Lets look at how earning a yearly salary of $60,000 works out for different family sizes. Making that kind of salary will make it nearly impossible for you to survive in the states most expensive cities. . A $60,000 annual pay works out to about $30 per hour, which is four times the federal minimum wage of $7.25 per hour. Your state income tax varies from 2.9% to 13.3%. This will ensure all of your bills are paid and still leave room for a bit of discretionary income. Utilities are more than reasonable. Is $60,000 a good salary in California? Those who earn less than the living wage need to: If possible, change jobs to become a higher earner. I think youll be shocked at what a $60,000 salary would get you. ($60,000 - $13,000) / 52 = $903.84. Where will the other 90% come from? When youre growing up, $60k a year can seem like a ton of money. In India this money will stretch far. When you get paid twice a month, youll see that you could get an average paycheck of anywhere between $1,958 - $2,125. $60,000 a year breaks down to $28.84 per hour. For example, if you live in a high-cost city like New York or San Francisco, you may need more than $60,000 to cover your expenses. However, there are plenty of towns in Canada where youll thrive as a single and be fine with a family. It can reduce the cost of real estate, property taxes, cost of living, and state income taxes. As mentioned, there are many things to consider when you want to know whether or not your $60,000 salary is good. Other than that though, $60,000 per year is a good salary in the U.S. No votes so far! If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. Many location independent workers are realizing that their remote salary can buy them a shockingly extravagant lifestyle in other countries. By signing up, I agree to receive your legendary travel emails. Over half a decade has passed since he left his career to travel the world as a digital nomad, and hes never looked back. If youre a nomad or have a family and you want to go somewhere cheap, India might be the perfect spot for you. If you live in a low cost of living area or you are single your salary will stretch further. Assuming you dont have any debt, you would have $24,992 leftover for savings and other living expenses such as: It is important to remember that this is only an estimate and your actual expenses may vary. That puts . The minimum wage in California is $14-15 an hour, which is roughly $30k a year. And theyre a follows: States such as Washington DC and Los Angeles have some of the most beautiful cities in America. As long as you keep expenses low, you should be able to live comfortably on this salary. The median annual income in the US is $41,000. Lets crunch the numbers to see what type of lifestyle a $60,000 salary buys you around the world. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. For example, If you like to eat out and party regularly, as opposed to clipping coupons and making food at home, youll likely need more money coming in. Earning $78,700 places you in the22% tax bracket. If you are 30 years into your career, or just starting the answer is different. After taxes, $78,700 turns into $61,386 and lands you in the middle class. If you want to be close to friends and family, then that helps you narrow down your list of where you want to live. Of course, this also depends on your location, age, etc., but as a single person, you should be able to live comfortably in most places. Overall, a $60,000 salary is perfectly healthy for your average individual American. A family would bring home $4,400 per month after taxes. So if youre currently making $60,000 a year, its easy to wonder whether the amount is sufficient. Your dollars will stretch much further if you avoid most coastal areas of the United States and larger metropolitan areas, otherwise known as high cost of living areas. Once you know how much you spend each month, you can create a budget that allocates your spending in a way that allows you to save money. Or maybe someone in the family has special diet needs. The reason I bring this up is that there is no such thing as perfection. This would mean that a family making $60,000 a year could afford a mortgage of $1800 a month. Typical Annual Salary; Management $105,083 . Depending on your unique circumstances, you could have a good amount of money to invest each month. Well, that depends. The median annual expenses for a family of four is $90,100. Is 60,000 dollars a good salary outside of the US? If you are on your own and live alone, then $60,000 annually can be a good salary to support yourself. I would recommend saving what you think is comfortable right now. While you can get by as a single person on a $22,000 annual salary in Kentucky or Arkansas, you'll need at least $30,000 in Hawaii or Maryland. Thats a fair amount of money. According to data from the US Census Bureau, the median personal income for individuals in the United States was approximately $35,900 . Again, the answer to