Why Choose A Job With Good Benefits
It’s important to consider the benefits that a job offers when applying and before accepting offers because having good benefits can save you money in the future and ensure that you remain supported.
For example, an organization that offers good health insurance coverage might be more attractive to an employee than a company that provides less or no coverage, as you’re responsible for paying for your own health care without it.
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Financial Services Sales Occupations
- Average percentage of people who believe they will keep working past 65: 64.3%
- Annual average wage: $97,440
- Estimated 401 savings: $612,054
Those who work in financial services sales make an average salary thats just below six figures. The high salary that comes along with this occupation makes it easier to build up a healthy nest egg in a 401 account.
Simplified Employee Pension Ira
The is a version of a traditional IRA that offers similar tax benefits, plus much higher contribution limits. Its just as easy to set up as a standard IRA for self-employed people, and offers a similar level of flexibility.
- In 2022, self-employed individuals may contribute up to 25% of their adjusted net earnings, minus one half of the Social Security and Medicare taxes they pay and the plan contributions you make for yourself, up to a maximum of $61,000.
- Pros: SEP IRAs are easy to open and simple to maintainmany of the best IRA providers also offer this type of plan, with great investment options. SEP contributions are tax deductible up to the maximum allowed per year, and can be applied to the prior years taxable income, up to the due date and including extensions for the prior years tax return. SEP IRAs are also non-exclusive with other IRA accounts, meaning you can still contribute to other IRAs up to the maximum contribution limits.
- Cons: Because SEP IRA contribution limits depend on your annual income, the amount you can save for retirement each year could vary. As with other IRA options, individuals cannot remove money from SEP IRAs prior to 59 ½ without incurring a 10% penalty, with a few exceptions.
What To Do With A Lump Sum Pension Payment
If you do take the lump sum, consider transferring the money directly from your pension into a rollover Individual Retirement Account to keep it from being taxed. If your company writes you a check, you have 60 days to move the money into a tax-favored account before the money is taxed.
Unless you really need the funds, its best to avoid spending the lump sum before retirement. Not only are you missing out on long-term investment growth, but you will also have to pay taxes on the cash plus a 10% early withdrawal penalty. If you have significant assets in your plan, you could face a high tax bill.
Within a rollover IRA, the funds can be invested in any way you choose. You could even purchase an annuity within the IRA to capture some of that guaranteed income on your own.
Some retirement plan administrators, including Vanguard and Fidelity Investments, offer advice and online tools to help employees decide between an annuity and a lump sum. Its worth playing around with a few of them before making a decision. You can also contact plan administrators for advice based on your specific circumstances and goals.
The information contained in this article is not legal advice and is not a substitute for such advice. State and federal laws change frequently, and the information in this article may not reflect your own states laws or the most recent changes to the law.
Service Occupations State And Local Government
It can be easy to overlook a career in service occupations for state and local governments, particularly if youre looking to earn a high annual salary. However, if you dont factor in your potential retirement benefits, youre not seeing the entire picture. Employers in this field kick in the fourth-highest percent of total compensation for retirement benefits of any job, meaning the real payoff of this job kicks in after retirement.
An example of a job in this category is a recreation worker.
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Option : Transfer The Money From Your Old 401 Plan Into Your New Employers Plan
Moving your old 401 into your new employers qualified retirement plan is also an option when you change jobs. The new plan may have lower fees or investment options that better support your financial goals. Rolling over your old 401 into your new companys plan can also make it easier to track your retirement savings, since youll have everything in one place. Its worthwhile to talk with an Ameriprise advisor who will compare the investments and features of both plans.
Some things to think about if youre considering rolling over a 401 into a new employers plan:
**the Jobs On This Post Are Now Expired But You Can Search Flexjobs Newest Flexible Job Listings Here**
You have a wealth of knowledge in your field and years of experience. Share that information to benefit others by becoming a consultant. These positions allow you to work a flexible schedule while you earn more for retirement.
1. Implementation Consultant
Provide modeling and the development of consulting sessions for school administrators and teachers. Communicate with implementation coordinators and maintain service records. A Masters degree and 3 years experience needed. This is a per diem job with travel.
2. Onsite IT Consultant
Onsite IT Consultant needed with one year related experience and stellar communication skills for a part-time opportunity. Travel will be required. Compensation is $30 an hour. The primary function of this role is to troubleshoot networking issues.
