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The differences between retirement plan specialists and senior benefits specialists can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a retirement plan specialist and a senior benefits specialist. Additionally, a retirement plan specialist has an average salary of $60,611, which is higher than the $50,211 average annual salary of a senior benefits specialist.
The top three skills for a retirement plan specialist include life insurance, financial products and FINRA. The most important skills for a senior benefits specialist are customer service, HR, and HRIS.
| Retirement Plan Specialist | Senior Benefits Specialist | |
| Yearly salary | $60,611 | $50,211 |
| Hourly rate | $29.14 | $24.14 |
| Growth rate | 7% | 7% |
| Number of jobs | 9,336 | 34,999 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 76% | Bachelor's Degree, 67% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Retirement plan specialists are experts who plan out their client's financial needs for retirement. The specialist's design and implement savings, benefit, and pension programs for clients. They have to explain the complicated nature of compensation, investment, and retirement packages to employees clearly and concisely. They process retirement plans following company and federal regulations. Also, they often have a background in business or human resources, and they may choose to earn employee benefit certifications that may help with their career advancement.
Typically working in a company's human resources department, a senior benefits specialist manages benefits and compensation programs for the employees. They are mostly in charge of designing and developing plans for retirement, stock ownership, healthcare, and pension. To carry out their duties, they must perform extensive research and analysis, coordinate efforts with staff and other experts, put costs and budgets into consideration, and liaise with external parties such as vendors and plan providers, building positive relationships for a smooth workflow. Moreover, a senior benefits specialist must also assist employees by answering their inquiries and explaining how the benefits programs work.
Retirement plan specialists and senior benefits specialists have different pay scales, as shown below.
| Retirement Plan Specialist | Senior Benefits Specialist | |
| Average salary | $60,611 | $50,211 |
| Salary range | Between $41,000 And $88,000 | Between $34,000 And $72,000 |
| Highest paying City | - | - |
| Highest paying state | - | - |
| Best paying company | - | - |
| Best paying industry | - | - |
There are a few differences between a retirement plan specialist and a senior benefits specialist in terms of educational background:
| Retirement Plan Specialist | Senior Benefits Specialist | |
| Most common degree | Bachelor's Degree, 76% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between retirement plan specialists' and senior benefits specialists' demographics:
| Retirement Plan Specialist | Senior Benefits Specialist | |
| Average age | 45 | 45 |
| Gender ratio | Male, 54.4% Female, 45.6% | Male, 25.4% Female, 74.6% |
| Race ratio | Black or African American, 10.5% Unknown, 3.8% Hispanic or Latino, 15.2% Asian, 7.8% White, 62.2% American Indian and Alaska Native, 0.4% | Black or African American, 10.6% Unknown, 3.6% Hispanic or Latino, 15.6% Asian, 7.3% White, 62.5% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 9% | 9% |