If you’ve heard it once, you’ve heard it a thousand times: older Americans overwhelmingly support aging in place in their own homes, with some recent survey data indicating at or over 90% of seniors supporting retirement living in their own homes.
But sometimes the cost of renovations can exceed the amount of cash that a retiree has access to, particularly for the majority of older Americans living on fixed incomes and relying on benefit programs like Social Security.
To that end, a recent column published in U.S. News & World Report asked a number of seniors aging in place and experts about the best and most effective renovations they can make to meet their goals for remaining in their own homes.
Dak Kopec, a professor at the University of Nevada, Las Vegas explained that the age of the property itself is a big determinant of the costs associated with aging in place renovations.
“Widening doorways, enlarging bathrooms and installing stair lifts in an older home can quickly become expensive,” the column said based on his input, but there are still less expensive options that can go a long way. Some of the least expensive additions to support aging in place include grab bars and support railings that are available from major home improvement stores.
While some may be turned off by cheaper additions since they can draw attention to the concept that the occupant of a home is getting older, making targeted changes can help, and it’s not always a given that certain things must be changed in a home. Stairs are often targets of scrutiny, but it also depends on the person, Kopec said.
“Don’t automatically think you have to do away with stairs,” the column said based on Kopec’s input. “In his experience, older adults who continue to use stairs maintain their knee and leg strength longer.”
Home remodeling site Fixr told the outlet that the national average cost of aging-in-place renovations can run the gamut between $3,000 and $15,000, depending on the work performed. More drastic renovations can double or even triple that figure. But a group of retirees were consistent in targeting one room of the home in particular: the bathroom.
Those with limited mobility face challenges to their safety and physical well-being when adding water on slick surfaces into the mix, and investing in accessibility fixes there can have a big impact on both safety and mental outlook.
“It was terrifying to get into the shower by myself,” said a 67-year old retiree interviewed for the piece.
Another senior, interior designer Nancy Bean, described the challenges for her older husband — afflicted with Parkinson’s disease — who is afraid of falling in or out of the bathtub due to issues with his balance.
“Low-entry or curbless showers are game-changers for those with limited mobility. But it’s also crucial to have the proper tiling or mats on the floor to avoid slips and falls,” according to input from Bean.
Earlier this year, a story published by the Associated Press (AP) detailed the pivot that some major home improvement retailers were making toward aging-in-place. Some of the chains reporting increased renovation and modification activity include The Home Depot and Lowe’s, two of the largest home improvement retailers in the U.S.
The Home Depot is refreshing an in-house brand with accessibility in mind for things like grab bars and easier-to-use faucets. Meanwhile, in 2021, Lowe’s established a single stop for items including wheelchair ramps and shower benches, the story explained.
If you’re on TikTok or Reddit, it’s likely you’ve come across a tenacious rumor: That it’s better to invest in life insurance than a 401(k) for retirement. So, is it true?
Life insurance vs. 401(k)
Life insurance isn’t an investment, while a 401(k) is a type of investment account offered through your employer. Permanent life insurance (which offers lifelong coverage) isn’t an investment, and its exorbitant fees erode the money you pay into your policy and any earnings you might make for the first decade.
“It was very strange to me that there were so many life insurance salespeople all over TikTok, basically soapboxing about life insurance, like it was the next big thing like it was the most amazing investment on Earth,” says Vivian Tu, founder of Your Rich Bff, a TikTok channel that focuses on financial education, based in Miami Beach, Florida.
Can life insurance grow like an investment account?
In some cases, yes. There are some types of life insurance, such as whole life insurance or universal life insurance, that have the ability to increase in cash value. But how do some of those policies earn money like an investment return? By tracking market indexes.
One of the features touted by TikTok influencers is that returns made on insurance policies aren’t affected by the overall stock market, but that isn’t necessarily true. The insurance companies may invest in the stock market with part of their portfolio, which is technically a portion of a policy owner’s premium. Though some policies provide fixed returns, some depend on current interest rates and investments. Some policies have you pick the stock or bond indexes for your policy to mirror, such as the S&P 500, and the insurance company pays you interest based on how those indexes perform.
Life insurance vs. 401(k): Fees
If life insurance can earn stock market interest in a way similar to that of a 401(k), what’s the issue?
