Our perception and enjoyment of life entirely hinges on the understanding, and acceptance, of our own mortality. Life is complicated but it helps to look at it from a basic viewpoint. There is only so much in life that you can control. About 10% of life is dealing with situations that are within and out of your control. The other 90% is how you choose to react to such situations.
Consider retirement. Most people don’t consider the significance of retirement until they are older. And, when it is too late to do much of anything about it. Most people will change jobs about eleven times throughout a working lifetime. There is nothing wrong with wanting to be paid as much as possible. However, too many people think about a salary figure and not about the retirement benefits that come with it.
Depending on an employer, a good amount of salary can be deducted to add to a retirement benefit plan. Additionally, some employers then willingly contribute a percentage of salary to that plan. The average standard of living costs for a retiree is about $40,000-a-year. That is, an average retiree needs at least $40,000 to pay their rent, mortgage, and bills for a year.
Yet, 12% of Americans have less than $120,000 saved for their retirement needs. If you are changing jobs, you don’t have to make six-figures to attain a good retirement plan.
Aircraft Manufacturing Employee
With the financial ups and downs plaguing the airline industry, it might be an interesting or worrying if you are an investor or owner. It might just be tedious, boring, or monotonous to be an employee in an aircraft manufacturing plant. The average salary is about $54.500. However, almost 20% of that salary is the equivalent of an annual retirement benefit payout.
Employers generally contribute about 7.3% per every hour of work. This contribution is two and a half time over the nationwide average for retirement benefit compensation.
Construction Worker
The average annual salary of a construction worker is about $63,000. It can be an arduous, dangerous job that demands intense concentration and hard work every day. Most construction employers contribute about 7.2% per hour of work. The average annual retirement benefit is about $5,500.
Transportation and Warehousing Employees
Many industries in the federal and private sectors utilize workers for various transportation and warehousing needs. From public transportation to private ferrying. Or, cargo shipping and warehousing. These jobs are always in demand but the starting pay is average. The starting annual salary for most transportation and warehousing employees is about $46,000.
This pay rate is rather low, though relatively higher than the minimum wage standard. Still, employers contribute about 6.6% per working hour. The annual retirement benefit is about $5,500.
Elementary School Employees
Elementary school employees in the private sector don’t need to work in a local or state sponsored setting to receive an appreciable retirement package. Private sector elementary school employees actually earn a bit more than their counterparts in the local and state systems. Most private sector elementary school employees make at least $69,600 annually.
Employers contribute about 11.6% per work hour. The typical annual retirement package for elementary school employees is about $12,000. The retirement benefits for nongovernmental elementary school employees is only a little less relative to their local and state employed counterparts
Ask About a Retirement Plan
Everyone is chasing a dollar in this economy. However, you don’t want to be desperately chasing a dollar as a retiree decades from now. If you’re changing jobs, be as inquisitive about potential retirement plans as you would be about the salary.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.