A ``good'' salary can vary significantly based on factors such as location, industry, education, and experience. However, here are some general guidelines: United States: - The median salary for a 30-year-old in the US typically ranges from 50000to$70000∗∗peryear,dependingonthefactorsmentionedabove.
The majority of respondents, however, report earning less than $60,000, with 33 percent making under $30,000 and 46 percent between $30,000 and $60,000, while 6 percent pull in over $100,000.
It may surprise you to know that making 6 figures is hardly the norm in the US—even on the lower end of the range. According to the US Census, about 16% of American households make between $100,000 and $149,999, 9% of households make between $150,000 and $199,999, and another 12% earn $200,000 or more.
Average Salary for Ages 25-34
For Americans ages 25 to 34, the median salary is $1,107 per week or $57,564 per year. That's a big jump from the median salary for 20- to 24-year-olds. As a general rule, earnings tend to rise in your 20s and 30s as you start to climb up the ladder.
Self discipline (i.e., regular investing and living below one's means) are key factors. The average age of millionaires is 57, indicating that, for most people, it takes three or four decades of hard work to accumulate substantial wealth.
Peak earning years are generally thought to be late 40s to late 50s*. The latest figures show women's peak between ages 35 and 54, men between 45 and 64. After that, most people's incomes typically level off. Promotions favor younger people with longer futures*.
Some workers begin earning six figures in their twenties and thirties. Economists nickname them HENRYs, for “high earners, not rich yet.” But for most people, their “peak earning years” are from age 35 to 54. The majority of people who make six figures will do so in their 30s.
Thirty-three percent of workers earning between $50,000 and $79,999 annually say they're living paycheck to paycheck, compared to 36 percent of workers earning between $80,000 and $99,999 and 24 percent of workers earning $100,000 or more.
Introduction to seven figures
Such income levels are rare, with only about 0.3% of Americans earning a million dollars or more per year.
The banking platform released a report that takes a closer look at how far lower six figure salaries go in different places across the country when factoring in living costs, and in some states, the amount falls flat. Northern California tops the list of places that price out $150k annual earners.
In fact, the finding that 16% of Millennials have $100,000 or more in savings has doubled from the 2015 results, when only 8% said they had $100,000 or more. In comparison, 48% of Baby Boomers and 32% of Gen Xers have $100,000 or more in savings.
Americans need to earn nearly $108,000 a year to afford a single-family home in most cities now, according to a new economics report. Oxford Economics revealed this week that a household in 2024 needs an average annual income of $107,700 to afford a new single-family home, including property taxes and home insurance.
The BLS groups median salaries by age. The median salary for ages 25-34 in the second quarter of 2024 was $57,356 per year. The median annual salary for workers between the ages of 20 and 24 was $39,104.
$70,000 a year is how much an hour? If you make $70,000 a year, your hourly salary would be $33.65.
For instance, Peter Earle, senior research fellow at American Institute for American Research, noted that the 2x Income Rule suggests that your net worth should ideally be double your annual income. “For instance, if you earn $60,000 per year, aim for a net worth of approximately $120,000 by your 30s,” said Earle.
How Many People Make 6-Figure Salaries in the US? A minority of Americans make over $100,000 a year. According to Zippia, roughly 33.6% of Americans make six figures annually. And 15% of those earn between $100,000 to $150,000.
One reason the authors of the analysis offer in their report is that “higher-income households may have bought larger, more expensive, homes and consequently have bigger mortgages. And often along with bigger homes come bigger insurance costs, property taxes and utility bills.”
While women's earning potential is highest in their thirties, the 40-49 age group is where men hit their earnings peak. Despite your current salary, there's always room to grow.
Six figures can be anywhere between $100,000 – $999,000. Depending on where you live, six figures is considered rich by many people's standards. A top 1% income earner in America makes about $470,000 a year nowadays. Further, it takes at least $3 million to be a real millionaire now thanks to inflation.
How much does a Six Figures make? As of Jan 6, 2025, the average annual pay for a Six Figures in the United States is $98,086 a year. Just in case you need a simple salary calculator, that works out to be approximately $47.16 an hour. This is the equivalent of $1,886/week or $8,173/month.
Baby boomers have the highest household net worth of any US generation. Defined by the Federal Reserve as being born between 1946 and 1964 (currently in the ages between 59 and 77), baby boomers are in often in the sunset of their career or early into retirement.
Census figures back that up, at least financially, showing that salaries typically rise during peoples' 20s and 30s and peak around the age of 45.
That said, the typical age of financial independence should be between 20-23 years old, according to a Bankrate survey.