Industries With the Best Retirement Benefits | Retirement

[ad_1]

Retirement planning is certainly made easier by support from an employer, whether in the form of a 401(k) match, pension, 403(b) or other benefits.

Some jobs are better than others when it comes to supporting employees’ retirement savings, however, and it can vary significantly based on whether you work in the public or private sector as well as by industry.

According to Andrew Lokenauth, author of “Fluent in Finance,” industries like education, health care, finance and utilities offer strong retirement benefits for a few reasons, including because they have reduced turnover, attract top talent and they are large, stable industries that can fund generous benefits.

In general, prospective job seekers should look for companies that offer generous contributions to a retirement program, no matter what form that program takes. Those additional retirement savings can make a big difference in how much you have to spend in your golden years.

We’ve data from the U.S. Bureau of Labor Statistics on employer costs for employee compensation so private industry workers can identify the industry groups with the most employer support for retirement and savings.

1. Utilities 

Utilities is by far the winner when it comes to employer contributions, with an average of $7.54 per hour worked, according to the BLS. That equates to about 9.9% of the employee’s hourly wage, several percentage points higher than other industries on this list.

2. Manufacturing

Manufacturing is a diverse industry, encompassing jobs from sales and office jobs to production. Aircraft manufacturing, in particular, boasts well-funded retirement perks, averaging $5.64 per hour worked in employer contributions.

Other jobs in the industry with well-stocked benefits include management, professional and related occupations at $3.55 per hour worked.

3. Financial Activities

Financial activities, which consists of finance, insurance, real estate, and rental and leasing occupations, is another great industry for retirement perks. Management, professional and related occupations see the most employer-funded retirement contributions, at an average of $3.35 per hour worked.

4. Information Industry

Information is another wide-reaching industry, encompassing telecommunications, publishing, data processing and more. But as a whole, BLS data shows retirement benefits are favorable, with an average of $3.41 per hour worked contributed to employee retirement and savings benefits.

5. Natural Resources, Construction and Maintenance Occupations

In natural resources, construction and maintenance occupations, employers contribute an average of $2.73 per hour worked to employee retirement plans, making the industry another great choice for job seekers looking for valuable retirement benefits.

6. Educational Services

Educational services is an industry that includes all stages of education, from elementary and secondary schools to trade schools or universities. Retirement perks vary both by education level and role performed, with sales and office occupations offering less retirement benefits on average than management, business and financial occupations.

Still, the industry on average offers a high level of employer-funded retirement savings, at about $2.49 per hour worked. Junior colleges, colleges and universities offer the highest contributions among the education services group, at $3.92 per hour worked on average.

7. Hospitals

The hospitals industry, which includes registered nurses, service occupations and management, among other roles, is also a good place to work if you’re seeking healthy retirement savings from your employer. Registered nurse occupations, in particular, get an average of $3.29 per hour worked toward retirement savings from their employer, while the overall industry average is $2.66.

8. Professional and Business Services

As a whole, professional and business services – which encompasses professional and scientific services, management of companies and more – is not the best for retirement perks, according to BLS data. However, there are a few standout roles in the industry that warrant its inclusion on this list, particularly management, business and financial occupations within the industry.

If you work in one of these roles, you could get an average of $2.90 per hour worked in employer contributions to retirement savings.

[ad_2]

Source link

Leave a Comment