A six-figure salary mightiness person been the people of financial occurrence for American workers successful the past, but that money doesn't spell rather arsenic acold these days. In expensive cities for illustration San Francisco and New York, $100,000 a twelvemonth aft taxes and cost-of-living adjustments amounts to astir $36,000 annually, according to a study from financial exertion institution SmartAsset.
Many U.S. labor want to position themselves for an yearly net bump, moreover if that intends uncovering a new job. More than 3 successful 5 workers received a salary summation successful the 12 months since October 2023, including 12% who recovered a better-paying job, 41% who earned a raise astatine their existent occupation and 8% who recovered both, per a Bankrate survey.
Related: Here's How Much Money You Need to Make successful Order to Be 'Successful,' According to Each Generation
What does a "comfortable" yearly salary successful the U.S. really look like? Although it mightiness alteration considerably depending connected the earner's location, young workers crossed the committee person immoderate clear-cut expectations, investigation from penning level EduBirdie found.
After surveying 2,000 Gen Z Americans astir their financial habits and attitudes toward money, EduBirdie revealed that 51% of them judge that money is the cardinal to happiness — and that 58% of them could beryllium "comfortable" surviving connected an yearly net betwixt $50,000 and $100,000.
Despite Gen Z's conception of what makes a comfortable income, galore of them strive to deed lofty salary goals arsenic they participate their 4th decade.
By property 30, 22% of Gen Z expect to gain $100,000 to $200,000 a year, and 10% expect to gain $200,000 to $500,000, according to the research. Another 7% expect making astatine slightest $500,000 annually astatine 30.
Related: Millennials Say They Need $525,000 a Year to Be Happy. A Nobel Prize Winner's Research Shows They're Not Wrong.
"Despite galore [41%] still relying connected their parents [for money], this procreation is undeniably ambitious," Avery Morgan, main quality resources serviceman astatine EduBirdie, says. "Our study shows they're not counting connected a aureate parachute for illustration marrying into wealthiness aliases inheritance. Instead, 17% judge they'll gain $200,000 by property 30 — a bold extremity that demands strategical profession moves, continuous learning, and a spot of luck."
However, the mostly of U.S. labor successful their thirties don't gain six-figure salaries. The mean U.S. net successful 2023 was astir $65,000, per LendingTree data, but comparing median salaries — the mediate number successful a database of salaries — tin overgarment a much meticulous picture, NerdWallet notes.
Related: The National Average Salary Is About $65,000. Here's What Americans Are Saving for Retirement — How Do Your Stats Compare?
American workers aged 25 to 34 saw median yearly net of $57,356 successful Q2 2024, and those aged 35 to 44 saw median yearly net of $64,844 during the aforesaid period, according to NerdWallet's data.
Those figures are a acold outcry from Gen Z's anticipated $100,000 aliases $200,000 yearly income by property 30. However, young employees committed to improving their individual finances tin return immoderate cardinal steps to group themselves up for success.
Although EduBirdie's study recovered that 61% of Gen Z judge their profession net unsocial will spot them done retirement, 26% said they're making smart investments to grow their wealth complete time. Nearly half of Gen Z and millennials besides person side hustles to supplement their 9-5 incomes.