this question really depends on your personal circumstances. These may include: Other factors include your lifestyle, the number of people who look up to you, and the amount of expenses you have to cover every month. Chances are youll also be renting a private bedroom inside someone elses place. The only time you should be concerned about a $60,000 salary is if you have children, and/or live in one of the most expensive locations in the U.S. Instead of breaking down all the numbers for you, Ill leave you with this video. Lets look at how much youll bring home if you make $60,000 a year. In his professional career hes written over 100 research papers, articles and blog posts. Now, if you are raising a family that might make things more difficult. Of course, you can live anywhere on any salary, but some places are more expensive than others. The answer is yes, you can save money if you make $60,000 a year. Just remember to pick good roommates if you can. Which is $18,260 less per year than the average salary in the US. There are over 15.5 million digital nomads from the U.S. more than triple the amount from a few years ago. New York and Hawaiis tax burdens are double that of Wyomings, at rates of 12.79% and 12.19%. Just in case you are worried about what your budget would look like, I figured I could give you a good example. Be the first to rate this post. Is $60,000 a good salary? In other words, $60,000 is the amount of money your employer pays you per year before tax deductions. However, if you live in affordable states such as Michigan, where the average annual rent for a 2-bedrooom house is $9,000, you can live comfortably on a 60K salary and even save some money for future personal project. That depends on how frequently you get paid, and how much taxes you are liable for. It all depends on your lifestyle. In general, you can live comfortably on this salary, but you may have to be careful with your spending. A good salary in the US to break even on average expenses is $78,700 per year. However, in places such as such as Los Angeles or New York City, no matter how responsible you are with your money, you may struggle live comfortably on a $60K salary. As a student, you may not have a lot of experience in the workforce. . After taxes, making $60,000 a year leaves a family of 3 with $52,800. There are many jobs that pay $60,000 a year. The best stay at home jobs generally have a few common features. There are small towns where itd work out, but if you want to live in any major city, youre going to need more money. To decide on whether $60,000 a year is enough for your particular lifestyle, it is essential that you calculate your monthly expenses and see how much is left over. You also may need a car with AWD and switch from winter to summer tires every year. Your cost of living varies depending on whether youre single or a family of 3. Note that the average household income in America is $70,784. With that said, everyone will have a different idea of what makes a comfortable life An example of data being processed may be a unique identifier stored in a cookie. With a 22% income tax bracket, this income will cover the average expenses of $78,000. To be clear, several factors determine whether $60,000 can be enough for you to live on. In some cities, the cost of living is outrageous. Are they hard at work, or are they stuffed under the mattress with your box full of keepsakes and bets with your wife? You will be amazed at how many options are out there to invest in. Instead of working a minimum wage job, youre better picking up one of these online gigs to earn $2,000 a month (or more). Follow these rules and you will do just fine. Therefore, you can never have enoughjust look at Elon Musk and Jeff Bezos, who still work to grow their wealth. Depending on the job you take, $60,000 might be an excellent entry salary. This website is for informational purposes only. 60,000 dollars yearly is considered a good salary in the United States, but whether it's enough for you depends on your individual circumstances. Sign up to make sure you get your free consultation. If you ask for anyones opinion, theyll make it abundantly clear that you can do really well with a salary of $60K a year if you live in inexpensive states such as Alabama, Georgia, and Kansas. The tool provides information for individuals, and households with one or two working adults and . The aim of this $60,000.00 salary example is to provide you detailed information on how income tax is calculated for Federal Tax and State Tax. Many people consider $70,000 to be at the high-end of the salary range in America today. It will surprise you! "Is $60,000 a Good Salary?" To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Average Salary for Ages 35-44. Lets look at the different taxes and how much youll bring home when you make $60,000 a year. Another factor that determines whether 60K is a good salary is the number of people in your household. Choosing the right job opportunity for you will