The issue is that, depending on the policy, the staggering fees insurance policies charge often wipe out the amount you would get back from those premiums and any investment returns.
For example, if you pay the premium for seven to 10 years, most of those premiums go toward the cost of providing that insurance. In addition, there are administrative fees and the agent’s commission, though you may not see a commission listed on a statement and it may be difficult to figure out exactly how much those commissions are. Those commissions aren’t a one-time payment: You may continue to pay them for seven to 10 years, or as long as the policy is active.
The premiums you pay that cover fees don’t sit in an account waiting for you to cash them in. If you pay into a 401(k) for a decade, you get to keep all that money less any fees and investment losses. With an insurance product, it’s only after a decade (again, depending on your policy) of monthly payments that you actually start accruing premium money and interest in a cash value account the insurance company holds for you.
That interest percentage is less than you can get in a high-yield savings account and far less than the stock market’s long-term average of 10% (not accounting for inflation).
Insurance policies also have significant surrender charges, which are fees you have to pay if you withdraw money from your policy early. These charges are often so large that they can dramatically reduce the net value of your policy until the first few years pass.
For example, if you wanted to take money out of your policy after the first two years, your surrender charge would likely be so high that there would be little to no money to take out. These charges eventually reduce to zero, but it can take 10 to 16 years.
While 401(k)s do charge a 10% penalty if you want to take money out of your account before you’re 59½, that 10% is likely to be far less than a surrender charge. Plus, there are lots of exceptions to the 401(k)’s 10% penalty, including disabilities, the birth of a child, medical expenses and emergency personal expenses.
If you were to invest in the stock market through a 401(k), you wouldn’t lose 10 years’ worth of investment dollars to the cost of insurance, and your management fee would likely be less than 1%.
“The idea that 401(k) fees are higher than an insurance product that would be serving as an investment, I don’t even know how you support that idea,” says Georgia Lee Hussey, a certified financial planner and founder of Modernist Financial, a wealth management firm in Portland, Oregon.
Insurance fees are complex
In addition to paying commissions and exceptionally high fees, you may not even know how much you’re paying because insurance fee structures are so complicated.
“Whole life policies are basically called the black box of insurance policies. You can’t really see what’s happening inside them,” Hussey says. “You can understand the internal expense ratio sometimes but you usually have to go deep into the disclosure documents to understand what the insurance company is really getting paid.”
If you purchase insurance through an agent or broker (or a TikTok influencer), it’s possible that that person will be making a commission, and that’s on you to figure out.
“When you actually look into it, you realize that all of these people are, in fact, life insurance brokers. They don’t even work at life insurance companies that provide the policies,” Tu says. “The vast majority of them are not fiduciaries, so they are not legally obligated to do right by you financially.”
On the topic of using insurance to invest, it’s good to remember two cardinal rules of investing: If it sounds too good to be true, it probably is. And if you can’t explain it clearly to a friend, you probably don’t understand it, which could be a sign to steer clear.
As Tu says: “It’s insurance. It’s not an investment.”
Friend of the blog Matt sent in a great question this week:
Hi Jesse – do you have any recommendations when it comes to life insurance? I know Term is the way to go, but that’s about all I got…
I scanned your blog posts and didn’t see anything too specific with it but if you have any guidelines for pricing or coverage recommendations, please let me know!
Matt
Matt’s Right. We Want Term!
Matt’s right. Term life insurance is the best option in 99.99% of cases.
Other types of life insurance (Whole, Variable, Universal, etc.) are bloated products that are “pushed” and “sold” far more often than they’re genuinely sought after. These products try to combine investing with insurance and end up being overpriced versions of each.
Some things aren’t worth combining!
The smarter option is to buy insurance that only acts as insurance and then use your remaining money to invest in pure investments. Term life insurance is just that life insurance product. All it does is provide money to your beneficiaries if you die. If you don’t die, it doesn’t pay. It’s simple.
But Do We Need Life Insurance?
How do we determine if someone needs life insurance?
I use the same framework I would use for anyinsurance question (home, boat, pet llama insurance, etc.).
Are you exposed to a financial risk that you could not comfortably recover from using your current asset base?