Have a cheerful disposition and like interacting with others? Working a side telecommuting position in customer service allows you to save more to retire early. Here are some great opportunities:
3. Customer Service
Seeking a customer service representative for a remote opportunity. The right candidate will provide excellent customer service to assist customers with questions and concerns. Must be willing to learn and possess a positive attitude.
4. Work-at-Home Agent
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Create A More Secure Financial Future For Everyone
Were taking on one of the biggest unsolved problems in America: saving for retirement.
Previously, only large companies offered employee retirement benefits. This left millions of hard-working Americans employed by smaller businesses without an easy way to save for their retirement.
Human Interest is making a more equitable financial future for generations to come by helping small and medium-sized businesses offer affordable, accessible 401 plans to their employees.
Elementary And Secondary School State And Local Government
State and local government jobs have a reputation for being low-paying but with long-lasting benefits. Elementary and secondary school workers hired by state and local governments are no exception. The employer contribution for retirement benefits per hour is more than three times the national average, at more than 12% of total compensation. The resulting annual retirement benefits are some of the highest in the nation.
Education And Health Services
Education and health services is a sector of the service-providing industry. This category includes child care workers and others who work in healthcare, education services and social assistance jobs. Most employees in this industry work for private businesses, but may also work for the local, state or federal government.
Best Jobs With Pension: Jobs For Retirement Benefits
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There are lots of jobs with good pension plans you can opt for because as an entrepreneur or employee in industry, firm, or company you ought to plan ahead of time for your retirement age.
And during your retirement age, thats when a good pension plan will be necessarily required. So, it is advised that you look for jobs with befitting pension plans that will be able to help you during your retirement.
Here in this article, we will be discussing some of the best jobs you can do that have good pension plans, the reasons why you need a good pension plan as well as the benefits and effects that may come with it.
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Transportation And Warehouse Workers
Employer contribution per hour: $2.65
These employees provide transportation of goods and cargo, storage and warehousing for goods, and support for scenic and sightseeing transportation. Forty-two percent of companies offer a defined contribution retirement plan, and just over half 51 percent provide healthcare benefits. On average, the employer contribution to retirement plans makes up 6.6 percent of the employees total compensation.
It Provides Protection Against Inflation
Another huge benefit to enjoy from having a pension plan is protection from the economic crisis and unnecessary economic inflation in the cost of commodities.
Pension plans dont eradicate poverty but it is capable of protecting employees and workers from getting poor since it is a long-term investment.
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Office And Administrative Support Workers
Employer contribution per hour: $0.87
These are the workers who support the day-to-day operations of the organizations in which they work. The type of retirement plan they are offered depends on the industry in which they work, but the average worker can expect that the employer contribution to their retirement plan will be 3.3 percent of their compensation.
Keep Tabs On The Old 401
If you decide to leave an account with a former employer, keep up with both the account and the company. People change jobs a lot more than they used to, says Peggy Cabaniss, retired co-founder of HC Financial Advisors in Lafayette, California. So its easy to have this string of accounts out there in never-never land.
Cabaniss recalls one client who left an account behind after a job change. Fifteen years later, the company had gone bankrupt. While the account was protected and the money still intact, getting the required company officials and fund custodians to sign off on moving it was a protracted paperwork nightmare, she says.
When people leave this stuff behind, the biggest problem is that its not consolidated or watched, says Cabaniss.
If you do leave an account with a former employer, keep reading your statements, keep up with the paperwork related to your account, keep an eye on the companys performance and be sure to keep your address current with the 401 plan sponsor.
Keeping on top of how the plan is performing is very important as you may later decide to do something different with your hard-earned money.
Government Jobs For Retirees
Government jobs can be great jobs for retirees because they come with many benefits. Some positions have health and dental coverage for working a minimum of 10 hours a week. This coverage can make a lot of difference to live a stressfree life in retirement.
And its easier to get a job as a retiree or senior at the government compared to the corporate world due to special hiring programs. And you can get free training on the job. So in many cases, government jobs are the best jobs for retirees. And here are a couple of government jobs you can check out:
Work On A Cruise Ship
Travel the world and earn money at the same time. From spending your summers in Alaska to winters in the Caribean or other places overseas. That is working on a cruise ship. But it isnt all one big vacation. Keep in mind that working on a cruise ship means working hard and long hours. It usually is working six days per week, and you dont get to explore the destination every time the ship harbors.
