45 Jobs That Can Make You a Millionaire Before Retirement
Becoming a millionaire is a dream harbored by many an American, but it's also one that precious few manage to reach in their lifetime. After all, with all of the various costs that come with living your life and raising a family, having enough income held back to hit that second comma on your net worth is just not a simple feat. You need the sort of job that's going to pay well in excess of what it takes to cover your bills.
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So which jobs can you expect to do that? To answer the question, GOBankingRates used data from the Bureau of Labor Statistics (BLS) to determine the average salaries of many common jobs. Then, it deducted the cost of federal taxes and the average cost of living from that figure to show how much income you would have left over after covering the basics. Using that figure, the study then calculates how long it will take you to save up that $1 million while making an average salary in the profession. It doesn't factor in the cost of your education -- obviously a major expenditure for many of these occupations, based on their requirements -- or how you can grow your savings through investment, but it should still give you a clear sense of how fast someone can stash away money in each job.
45. Personal Services Managers
Annual salary: $123,980
Annual salary after federal taxes: $93,732
Annual income after average expenditures: $31,983
How long it takes to become a millionaire: 31 years, 2 months and 30 days
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44. Political Scientists
Annual salary: $124,100
Annual salary after federal taxes: $93,813
Annual income after average expenditures: $32,064
How long it takes to become a millionaire: 31 years, 2 months and 1 day
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43. Health Specialties Teachers, Postsecondary
Annual salary: $124,890
Annual salary after federal taxes: $94,354
Annual income after average expenditures: $32,605
How long it takes to become a millionaire: 30 years, 7 months and 24 days
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42. Nuclear Engineers
Annual salary: $125,130
Annual salary after federal taxes: $94,518
Annual income after average expenditures: $32,769
How long it takes to become a millionaire: 30 years, 5 months and 29 days
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41. Optometrists
Annual salary: $125,440
Annual salary after federal taxes: $94,730
Annual income after average expenditures: $32,981
How long it takes to become a millionaire: 30 years, 3 months and 18 days
40. Pharmacists
Annual salary: $125,460
Annual salary after federal taxes: $94,743
Annual income after average expenditures: $32,994
How long it takes to become a millionaire: 30 years, 3 months and 14 days
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39. General and Operations Managers
Annual salary: $125,740
Annual salary after federal taxes: $94,935
Annual income after average expenditures: $33,186
How long it takes to become a millionaire: 30 years, 1 month and 9 days
38. Training and Development Managers
Annual salary: $125,920
Annual salary after federal taxes: $95,057
Annual income after average expenditures: $33,308
How long it takes to become a millionaire: 29 years, 11 months and 31 days
37. Computer Hardware Engineers
Annual salary: $126,140
Annual salary after federal taxes: $95,208
Annual income after average expenditures: $33,459
How long it takes to become a millionaire: 29 years, 10 months and 11 days
36. Astronomers
Annual salary: $126,250
Annual salary after federal taxes: $95,283
Annual income after average expenditures: $33,534
How long it takes to become a millionaire: 29 years, 9 months and 18 days
35. Air Traffic Controllers
Annual salary: $127,440
Annual salary after federal taxes: $96,097
Annual income after average expenditures: $34,348
How long it takes to become a millionaire: 29 years, 1 month and 2 days
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34. Computer and Information Research Scientists
Annual salary: $130,890
Annual salary after federal taxes: $98,455
Annual income after average expenditures: $36,706
How long it takes to become a millionaire: 27 years, 2 months and 22 days
33. Judges, Magistrate Judges and Magistrates