Let’s say your house burns down. Does that present a financial risk you could recover from using your current assets (cash, investments, etc)? If you answer no, then you need home insurance. (If you have a mortgage, your lender likely mandates you have insurance so they’recovered should the house burn down).
If your wedding ring got stolen, does it present a financial risk you could recover from? Personally, I wear a ~$200 tungsten carbide wedding ring. If my finger got stuck in a tragic 3-ring binder accident while compiling someone’s financial plan, I could replace that $200 ring without issue. I do not need ring insurance. Granted, the cosmetic costs of finger reconstruction might make me wish I had better health insurance…
Back to the point: that’s the framework to use! Does the downside risk present an insurmountable financial burden to you (or your beneficiaries?)
The answer for many younger readers with dependents (spouses, children) is a screaming YES. As in, “If I died and the family lost my income, it would be very financially uncomfortable for many years!”
But how much coverage do you need?
My Preferred Methods: Income Replacement and “DIME”
The two methods I prefer (and suggested to reader Matt) are the Income Replacement method and the DIME method.
Income replacement suggests you replace your income for a certain number of years, typically until your children reach a particular age or until your spouse reaches retirement age.
In my personal case, I wanted to replace my income until my youngest child (who is still technically hypothetical) is out of the house. I chose a 30-year term policy equivalent to ~20 years of my income (with a small discount rate for future years). No matter when I get hit by that proverbial bus, 20 years of income should cover my youngest child until they’re out of the house.
The DIME method adds up any outstanding debts, add in your income for a certain number of years, then adds your remaining mortgage, and finally adds on future expected education costs. Debts, income, mortgage, education.
The DIME method double-counts a few things. For example, I’m using my income to pay my debts and mortgage. I shouldn’t need to double-count them. Nevertheless, I like the idea of itemizing the biggest future expenses (college costs, mortgage payoff, etc.) and ensuring your life insurance policy can cover them.
The Best of the Rest
Other strategies I’ve seen for sizing life insurance policies include:
The Human Life Value (HLV) method. It asks an individual to consider their annual income for each year until their retirement, add in other benefits and bonuses, subtract the income used for their personal consumption, and then discount future income to today’s value.
Done correctly, this method should provide the beneficiaries with a lump sum of the resources you would have expected to provide to them over the remainder of your working life. It’s just a bit too complicated and mathematical for most people to get right.
The Budget-Based method simply multiplies your household’s monthly expenses by the number of months you expect those expenses to be maintained. It’s similar to Income Replacement, but looks at expenses rather than income.
Lastly, the “Rule of Thumb” (which I think is a poor name!) suggests you multiply your income by 10. Very much “one size fits all,” which is why I don’t like it.
Granted, one detail to note is that most life insurance sizing strategies are intentionally conservative, leading to policy sizes that are large enough during the highest-risk years but end up being too large as time goes on.
For example: a young family might need a $2M, 25-year policy on each parents. But by the time the kids are in college, that $4M of total coverage is surely too much.
Thanks for the question, Matt!
And to all of you: term life insurance is a smart financial planning move. But I hope none of you ever need to collect!
Thank you for reading! If you enjoyed this article, join 8500+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week. You can read past newsletters before signing up.
-Jesse
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Investing in stocks can seem overwhelming, but it doesn’t have to be. With a few simple steps, you can start your journey toward building wealth and securing your financial future. This guide will walk you through the basics of stock investing, from understanding what stocks are to choosing the right investments for your goals. Whether you’re a complete beginner or just looking to brush up on the fundamentals, these easy-to-follow steps will help you confidently enter the stock market and begin growing your money. Let’s dive into the simple steps to start investing in stocks.
What are stocks?
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Stocks represent shares of ownership in a company. By buying stocks, you can own a part of a business and potentially grow your wealth as the company grows. They are a popular way to make money and increase your net worth over time.
Learning stock market basics
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Understanding the stock market is key to successful investing. Learn the basic concepts like how stocks work, what affects their prices, and how you can start investing to grow your wealth and secure your financial future.
Investing in stocks for beginners
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Investing in stocks can be a great way to make money, but you need a solid strategy. This guide offers simple tips for beginners to help you start investing, grow your wealth, and work towards financial independence.
