An employer’s contribution to your retirement savings can add up tremendously, especially over the long term.
It’s likely you were told from your first job to maximize any employer match offered to you — it is essentially free money given as part of your benefits.
Over time, that money compounds along with your own contributions. So as you look to retirement, the number in your retirement savings account would be a lot smaller without that employer contribution.
But you could have been receiving more or less, depending on what industry you work in.
GoBankingRates put together a list of the jobs with the best and worst retirement benefits based on data from the Bureau of Labor Statistics’ 2017 Employer Costs for Employee Compensation report. The list looks at the amount of money per hour an employer will offer as a contribution, either into a pension or a retirement savings account.
Utility workers top the list of jobs with the best retirement benefits, with a whopping $6.52-per-hour employer contribution. They receive 10.4% of their total compensation in the form of retirement benefits. The next best job is an aircraft manufacturer, earning $5.13 per hour in retirement benefits. College and university employees are also up there, earning $3.18 per hour.<
On the other end of the spectrum, accommodation and food-service workers earn a mere $0.18 per hour toward retirement. But administrative and waste-service workers don’t get much more at $0.43 per hour.
And somewhat surprisingly, individuals who work in healthcare also appear low on the list, earning only $1.25 per hour toward their retirement.
So, if you’re looking for a job to boost your retirement savings, consider one of the 10 industries that offer the best retirement benefits. Your retirement savings accounts will thank you.