays a massive role in this decision.
Only 22.1% of police officers and detectives think they might work past the age of 65 while two-thirds plan on retiring by the age of 62, a lot earlier than the national norm. The average hourly employer 401(k) contributions come to around $5.83, meaning that police officers and detectives can retire with an estimated $395,473 in their 401(k) accounts.
Pair that with an annual average wage of $62,960 and you can see why this trend is possible for those working in this industry.
Electricians, Electric Power Installers and Repairers
Only 19.1% of electricians, electric power installers, and repairers think they will keep working past the age of 65. Compared to other jobs, very few people plan on working longer in this industry, and the fact that they receive the most generous hourly contributions to their 401(k) from their employees has something to do with it!
On average, they receive $6.52 per hour, meaning that they can save around $363,753 for their retirement, on average. Their yearly wages of around $57,910 are also a huge factor.
