Advice - Offered 2 EE Internships

[rstofer]

As suggested above, financing his retirement is not something to worry about for the first gig.

The only real reason pensions came up is because the OP was trying to choose between a public sector and a private sector option. As I and others have noted, spending more than a year or two in the public sector starts to lock you in to it. So, your first gig can quickly become a pattern set for life. Therefore pensions and other benefits (or lack thereof) which are peculiar to the public sector have to weigh in to the OP's decision making, to some extent.

I spent my life in the private sector, my wife in the public sector.  Her retirement amount is much higher than mine.

There is risk in the private sector, companies come and companies go, some stay longer than others.  Public service pensions are being revised here in the US because they are unsustainable but it really amounts to the employees having to contribute 8% to the fund.  Previously, all contributions were made by the employing agency.

“Compound interest is the 8th wonder of the world.  He who understands it, earns it; he who doesn’t, pays it.”
-Albert Einstein

https://www.intentionaladvice.com/2018/11/08/einsteins-theory-of-compound-interest/

[Pitrsek]

Design/R&D is great place to start at a company. If you discover that it is not your cup of tea, It's much easier to go other directions from Design department(FAE, technical sales, production, project management), than the other way around. Be prepared that you might need to see few different jobs/companies to discover what suits you. One observation in regards with a regular job(not 3 month internship) - If the place drives you nuts, or feels bad, or in general/on whole does not suit you in first few weeks, leave. That's what is the probation period for, to see if works out for you or not. The place won't change. Don't waste your time and energy, there is limited supply.

Did you interviewed(again, the job interview goes both ways) both potential bosses? Which one was better?
What are you passionate about? What is your dream job? Which of the two offers brings you closer to it? What are the other options that you are not thinking about?BTW other companies might be willing to pay for your masters degree as well, once they know you.

Although the pension is far away for you, own living and family might be a bit closer. Check what are the subsidies and benefits for young people, or construction savings and some similar stuff. Sooner you start, better off you are. Every $ counts. Spend few nights reading about it, your future you will be grateful.

Job security is you, not the job. 2 years in a high tech and fast paced company might do for your career much more than 5 years in another place. 
If you are great at what you, you will be fine .

[ebastler]

I spent my life in the private sector, my wife in the public sector.  Her retirement amount is much higher than mine.

"Past performance is no guarantee of future results."   

[tggzzz]

Job security is you, not the job. 2 years in a high tech and fast paced company might do for your career much more than 5 years in another place. 

One approach to job security is to make yourself irreplaceable at your current job (until technology or business climate changes).

Another is to make yourself useful at any company (and move as the landscape changes under you).

Think of it as the difference between static stability and dynamic stability.

[tggzzz]

I spent my life in the private sector, my wife in the public sector.  Her retirement amount is much higher than mine.
interest

That's an important reason why public sector jobs are being outsourced to the private sector in the UK.

Relying on jam tomorrow is fine, iff the jam is guaranteed.

[coppice]

One approach to job security is to make yourself irreplaceable at your current job (until technology or business climate changes).

I've found it very common that people who thought they were secure because they were irreplaceable turned out to be right about being irreplaceable, but wrong about this making their job security. If more than a couple of people in an organisation think this way it tends to seed its own downfall.

[Mr. Scram]

Lesson one would be that everyone is replaceable. Even when key figures topple over unexpectedly they tend to be replaced remarkably easily. Be valuable as you won't be irreplaceable.