Retiring before the age of 65 might seem like a pipe dream for the average Canadian worker, but every day, many Canadians with “regular jobs” are able to retire at least a decade early, thanks to a combination of high earnings, diligent saving and investing, and generous pension plans.
With careful planning and saving, anybody can retire early but there’s no doubt that some jobs make early retirement so much easier. The trick is to find a career that either pays very well or has a generous pension plan or both. Here are some Canadian jobs that let you retire early, as long as you spend your earnings wisely while you’re working.
Canadian Jobs That Let You Retire Early 2019
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.
9. 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.
8. 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.
7. 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.
6. 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.
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.
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.
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.
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.
1. The Military
In the Canadian Armed Forces, as the Government of Canada explains, your pension is calculated according to your years of service and is paid to you every month for the rest of your life. It can be up to 70 percent of your salary. The military also offers great benefits like free education, which can help you prepare for a part-time gig post-retirement.