To learn more: How To Invest In Stocks For Beginners: Investing Made Easy
Is Now a Good Time to Buy Stocks? The Real Answer
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The stock market is on the rise. Is now the right time to buy stocks? If you want to make money, learn the proper steps to start investing today and take advantage of market opportunities to grow your wealth.
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Waiting to Invest?
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Why wait to invest in the stock market? Delaying your investments means missing out on passive income. Consistently investing, rather than trying to time the market, will lead to long-term, stable returns and increase your net worth.
The power of compounding
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Compounding can significantly boost your investment returns. By reinvesting your earnings, you allow your money to grow faster, leading to greater wealth over time. It’s a powerful strategy for anyone looking to increase their net worth and secure a comfortable retirement.
Can you Make Fast Money in the Stock Market?
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Know Your Risk
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Understanding the risks involved in stock investing is crucial. Know your risk tolerance and make informed decisions to protect your investments and achieve financial success.
Avoid These Trading Mistakes
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Avoid common trading mistakes that can cost you money. Learn how to improve your trades, minimize losses, and increase your profitability in the stock market.
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Dive into an Investing Education
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Start Your Investing Journey
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Ready to start investing? Learn the basic steps to begin your investing journey, grow your wealth, and secure a comfortable future. It’s never too late to take control of your finances and work towards financial independence through smart investments.
To learn more: https://moneybliss.org/investing/
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“Until he got all rich and fancy so that he no longer understands the common person’s plight.
Stash probably doesn’t even practice any of these money-saving things he preaches any more!”
When I read things like this, I can’t help but laugh. Because on the one hand, when you put a bunch of personal life details online like this, being misunderstood is just part of the package. But on the other hand, if the critics could peek in and see our real lives – not just mine but those of all the Mustachians – they would have to give up their conspiracy theories and accept the fact that this stuff just works.
Because really, not much has changed when it comes to the basics. Like many MMM readers over the past twelve years, my total wealth level has increased pretty regularly. But also like many of us, I haven’t felt the need to change very much about my spending because I was doing my best to live an enjoyable life in the first place.
How have so many people found such great success? I think we Mustachians have something that’s a bit more rare and special than standard financial advice, which is what makes it work so well:
Standard Advice: Slash your spending and make sacrifices until you reach a certain savings percentage, and beyond that it doesn’t matter, it’s all personal choice. More income? Great, that means you don’t have to sacrifice as much! FatFIRE for everyone!
Mustachianism: Cultivate a love of efficiency, creativity, self awareness, and self improvement. Use this knowledge to improve your life in all ways, including those which help you live better even as your monthly expense rate drops over time.
So what does this mean in practice?
Well, I’ll give you some examples from my own present-day life. Things I do because I happen to enjoy them, which also happen to save a lot of money. Some of these are normal, some are silly and may end up in some future gossip magazine hit piece, but all of them happen to work for me, so the critics can be damned.
As I list each item, I’ll include an estimate of how much the activity saves me per decade, because you should always think at least in terms of decades.
To make that calculation yourself, just use the “rule of 172” – take a monthly expense and multiply it by 172 to estimate how much it would compound into over ten years, if invested.
1) Fixing my own House (and everybody else’s too)
Construction projects from recent years, at home and around the state.
I’m a big believer in self-sufficiency, and working to build up the skills to manage the most important parts of your own life without depending on too many things (or people) that are outside of your control. In other words, one giant recipe for a happy life is simply to Become a Producer of the Things You Most Enjoy Consuming.
And in my case, I happen to love houses. I like living in beautiful, functional spaces and sharing them with friends. But most houses are ugly and poorly designed when you buy them, so I realized that I also love solving problems and redesigning old buildings to become new again. I enjoy this process so much that I spend most of my free time doing it – on both my own properties and the homes of friends.
And I love teaching other people to gain power over their own houses too. It’s amazing how great people feel as they lose their fear and dependence on outside contractors, and gain the ability to fix and maintain things with their own two hands.
Savings: An average of $20,000 per year = $287,000 per decade
2) Craigslist and Community
Members of our coworking space, swapping valuable free stuff every day.
