Yahoo Finance 45 Jobs That Can Make You a Millionaire Before Retirement
Many Americans harbor a dream of becoming a millionaire, but precious few manage to reach that goal in their lifetime. After all, the multitude of costs that come with living and raising a family make saving enough income to hit that second comma on your net worth a challenging feat. You need the sort of job that's going to pay well in excess of what it takes to cover your bills.
Related: 22 Side Gigs That Can Make You Richer Than a Full-Time Job
Learn more: 27 Ugly Truths About Retirement
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.
So, who can expect to reach that million-dollar goal the fastest? Here's a look at which jobs will get you there.
45. Law Teachers, Postsecondary
Annual salary: $130,820
Annual salary after federal taxes: $98,688
Annual income after average expenditures: $37,354
How long it takes to earn a million dollars: 26 years 9 months 1 days
Poll: Do You Think You Will Be Able To Retire at Age 65?
44. Health Specialties Teachers, Postsecondary
Annual salary: $133,310
Annual salary after federal taxes: $100,390
Annual income after average expenditures: $39,056
How long it takes to earn a million dollars: 25 years 7 months 1 day
43. Purchasing Managers
Annual salary: $134,590
Annual salary after federal taxes: $101,265
Annual income after average expenditures: $39,931
How long it takes to earn a million dollars: 25 years 0 months 8 days
42. Computer Hardware Engineers
Annual salary: $136,230
Annual salary after federal taxes: $102,385
Annual income after average expenditures: $41,051
How long it takes to earn a million dollars: 24 years 4 months 4 days
41. Human Resources Managers
Annual salary: $136,590
Annual salary after federal taxes: $102,632
Annual income after average expenditures: $41,298
How long it takes to earn a million dollars: 24 years 2 months 12 days
40. Public Relations Managers
Annual salary: $138,000
Annual salary after federal taxes: $103,595
Annual income after average expenditures: $42,261
How long it takes to earn a million dollars: 23 years 7 months 23 days
39. Astronomers
Annual salary: $139,410
Annual salary after federal taxes: $104,559
Annual income after average expenditures: $43,225
How long it takes to earn a million dollars: 23 years 1 month 12 days
38. Compensation and Benefits Managers
Annual salary: $139,470
Annual salary after federal taxes: $104,601
Annual income after average expenditures: $43,267
How long it takes to earn a million dollars: 23 years 1 month 3 days
37. Sales Managers
Annual salary: $142,390
Annual salary after federal taxes: $106,596
Annual income after average expenditures: $45,262
How long it takes to earn a million dollars: 22 years 0 months 28 days
36. Judges, Magistrate Judges, and Magistrates
Annual salary: $142,520
Annual salary after federal taxes: $106,653
Annual income after average expenditures: $45,319
How long it takes to earn a million dollars: 22 years 0 months 18 days
35. Computer and Information Research Scientists
Annual salary: $142,650
Annual salary after federal taxes: $106,773
Annual income after average expenditures: $45,439
How long it takes to earn a million dollars: 21 years 11 months 27 days
34. Advertising and Promotions Managers
Annual salary: $142,860
Annual salary after federal taxes: $106,917
Annual income after average expenditures: $45,583
How long it takes to earn a million dollars: 21 years 11 months 2 days
33. Prosthodontists
Annual salary: $143,730
Annual salary after federal taxes: $107,512
Annual income after average expenditures: $46,178
How long it takes to earn a million dollars: 21 years 7 months 21 days
32. Petroleum Engineers
Annual salary: $145,720
Annual salary after federal taxes: $108,872
Annual income after average expenditures: $47,538
How long it takes to earn a million dollars: 21 years 0 months 7 days
31. Lawyers
Annual salary: $148,030
Annual salary after federal taxes: $110,515
Annual income after average expenditures: $49,181
How long it takes to earn a million dollars: 20 years 3 months 25 days
30. Physicists
Annual salary: $151,580
Annual salary after federal taxes: $113,161
Annual income after average expenditures: $51,827
How long it takes to earn a million dollars: 19 years 3 months 12 days
29. Marketing Managers
Annual salary: $153,440
Annual salary after federal taxes: $114,548
Annual income after average expenditures: $53,214
How long it takes to earn a million dollars: 18 years 9 months 11 days
28. Financial Managers
Annual salary: $153,460
Annual salary after federal taxes: $114,563
Annual income after average expenditures: $53,229
How long it takes to earn a million dollars: 18 years 9 months 9 days
27. Natural Sciences Managers
Annual salary: $156,110
Annual salary after federal taxes: $116,538
Annual income after average expenditures: $55,204
How long it takes to earn a million dollars: 18 years 1 month 5 days
26. Podiatrists
Annual salary: $158,380
Annual salary after federal taxes: $118,230
Annual income after average expenditures: $56,896
How long it takes to earn a million dollars: 17 years 6 months 24 days
25. Architectural and Engineering Managers
Annual salary: $158,970
Annual salary after federal taxes: $118,671
Annual income after average expenditures: $57,337
How long it takes to earn a million dollars: 17 years 5 months 4 days
24. Computer and Information Systems Managers
Annual salary: $162,930
Annual salary after federal taxes: $121,623
Annual income after average expenditures: $60,289
