When coming up with our $30,000-a-year scenario, we assumed that this person carried no debt and wasnt putting money into savings (for retirement or anything else). Here is a look at housing, food, health care, transportation and utility costs for somebody with a net income of $30,000, or $2,500 a month. One rule of thumb is that by age 30 people should have approximately a years salary in a 401(k) or other retirement account. Whether a $30,000 salary is good for one person will depend on a variety of factors, including: It may be helpful to create a budget that outlines your income and expenses in order to get a better understanding of your financial situation. Its worth noting that taxes can have a significant impact on your take-home pay, especially if youre in a higher tax bracket. He has started and sold several companies, along with owning several investment properties. Finally, recent data suggest that many people are over-estimating how much retirement costs. So, you might need to be creative to save money. In the United States, employees typically have three types of taxes taken out of their paychecks: state income tax, federal income tax, and Social Security. The median annual income in the U.S. as of January 2019 (the most recent data available) was $63,688. To tackle your debts: Dining at restaurants, picking up takeout or ordering delivered meals typically eats up a bigger share of your money than if you cooked and ate at home. New comments cannot be posted and votes cannot be cast. As income climbs, so does the recommended saving percentage. 30k salary is a solid hourly wage; above most minimum hourly wage jobs. A: Whether $30,000.00 a year is considered livable depends on the individuals lifestyle, location, and financial obligations. Living on 30k a year. Ultimately, a good salary is subjective and will depend on your individual living conditions and your financial situation. In order to be officially poor by federal standards, you'd have to be supporting a family of 7 on that single income. Billionaire Michael Rubins Star Studded White Party Ft Beyonce, Jay, Actors, Athletes, Rappers, Hanger Ons, Tiktokers And The Usual Busscourts! Lets find out. You need at least 40k. Health Care If you are comfortable living frugally and saving money, you may be able to make a lower salary work for you. A single person making $60,000 per year will also receive an average refund of $2,593 based on the 2017 tax brackets. Your subscriptions for streaming services like Netflix, Hulu and HBO Max deliver lots of entertainment. What 30-Year-Olds Actually Save. That means with an hourly wage of $22 an hour, you can live a comfortable life in Brownsville. By 2021, that had reversed . But you would fall well short of the $375 target in New York City and San Francisco, where the average person spent about $433 a month on groceries in 2021. The researchers estimate that a two-parent, two-child family in the town of roughly 30,000 would require gross income of $49,114 simply to cover rent, taxes, food, transportation, child care and other basics. Learn more. However, these taxes are not as common as state income tax, federal income tax, and Social Security tax. If youre looking for a job that pays $30,000 per year, it may be helpful to consider industries or companies that offer benefits, or opportunities for advancement over time. By analyzing the cost of living, expenses, and salary comparison, we can get a better understanding of whether 30k, or $14.42 per hour is a good or not. The Social Security tax rate is 6.2% for employees and 6.2% for employers, for a total of 12.4%. But you would probably live more comfortably on that money in Kansas than in You must log in or register to reply here. So, Is 30k a year good? You should have two times your annual income saved by 35, according to a frequently cited Fidelity retirement chart. By investing in stocks, ETFs, real estate, and other assets, individuals can build wealth over time and achieve financial freedom. WebIs 38k a year good? It isnt cheap to insure your home and car. A: It depends on various factors such as the cost of living in the specific location, personal expenses, and individual financial goals. Social Security is a federal program that provides retirement, disability, and survivor benefits to eligible individuals. The list is too extensive to complete in one post, so heres a snapshot of some industries that pay $100,000 per year: Medicine Legal It allows you to see how much money you have coming in each day and can help you understand how your salary compares to the cost of living in your area. In order to be officially poor by federal standards, you'd have to be supporting a family of 7 on that single income. Is 30k a year good for a single person Understanding what a good retirement income will be is a pretty tricky thing to get your head around, especially if your retirement is a long way off. WebAccording to labor statistics, in 2020 only 30.7% of all households earned over $100,000. Its recommendations represent a mid-point, meaning some savers may be well-served by saving more while some could 2023, National Debt Relief, All Rights Reserved. Is 30k I was balling, but only because I lived so frugally. However, its important to note that this hourly wage does not take into account any benefits or bonuses that an employee may receive. Is 30k a year good for a single person The median income is just over $27,000 per year. Vice Media is at it again. Is $30000 a year good? Can I buy a put and sell it the same day? By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. All rights reserved. It depends on where one lives and how many dependents they support. Two men trying to manipulate me, a single, adult woman. Some like are a more lavish lifestyle while others choose to live frugaly. Lets do the math again. Well discuss this further in the next section. Could you? According to one estimate, the