You know what’s great? Having so much money that you can buy whatever you want – high quality things which get delivered to your front door the very next day.
You know what’s even better? Not buying some of those new things, and instead finding ways to share, repurpose and buy equally high quality items from other people who don’t need them any more. All while building up your own community and creating new friendships in the process.
Craigslist, Facebook Marketplace, and even NextDoor all have Buy Nothing groups for most areas. In the MMM-HQ community, we run a Discord server with about 200 local people, who chat around the clock on a wide range of subjects. They help each other with major projects in one channel called #diyhowto, and give away and sell things on #forsale and #buynothing.
Although our private Discord group is my favorite, I also use Craigslist regularly, and probably save (and earn) a few thousand every year thanks to the habit:
Savings: About $42,000 per decade
3) Bikes over Cars
Sure glad I’m not stuck in a Jeep on these off-road trails!
We all know that Mr. Money Mustache’s biggest contribution to personal finance is to insist that bike transportation is the best way to get around. And I still feel this way. As we learned in The True Cost of Commuting, cars cost at least 50 cents per mile to operate, while bikes are much cheaper, mainly due to reduced depreciation and maintenance costs (which are even bigger than the gas savings).
I do still use bikes (or walking) for at least 95% of my local trips these days, but because I live in the center of a small city, my life is pretty local. So this still only adds up to about 2000 miles per year, a savings of “only” $14,000 per decade.
But when you choose active transportation, there’s much more to the picture than just cutting your car expenses. You’re changing everything about your physical and mental health picture for the better, which brings us to the next point of…
4) Muscle over Motor
Digging out the crappy old window wells to build a bigger terraced garden.
Although I’m no competitive athlete, whenever I see an option to make my body work a bit harder, I usually take it. Stairs instead of elevators, running the golf course instead of using a golf cart, moving my own furniture and appliances instead of calling a mover, shoveling snow and raking leaves instead of using a machine.
When I face a decision like this, I simply ask myself the question:
“Well, Mustache. Do you want MORE health and fitness, or LESS?”
Putting it in that context makes the answer obvious. Every bit helps, because when it comes to your body, the rule is pretty much use it or lose it.
But how much money does this save? There’s no real way to calculate it exactly, but I like to think of it this way: The US average health care spending is about $13,000 per person per year. My lifetime costs due to illness or medication so far have been just about zero, plus I know I’ve had more energy and greater productivity due to being healthy. Let’s just put it very conservatively and set the estimated savings and benefits at $10k per year which means
Estimated Savings: $140,000 per decade.
5) Saving Energy by Running my home like a Glamping Retreat
Outdoor cooking, showering, laundry and even a homemade gym? Why not?!
Here’s where things get a bit silly, but my level of joy is actually at its greatest.
My personality type is probably a weird combination of an engineer, a carpenter, an artsy hippie, and a mad scientist. Oh, and a devoted homebody too. Because of this, my favorite activity most days is to just run around my house taking care of things and trying new little experiments and improvements.
Sometimes I’ll cut a few big holes on on the South side of the house and install sliding doors and big windows to allow nice sunbeams and passive solar energy to get into my house and give me free heat in the winters. Other times it’s just smaller things to save energy and live more at at one with the seasons of my area:
optimizing the use of air conditioning by running fans at night and building heat tolerance during the days (we set the A/C to only kick on at about 80F)
Enjoying most of my showers outside, with free hot water from the 100 foot garden hose that happens to be coiled in a sunny spot
Cooling myself and get free energy boosts by jumping in the “cold plunge”, which is simply an unheated hot tub I have set up in my back yard
Doing most of my cooking and dining outdoors with an induction cooktop, gas grill, espresso machine, and mini convection toaster oven deal that I keep set up outside during the warmer months of the year
Drying 99% of my loads of laundry out on the line instead of using the clothes dryer
I even charge my car with a little off-grid array of solar panels set up in the driveway (from Craisglist, of course!), which gives me free electricity for driving without going through the permit-hell hassle of a full grid-tied system in my city’s currently solar unfriendly environment.
Even taken all together, these things are pretty small – the average combined gas and electric bill for my area is about $250 per month, while my usage adds up to about $75. So while we’re only saving about $30,000 per decade for what sounds like a lot of work to most people, I consider this to be the biggest win because I enjoy living in “MMM’s Energy Efficiency Playground” so much.