Annual salary: $131,850
Annual salary after federal taxes: $99,110
Annual income after average expenditures: $37,361
How long it takes to become a millionaire: 26 years, 8 months and 29 days
32. Purchasing Managers
Annual salary: $132,660
Annual salary after federal taxes: $99,665
Annual income after average expenditures: $37,916
How long it takes to become a millionaire: 26 years, 4 months and 9 days
31. Human Resources Managers
Annual salary: $134,580
Annual salary after federal taxes: $100,977
Annual income after average expenditures: $39,228
How long it takes to become a millionaire: 25 years, 5 months and 21 days
30. Law Teachers, Postsecondary
Annual salary: $134,760
Annual salary after federal taxes: $101,100
Annual income after average expenditures: $39,351
How long it takes to become a millionaire: 25 years, 4 months and 23 days
29. Public Relations and Fundraising Managers
Annual salary: $135,580
Annual salary after federal taxes: $101,660
Annual income after average expenditures: $39,911
How long it takes to become a millionaire: 25 years, 0 months and 13 days
28. Compensation and Benefits Managers
Annual salary: $137,160
Annual salary after federal taxes: $102,740
Annual income after average expenditures: $40,991
How long it takes to become a millionaire: 24 years, 4 months and 17 days
27. Physicists
Annual salary: $137,700
Annual salary after federal taxes: $103,109
Annual income after average expenditures: $41,360
How long it takes to become a millionaire: 24 years, 1 month and 27 days
26. Advertising and Promotions Managers
Annual salary: $147,560
Annual salary after federal taxes: $110,144
Annual income after average expenditures: $48,395
How long it takes to become a millionaire: 20 years, 7 months and 24 days
25. Sales Managers
Annual salary: $147,580
Annual salary after federal taxes: $110,158
Annual income after average expenditures: $48,409
How long it takes to become a millionaire: 20 years, 7 months and 21 days
24. Lawyers
Annual salary: $148,910
Annual salary after federal taxes: $111,150
Annual income after average expenditures: $49,401
How long it takes to become a millionaire: 20 years, 2 months and 23 days
23. Podiatrists
Annual salary: $151,110
Annual salary after federal taxes: $112,790
Annual income after average expenditures: $51,041
How long it takes to become a millionaire: 19 years, 6 months and 30 days
22. Financial Managers
Annual salary: $151,510
Annual salary after federal taxes: $113,089
Annual income after average expenditures: $51,340
How long it takes to become a millionaire: 19 years, 5 months and 18 days
21. Petroleum Engineers
Annual salary: $154,330
Annual salary after federal taxes: $115,191
Annual income after average expenditures: $53,442
How long it takes to become a millionaire: 18 years, 8 months and 11 days
20. Marketing Managers
Annual salary: $154,470
Annual salary after federal taxes: $115,295
Annual income after average expenditures: $53,546
How long it takes to become a millionaire: 18 years, 7 months and 29 days
19. Natural Sciences Managers
Annual salary: $154,930
Annual salary after federal taxes: $115,638
Annual income after average expenditures: $53,889
How long it takes to become a millionaire: 18 years, 6 months and 17 days
18. Architectural and Engineering Managers
Annual salary: $158,100
Annual salary after federal taxes: $118,001
Annual income after average expenditures: $56,252
How long it takes to become a millionaire: 17 years, 9 months and 5 days
17. Computer and Information Systems Managers
Annual salary: $161,730
Annual salary after federal taxes: $120,707
Annual income after average expenditures: $58,958
How long it takes to become a millionaire: 16 years, 11 months and 11 days
16. Dentists, General
Annual salary: $180,830
Annual salary after federal taxes: $134,678
Annual income after average expenditures: $72,929
How long it takes to become a millionaire: 13 years, 8 months and 12 days
15. Pediatricians, General
Annual salary: $184,570
Annual salary after federal taxes: $137,167
Annual income after average expenditures: $75,418
How long it takes to become a millionaire: 13 years, 2 months and 31 days
14. Airline Pilots, Copilots and Flight Engineers
Annual salary: $186,870
Annual salary after federal taxes: $138,698
Annual income after average expenditures: $76,949
