It’s a question often asked. Is 60k a good salary for a single person? This is an important question due to upcoming government changes affecting income tax. Let’s look at the facts and find out what the answer is. There has been much controversy about the rising costs of living. In recent years, increases in living expenses have far outweighed wage increases in most countries, such as Australia.’
There are several factors that need to be considered when you are asking or answering the question “is 60k a good salary for a single person”. Depending on what sort of things you like, and your expenses, I can say that it is enough for a single person in some countries. In others it’s not enough, and then it depends on the other factors which I’ll cover below.
If you’re a single person living in the United States and I told you that you make $60,000 per year, would you smile and say “wow, I am so rich”, or would you say “that’s not enough to live on!” or even freak out and ask “wait, was it 60 thousand dollars or sixty cents?” Either way, I think you’d agree with me: $60K isn’t really that much.
Is 60k a good salary for a single person
If you’re a single person and you make $60,000 per year, then yes, it’s a good salary for you.
According to the U.S. Bureau of Labor Statistics, the median household income in the United States is just over $57,000. That means that if you have a family of four or more people and they all work, they’d need to make more than $57,000 combined to match your earnings as a single person.
If you’re single and make $60,000 per year, then you’re earning more than 75% of Americans who are working full-time jobs (the median annual wage for full-time workers is $49,500). This means that even though not everyone will agree with me on this point and claim that 60k isn’t enough money to live on comfortably (or even pay off college loans), it’s probably safe to say that most Americans would agree with me and say that your annual salary is enough to live comfortably on its own.
Being single has no impact on whether or not you should make 60k a year. In the United States, there are very different standards for whether or not someone of your age should be making $60,000 a year. For someone who is 64 years old and has been working for quite some time, it might very well be called a good salary. But if you are only 24 years old and just entering the workforce, $60k could easily be way more than you ever dreamed of making.
When I was first asked, I thought that it should be good enough. But the moment I heard the starting, I realize that 60k is not enough. Then I started looking for reasons of why is 60k not enough. What are some of the benefits? What does a person who has a salary get from both from an employer and from his/her work?
60 thousand dollars isn’t going to go very far if you’re the only one in your household. That said, according to NerdWallet’s cost of living calculator, it would be enough for a single person to live comfortably in most parts of the U.S. But this amount should be adjusted for more people living in the same household and similar expenses. The important thing is not to spend money carelessly and you’ll end up faring well.