How long it takes to earn a million dollars: 16 years 6 months 28 days
23. Dentists, General
Annual salary: $167,160
Annual salary after federal taxes: $124,776
Annual income after average expenditures: $63,442
How long it takes to earn a million dollars: 15 years 9 months 1 day
22. Dentists, All Other Specialists
Annual salary: $179,400
Annual salary after federal taxes: $133,901
Annual income after average expenditures: $72,567
How long it takes to earn a million dollars: 13 years 9 months 7 days
21. Airline Pilots, Copilots, and Flight Engineers
Annual salary: $198,190
Annual salary after federal taxes: $146,694
Annual income after average expenditures: $85,360
How long it takes to earn a million dollars: 11 years 8 months 15 days
20. Pediatricians, General
Annual salary: $198,420
Annual salary after federal taxes: $146,847
Annual income after average expenditures: $85,513
How long it takes to earn a million dollars: 11 years 8 months 7 days
19. Nurse Anesthetists
Annual salary: $202,470
Annual salary after federal taxes: $149,556
Annual income after average expenditures: $88,222
How long it takes to earn a million dollars: 11 years 3 months 29 days
18. Physicians, All Other
Annual salary: $231,500
Annual salary after federal taxes: $168,957
Annual income after average expenditures: $107,623
How long it takes to earn a million dollars: 9 years 3 months 13 days
17. Family Medicine Physicians
Annual salary: $235,930
Annual salary after federal taxes: $171,797
Annual income after average expenditures: $110,463
How long it takes to earn a million dollars: 9 years 0 months 16 days
16. General Internal Medicine Physicians
Annual salary: $242,190
Annual salary after federal taxes: $175,809
Annual income after average expenditures: $114,475
How long it takes to earn a million dollars: 8 years 8 months 22 days
15. Psychiatrists
Annual salary: $249,760
Annual salary after federal taxes: $180,661
Annual income after average expenditures: $119,327
How long it takes to earn a million dollars: 8 years 4 months 15 days
14. Physicians, Pathologists
Annual salary: $267,180
Annual salary after federal taxes: $191,827
Annual income after average expenditures: $130,493
How long it takes to earn a million dollars: 7 years 7 months 28 days
13. Orthodontists
Annual salary: $267,280
Annual salary after federal taxes: $191,891
Annual income after average expenditures: $130,557
How long it takes to earn a million dollars: 7 years 7 months 26 days
12. Neurologists
Annual salary: $267,660
Annual salary after federal taxes: $192,135
Annual income after average expenditures: $130,801
How long it takes to earn a million dollars: 7 years 7 months 21 days
11. Ophthalmologists, Except Pediatric
Annual salary: $270,090
Annual salary after federal taxes: $193,693
Annual income after average expenditures: $132,359
How long it takes to earn a million dollars: 7 years 6 months 19 days
10. Pediatric Surgeons
Annual salary: $290,310
Annual salary after federal taxes: $206,654
Annual income after average expenditures: $145,320
How long it takes to earn a million dollars: 6 years 10 months 15 days
9. Obstetricians and Gynecologists
Annual salary: $296,210
Annual salary after federal taxes: $210,436
Annual income after average expenditures: $149,102
How long it takes to earn a million dollars: 6 years 8 months 12 days
8. Surgeons, All Other
Annual salary: $297,800
Annual salary after federal taxes: $211,455
Annual income after average expenditures: $150,121
How long it takes to earn a million dollars: 6 years 7 months 27 days
7. Radiologists
Annual salary: $301,720
Annual salary after federal taxes: $213,968
Annual income after average expenditures: $152,634
How long it takes to earn a million dollars: 6 years 6 months 18 days
6. Dermatologists
Annual salary: $302,740
Annual salary after federal taxes: $214,621
Annual income after average expenditures: $153,287
How long it takes to earn a million dollars: 6 years 6 months 8 days
5. Orthopedic Surgeons, Except Pediatric
Annual salary: $306,220
Annual salary after federal taxes: $216,852
Annual income after average expenditures: $155,518
How long it takes to earn a million dollars: 6 years 5 months 3 days
4. Emergency Medicine Physicians
Annual salary: $310,640
Annual salary after federal taxes: $219,685
Annual income after average expenditures: $158,351
How long it takes to earn a million dollars: 6 years 3 months 23 days
3. Oral and Maxillofacial Surgeons
Annual salary: $311,460
Annual salary after federal taxes: $220,211
Annual income after average expenditures: $158,877
How long it takes to earn a million dollars: 6 years 3 months 15 days
2. Anesthesiologists
Annual salary: $331,190
Annual salary after federal taxes: $232,858
Annual income after average expenditures: $171,524
How long it takes to earn a million dollars: 5 years 9 months 27 days
1. Cardiologists
Annual salary: $353,970
Annual salary after federal taxes: $247,460
Annual income after average expenditures: $186,126
How long it takes to earn a million dollars: 5 years 4 months 14 days
Jordan Rosenfeld and 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 2021, 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' 2020 Consumer Expenditure Survey; 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 2022 tax brackets as sourced from the Tax Foundation. All data was collected on and up to date as of June 10, 2022.
This article originally appeared on GOBankingRates.com: 45 Jobs That Can Make You a Millionaire Before Retirement