How long it takes to become a millionaire: 12 years, 11 months and 25 days
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13. Nurse Anesthetists
Annual salary: $189,190
Annual salary after federal taxes: $140,241
Annual income after average expenditures: $78,492
How long it takes to become a millionaire: 12 years, 8 months and 23 days
12. Dentists, All Other Specialists
Annual salary: $194,930
Annual salary after federal taxes: $144,062
Annual income after average expenditures: $82,313
How long it takes to become a millionaire: 12 years, 1 month and 20 days
11. Chief Executives
Annual salary: $197,840
Annual salary after federal taxes: $145,998
Annual income after average expenditures: $84,249
How long it takes to become a millionaire: 11 years, 10 months and 10 days
10. General Internal Medicine Physicians
Annual salary: $210,960
Annual salary after federal taxes: $154,790
Annual income after average expenditures: $93,041
How long it takes to become a millionaire: 11 years, 8 months and 27 days
9. Family Medicine Physicians
Annual salary: $214,370
Annual salary after federal taxes: $157,078
Annual income after average expenditures: $95,329
How long it takes to become a millionaire: 10 years, 5 months and 24 days
8. Prosthodontists
Annual salary: $214,870
Annual salary after federal taxes: $157,414
Annual income after average expenditures: $95,665
How long it takes to become a millionaire: 10 years, 5 months and 11 days
7. Psychiatrists
Annual salary: $217,100
Annual salary after federal taxes: $158,910
Annual income after average expenditures: $97,161
How long it takes to become a millionaire: 10 years, 3 months and 13 days
6. Physicians, All Other; and Ophthalmologists
Annual salary: $218,850
Annual salary after federal taxes: $160,084
Annual income after average expenditures: $98,335
How long it takes to become a millionaire: 10 years, 1 month and 27 days
5. Oral and Maxillofacial Surgeons
Annual salary: $234,990
Annual salary after federal taxes: $170,523
Annual income after average expenditures: $108,774
How long it takes to become a millionaire: 9 years, 2 months and 8 days
4. Orthodontists
Annual salary: $237,990
Annual salary after federal taxes: $172,446
Annual income after average expenditures: $110,697
How long it takes to become a millionaire: 9 years, 0 months and 9 days
3. Obstetricians and Gynecologists
Annual salary: $239,120
Annual salary after federal taxes: $173,170
Annual income after average expenditures: $111,421
How long it takes to become a millionaire: 8 years, 11 months and 18 days
2. Surgeons, Except Ophthalmologists
Annual salary: $251,650
Annual salary after federal taxes: $181,203
Annual income after average expenditures: $119,454
How long it takes to become a millionaire: 8 years, 4 months and 12 days
1. Anesthesiologists
Annual salary: $271,440
Annual salary after federal taxes: $193,887
Annual income after average expenditures: $132,138
How long it takes to become a millionaire: 7 years, 6 months and 24 days
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Joel Anderson contributed to the reporting for this article.
Methodology: To determine the jobs that can make you a millionaire before 65, GOBankingRates analyzed salary data from the Bureau of Labor Statistics; jobs used in this study have the highest mean pay as of May 2020, according to its Occupational Employment Statistics. The study takes the annual salary of each given job, subtracts federal income taxes (FICA and Medicare taxes included) and the average cost of living in the United States, based on average annual expenditure, sourced from the Bureau of Labor Statistics' midyear Consumer Expenditure Survey (July 2019 - June 2020). The difference left over is then multiplied by 35, 30, and 25 years in order to find out whether that job will get you past the $1 million threshold. *Note: The majority of these jobs require additional schooling and the cost of schooling is not accounted for in the study. The study assumes that the listed salary is the salary you earn every year for the given year period. All income taxes calculated using in-house calculator using 2021 tax brackets as sourced from the Tax Foundation. All data was collected on and up to date as of June 2, 2021.
This article originally appeared on GOBankingRates.com: 45 Jobs That Can Make You a Millionaire Before Retirement