average cable bill in the U.S. (excluding internet service) approaches $80 a month, or almost $960 a year. Setting financial goals is an important step in achieving financial stability and success. If I don't go to grad school I will most likely be in social work type work and I know they don't get paid that much but I'm thinking ideal would be $50-60k a year but What Jobs Pay 30K per Year? The amount of state income tax that is taken out of an employees paycheck varies depending on the state in which they work. That's the only reason why I'm still holding onto the idea of being a web dev. a Year On one occasion, when Lane slid into a seat that opened up on a crowded bus, a man standing nearby told her to let an elderly lady sit down instead. Create a plan to wipe out debts. OP what's your definition of living "well" what type of life would you like to lead? We didnt include debt payments, savings and other common household budget items in our overall calculations. Undoubtedly, you will struggle financially if you earn $30K annually because it is generally not a good salary. Is 30k a good salary for a Single Person? How Much Money Is Enough to live in Hawaii Here's how much money Americans in their 30s have in their In order to be officially poor by federal standards, you'd have to be supporting a family of 7 on that single income. Anything under $52,000 a year can be considered low income in the United States as a whole. No, $30,000 is not a great salary for a single person, but it can be livable depending on the persons location and expenses. Spend Intentionally and Minimize Costs. By. The magazine looked at cities nationwide and spoke to local residents over 50, taking into consideration factors such as median home price, population, taxes and intangibles such as wallet-friendly entertainment options. In most cases, planners recommend saving 10% to 15% of annual salary for retirement. WebIs 38k a year good? You might want to give up your cable TV subscription, if you still have one. I was just telling my mom about how I'm scared to go into social work because of the possible low pay. WebWith a salary of $30,000 a year, you need to live or move to a state that has cheap housing plans. Here are the 5 biggest tax credits you might qualify for. But if you see doctors often, you would be hard-pressed to live within this limit. But it certainly is important. At $30,000, that would add up to $313 a month at the midpoint of the range (12.5%). Are you still on your parents health insurance? Investment Banker. The federal income tax rate is progressive, which means that employees who earn more money pay a higher percentage of their income in taxes. Vanguard drew its data from 4.7 million people working in a wide range of industries and participating in retirement saving plans that are part of its recordkeeping business. John 04/19/2021 at 1:52 pm - Reply. Quora - A place to share knowledge and better understand the world Its a decent salary for an hourly job that can provide you with a comfortable lifestyle, especially if This could mean. So, depending on where you live, the $818 that would be available for monthly mortgage or rent payments might actually be enough to live on or might fall short. Please consult with a bankruptcy attorney for more information on bankruptcy. I had minimal bills since my car was a cash car and my student loans were deferred. Free Salary Calculator, 48 dollars an hour is how much a year? Based on our estimates using the 2017 tax brackets, a single person making $30,000 per year will get a refund of $1,556. However, if youre part of a two-income household, it may be possible to make a $30,000 salary work if you have a partner who is also contributing to the household income. If you use 12.5% as the midpoint, monthly transportation costs should total $313 when you are taking home $30,000 a year. Suck It Up Move Back In With Your Parents. How To Sell Safely in 2023, How To Get Your First Job on Upwork: Beginners Guide (2023), How to Start a Successful Blog: A Step-by-Step Guide for Beginners, 25 Best Ways To Make $250 a Week on the Side (2023), Feet Finder: The Best Website to Sell Feet Pics in 2023, How to Become a Professional Proofreader: A Step-by-Step Guide, Hourly Wage (assuming you work 40 hours per week and take 2 weeks of vacation per year), Daily wage (assuming that you work 250 working days per year). He started Wealth Dough to share everything he's learned about making money online and building multiple income streams. What do you do if $818 isnt enough for a place to live? Puerto Viejo, Costa Rica iStock.com/Tiago_Fernandez Is 30K SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any users account by an Adviser or provide advice regarding specific investments. A 30-year-old earning $125,000 would ideally have 100% of annual earnings, or $125,000 in a 401(k) or similar. As a quick math refresher, the average is higher because those with extremely high incomes can pull up the average. Check market home value increases or decreases in any area you are looking. Whether a given balance will be adequate depends on a number of factors, including age at retirement, annual income, local cost of living, healthcare needs and projected expenses in retirement. I can set up automatic transfers, rebalance my portfolio with one click and even borrow up to 35% of my assets at super low interest rates! Income Breakdown by Time Interval Table. Ghosted by a local boutique who said they wanted to partner with me - should I keep it moving? How Much Rent Can I Afford I Make $30,000 a Year? How Much You Need To Live Comfortably in 50 Major US Cities Retirement is far in the future at that point and key concerns such as career earnings, investment returns and post-retirement living expenses seem remote. This map shows the living wage for a single person across In particular: $30K will be a good starting point if you just started working.