Canadian Jobs That Let You Retire Early | There is no one specific job in Canada that guarantees an early retirement, as retirement plans and timelines can depend on a variety of factors, including savings, investment strategies, and personal circumstances. However, some careers may provide higher earning potential and benefits that can lead to an earlier retirement. These include:
- Healthcare professionals: such as doctors, dentists, and pharmacists, who typically earn high salaries and may have access to generous benefits packages.
- Technology professionals: such as software developers, data scientists, and cybersecurity specialists, who are in high demand and can command high salaries.
- Skilled tradespeople: such as electricians, plumbers, and carpenters, who often earn good salaries and may have pension plans.
- Senior executives: such as CEO’s, CFO’s, and COO’s, who typically earn high salaries and may be eligible for early retirement packages.
- Financial professionals: such as investment bankers, financial advisors, and accountants, who can earn high salaries and may have access to retirement savings plans.
It’s important to remember that saving and investing are key to an early retirement, regardless of one’s career choice. Building a strong financial foundation and creating a retirement plan can help increase the chances of an early retirement.
20 Canadian Jobs That Let You Retire Early
THE MILITARY – According to the Government of Canada, your pension in the Canadian Armed Forces is computed based on your years of service and is given to you every month for the rest of your life. It might be up to 70% of your compensation. The military also provides excellent perks such as free education, which might help you prepare for a part-time job after retirement.
POLICE – In the RCMP you can get a full pension after 25 years of service, which means that if you join at 25, you can retire at 50 without losing out on your pension benefits. Like in the military, the RCMP helps you with education, such as language training, which you can use for an extra income after retirement.
FIREFIGHTER – Glassdoor reports that the average salary for a firefighter in Canada is $106,426. However, this isn’t the base salary but is what firefighters can take home because of overtime and irregular working hours. Due to the physical demands of the job, firefighters typically retire well before the age of 60.
TEACHER – Canadian teachers are among the highest paid in the world, according to The Toronto Star. Most provinces offer generous pension plans too. Having teaching skills also allows you to take a good job after retirement, such as tutoring — one of the best jobs for retirees.
POLITICIAN – According to official sources, a Member of the House of Commons makes $172,700 a year while a senator takes home $147,700. Depending on their office, these politicians may also be entitled to additional pay. Add a generous pension plan and early retirement is well within reach.
CIVIL SERVANT – If you’ve worked for the federal government for 30 years and have been paying your contributions since before the end of 2012, you can retire at 55 without losing pension benefits, according to the government’s website. There’s a bridge benefit too, which will cover you until you reach 65 and start drawing a regular pension.
AIR-TRAFFIC CONTROLLER – With several years of experience, an air-traffic controller can earn six figures. NAV Canada, the corporation that employs the air-traffic controllers at the country’s civilian airports, says that they also offer a defined benefit pension plan to which employees don’t contribute, so you’ll have more money to put into a retirement savings account.
AIRLINE PILOT – While the median salary for an airline pilot in Canada is $75,635, pilots with more than 20 years of experience can take home around $150,000, according to PayScale. Your pension depends on the airline you work for but with all the travel discounts you and your family enjoy, you’ll have plenty of money left over to save for retirement.
LOCOMOTIVE ENGINEER – According to Glassdoor, the average salary for a locomotive engineer with CNR is $104,125 per year. Then there are benefits like being able to buy shares in the company, getting scholarships for your kids, employee discounts and car and home insurance on top of a good pension plan, so you can save for retirement faster.
ENGINEER – According to Randstad’s engineering salary guide for 2017, engineers with more than four years of experience typically earn six figures. Depending on where you work and your chosen engineering field, you may even earn over $200,000 a year, which means you’ll have plenty to save for retirement. It’s another Canadian job that pays 200K or more per year.
PROFESSIONAL HOCKEY PLAYER – If you’re at the top of your game, you can make good money playing professional hockey: an average of $4 million in the NHL, the Gazette Review says. With the average player retiring in his late 20s, there’s more than enough time to enter a new career and have a great retirement nest egg already built up. With the growth of women’s hockey, there are even more opportunities.
TECH START-UP – Many a multimillionaire has been made through starting a tech company and Forbes says that Canada already has five tech billionaires. If you can join a tech start-up and strike it rich, you’ll soon be able to sit back and enjoy the fruits of your labour. However, you might have to relocate to Vancouver or Toronto, two of the best places for tech start-ups.
BUSINESS CONSULTANT – Glassdoor says that the national average salary for a senior business consultant in Canada is $102,025 but in Toronto the figure is over $108,000. You can quickly build up your nest egg and then, if you don’t want to retire fully, you can always scale down your hours.
INVESTMENT BANKER – According to PayScale, an investment banker in Canada can earn almost $180,000 a year in base salary, bonuses and profit sharing. In addition to making enough money to save, you’ll also know how to invest your money for the best returns.
BUSINESS OWNER – Having your own business initially means long hours and very hard work. Once the business is established, though, you can let others do the work while you watch the profits roll in. Your earnings will depend on the type and size of your business.
FAMILY DOCTOR – A report by the Canadian Institute for Health Information says that in 2015–2016, the average gross payments to family physicians in Canada was $275,000. Of course you’ll first have to pay off your student loans but the money you can make in medicine means you’ll be able to save up fast. If you’re working in the public sector, you’ll also have a generous pension to look forward to.
SURGICAL SPECIALIST – According to the Canadian Institute for Health Information, surgical specialists received on average $461,000 in gross payments in 2015–2016. Of course this isn’t quite what you’ll be taking home but it’s still more than enough for building up a retirement nest egg.
DENTIST – Living in Canada says that a typical salary for a dentist is from $120,000 to $240,000 per year, with the highest salaries in Saskatchewan. If you decide to forego private practice and work in the public sector instead, you’ll also receive a generous pension when you retire, even if you retire early.
FASHION MODEL – While the average annual salary for a fashion model in Canada is a little under $70,000, according to Indeed, the top models can easily earn six figures. Most models retire in their late 20s but with the connections you make, you can branch out into other ventures that will bring in money for your old age.
AUTO SALES EXECUTIVE – Indeed says that the average annual salary for an auto sales executive in Canada is $78,307. With commissions, however, a really good sales executive can make as much as $186,000. If you have a job with one of several auto sales companies that are among the best companies to work for in Canada, you’ll also enjoy great perks and benefits, including a good pension plan.