depend on your skills and past experience. In the United States, the average annual personal salary is $63,214, meaning that a $60,000 salary is perfectly normal and healthy. The above rent prices are for Jackson, Mississippi, but the cost of living varies widely throughout the state. If you make $60,000 a year, you bring home $44,000 a year after taxes and other deductions. Can You Make Good Money Fast As A Groceries Delivery Driver? But if you live in San Francisco and have a spouse and a couple of kids, youre going to struggle. These different tax rates determine the amount of money youll bring home. In this case, we are working with $1,400. The lifestyle you can afford with a 60k salary depends on where you live. Unfortunately either of these factors will raise your cost of living rather significantly. Yes, $60,000 a year is good for a single person. The median household income in the US in 2018 was $63,179. In fact, many lower earners dream to make such an amount. A six figure salary, meaning one between $100,000 and $999,999, is a benchmark for many people who want to meet financial goals. A salary of $60,000 a year, means that your net monthly income is approximately $4,250. In New York, $60,000 a year is $42,540 for a married couple after taxes. You want to invest into your future. If youre making $60,000 per year, the good news is youd rank far above many people. The minimum wage is only $7.25 an hour in Mississippi, which is less than half of California. The average living wage is 245% of the minimum wage in America. As a general rule, earnings tend to rise in your 20s and 30s as you start to climb up the ladder. Now that we have looked at how much $60,000 is an hour, how much you get after taxes, and what jobs pay this salary, it is time to answer the question: is $60,000 a good salary? We will also look at different jobs that pay 60000 a year and how that income can change depending on your location, lifestyle, and expenses. In this article, we will take a look at if a salary of $44,000 good for a single person and which factors play into this. The current hourly rage in the U.S. is $7.25, so someone getting $30 an hour, without working an overtime, makes more money than most Americans do. You wont be able to eat out, and youll more than likely have to get rid of your vehicle and opt for the bus. If you make $60,000 a year living in the region of California, USA, you will be taxed $13,653. Is $60,000 a good salary in todays day and age? It depends on the current cost of living, your demography, your lifestyle, and the number of people in your household. If you want to live in the suburbs of Memphis, you may have to pinch some pennies. In other words, $60,000 divided by 2,080 hours. Whether a 60K a year salary is middle class depends on a number of factors. You are earning 12% more than the average annual salary. His advice has been featured in Forbes, USA Today, Yahoo, MSN, Readers Digest, Cond Nast Traveler, and more. Thats almost an extra thousand dollars a month you could put towards investments, paying off debts, or living large. For example, Yottleds referral program pays $40 to $1,000 for each referral and anybody can be part of it without any investment or commitment. With this, you can afford a $500-$750 a month car payment. Of course, your own everyday decisions can affect the quality of your $60,000 salary. Starting monthly salary: $5,000 USD (~$6,257 CAD)After taxes: ~$3,553 USD (~$4,447 CAD)Rent for a one-bedroom apartment: $1,500 USDRent for a three-bedroom apartment: $2,750 USD. There is an assortment of loan products currently available to people looking to buy a house. A comfortable salary for a family of 4 is about $116,000. The median annual expenses for a family is $90,100. If so, then yes. Youd be taking home around $44,000 a year after taxes with a $60,000 a year salary. But you want your family to be healthy. Is $60K a good salary for a single person? Its not that theyre survivalists by nature. It may be more difficult the more people in your family, but it is entirely possible. In the US, the average cost of insurance is under $500 per month for an individual and more than $1,000 for a family. No matter how you spin it, $60k a year isnt going to hack it in Cali. Most people, me included, recommend spending no more than one-third of your income on housing. Where should I send your packing checklist? You can afford a $27,000 $40,500 car if you make $60,000 per year. 60,000 is a good salary for the UK. Here are some common questions you might have about a $60,000 salary answered: Yes, a $60,000 salary is typically good for a single person. The average single person would have $10,120 left over after taxes and living expenses. Mississippi, overall, ranks 45th out of 50 when it comes to education. Its a different case if youre from Michigan, as you can save enough money within that period to buy yourself the car. Toronto ranks 74 on the Numbeo cost of living index, meaning costs are roughly 74% of New York City.