45 Jobs That Can Make You a Millionaire Before Retirement
Choosing one of these careers might help you retire rich.
1. Anesthesiologists
- Annual salary:Â $261,730
- Annual salary after federal taxes:Â $187,337
- Annual income after average expenditures:Â $124,899
How long it takes to become a millionaire:Â 7 years, 11 months and 31 days
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Methodology:Â 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 2019, 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 2018 – June 2019); 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 2020 tax brackets as sourced from the Tax Foundation. All data was collected on and up to date as of June 26, 2020.
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