And it depends on the job which hours of the day youll be working. As someone in entertainment, you probably will be working in the evening hours. And guest service jobs can be both mornings as in the evenings.
A cruise ship is a small town on the water so there all sorts of different jobs from medical, entertainment, customer service to cleaning positions. You can work in childcare, spa, fitness, food & beverage, retail, casino, housekeeping, photography, etc. You get a salary plus free accommodation and free meals so that you wont be spending a lot. But you need to share a room with strangers in the lowest decks of the ship. It can be busy and chaotic to be a crew member on a cruise ship.
If this all sounds fun to you than a cruise ship job can be a great retirement job for you. You can travel the world and make new friends with people from different countries around the world.
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State And Local Government
With a high percentage of 86%, most state and local government employees are covered with a traditional pension plan. Its said that the government still holds the highest rank among industries and organizations that have the most number of people with defined benefit pensions. Although some sectors have shifted to using defined contribution plans, defined benefits are still accessible even to those who recently joined their department. Also, most union members are more likely to have a pension plan than those who dont participate in the union. However, for part-time workers, pension plans are usually not offered.
Substitute Teacher Or Supply Teacher
If you are a retired teacher, one of the easiest and best jobs in retirement is to return to the classroom as a substitute teacher. You can sign on with an agency or make a private relationship with schools you have worked at previously.
Working as a substitute teacher is extremely flexible and you can enjoy teaching without the burden of lesson preparation, planning or assessment. You will normally be required to deliver pre-planned lessons and to undertake light marking.
Average income: $17 per hour.
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Find Out When You Can Collect Your State Pension
The state retirement age is increasing. As of 2021, the State Pension age for both men and women is 66, rising to 67 by 2028, and 68 after that. The age that youll be able to collect your State Pension will depend on when you were born.
Find out how much State Pension youll get on the GOV.UK website
Sample Early Retirement Package #2 Low Pension
- Severance: 1 week of pay for each year of tenure
- Pension: Age credit to qualify for the pension receive half benefits until you qualify for Social Security
- Health insurance coverage: Continued employer-subsidized health care access
- Outplacement services: Not included
In sample package #2, you do receive the severance pay and also the health care coverage.
The major concern here is the pension plan. Youll qualify early, but only receive half benefits. Plus, youll stop receiving the pension payments once you qualify for Social Security.
This plan is more of a bridge until you receive your federal benefits. You wont be receiving a lot of long-term financial support from this package.
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Work At A National Park In Retirement
Working at a national park has been a dream of mine. Maybe its yours, too? Ive profiled RVers who tour the nation, sometimes stopping at national parks or other locales for service work work.
Remember, these side hustles, at national parks, summer camps, ski resorts and guest lodges, are mostly seasonal, and a good resource is Cool Works. It lists postings from employers in gorgeous locales around the U.S. Youre not going to become a forest ranger, but will more likely see job listings for reservation clerks, gift shop employees, and cooks, as well as land and water shuttle drivers. Most of these employers would like you for the full season, but the shoulder season, when students have to return to college, almost always has openings. Pay hovers around minimum wage, though that could be higher in 2021 with so many job openings. Some even offer lodging in dorms or homes, or if youre that RVer, you may get a free hookup.
Now this is a cool side hustle.
Embrace These Three Strategies To Keep Up With Your Retirement Plans
- Start saving today.
Youll need fewer savings each month thanks to the power of compound interest to reach your goals when you start early. At 23, you would need to save $420 a month toward becoming a millionaire by age 67 if you start now. This is based on a 6% average return on investment. On the other hand, if you start at 35, you would have to set aside $900 a month to achieve the same objective.
You can start quickly by contributing to your companys 401 plan and take advantage of any company match offered. If you dont have a company 401k or you are self-employed, you should consider the IRA as an option.
- Automate and increase contributions.
Saving for retirement can be automated, so when you have some money taken out, all you have to do is live without that money. If you set it upright, the money you set aside wont even reach your eyes, so youll never see it, and it goes straight for your retirement funds. Its ideal for you to start with only 1% of your pretax income, do it slowly, and work your way up to saving the 10% recommended by experts.
Once youve set up automatic transfers, check whether youll be able also to set up automatic increases so you can decide how often and by how much you want to increase your contributions. If you know how much youre going to save in advance, youll see if youre on track or not.
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