6) Local Living over Constant Travel
This little lake right behind my house is a great daily “vacation” which allows me to savor home life more and travel a bit less.
“Hey, we’re having a big back yard pool party next weekend to celebrate Amy’s graduation from kindergarten, can you make it?”
“OH NOOOO!!! We will be off in at Disneyland that whole week! We planned the trip months ago, I wish we could make it!
As I type this in the height of the summer season, I really feel this effect at its fullest: almost all of my friends are off on trips, and my guest suite here at home is almost constantly full. People are traveling a lot, and many of them sound like they wish they could spend a few more of their precious summer weeks and weekends at home.
I’ll let you in on a little secret: you can! The trick is saying, “no thanks” more often to plans that involve you being away, and “yes please” to things that let you stay at home. The benefits are numerous:
You nurture your local friendships more and meet new people who live nearby
You spend way less money on plane tickets, hotels, restaurants gasoline, and car repairs
Your levels of health and fitness can go way up because you aren’t missing workouts and spending hours sitting in plane and car and bus seats. And you can better control your meals – more salads with grilled salmon, less McDonald’s and Pizza Hut
You sleep better
And you have more time to take care of projects around your house where you learn more skills which compound for life
Estimated Savings: Even if you replace just two weeks of travel for a family of four, with equivalent time at home you might save $5,000 per year in direct costs and a further $5,000 per year in incidental benefits like the health and local friendships. This would work out to a shocking $143,000 per decade of wealth increase!
Of course, travel is generally a good thing for broadening the life experience of you and your kids. It’s worth spending on, lavishly at times. But the key is to balance it out and be discerning, keeping the most enriching trips and pruning a few off the bottom of the list. And remembering that home time is valuable and healthy too.
And Whoa! We’ve already built up a huge list and I feel like I was just getting started.
Cutting a friend’s hair at a group event: entertainment, education and free haircut in one!
Taken all together, we’ve already detailed things that compound to $656,000 every decade, which already more than double the median wealth that most American seniors have as they cruise nervously into their retirement years – after over 40 years of work!
And now that I’ve been writing this blog for over ten years myself, I can safely say that over $656,000 of even my most recent worth increases are directly attributable to these simple habits. The same ones many of us have been enjoying and preaching about all along, both before and after our retirement dates.
If money is in genuinely short supply, you could go a lot further than the examples in this article. And indeed, there’s a lot more laid out in this blog or the MMM Boot Camp email series.
But one of the points of Mustachianism is that you usually don’t have to try all that hard. Just tweaking your lifestyle to be slightly less ridiculous and more efficient than average is usually all it takes.
—
In the comments: what are your quirks and frugal indulgences? The things you do now to save money, or things you still do even after it’s no longer about the money? I often wonder how widespread this frugality-just-for-fun is. But since we Humans are a naturally curious and problem solving species in our natural state, I suspect there are many more of us out there.
If you’re contemplating a job change or angling for a salary increase, you may have questions about whether a $95,000 salary will sustain you. Consider that the typical worker in the U.S. earns around $63,795 a year, according to the Social Security Administration. A $95,000 annual paycheck is nearly 49% higher than that.
Let’s see where you’d fall on the earnings spectrum compared to others in the U.S. and also explore ways to budget a $95,000 annual salary.
Is $95K a Good Salary?
While not quite a six-figure salary, $95K is generally considered a good income for a single person. But whether that amount works for you depends largely on where you live and your personal standards. For example, you may find that a $95,000 salary goes further in Des Moines than Honolulu, which has a higher cost of living.
No matter where you live, a budget planner app can help you set customized budgets and categorize spending, so you can make the most of your income.
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Recommended: Average Salary in the U.S.
Average Median Income in the US by State in 2024
As in real estate, location is an important factor when it comes to salaries. Wages for the same job can vary widely from one state to another, driven largely by differing costs of living.
Here’s a look at the median household income in each state, per U.S. Census Bureau data.
State
Median Household Income
Alabama
$59,609
Alaska
$86,370
Arizona
$72,581
Arkansas
$56,335
California
$91,905
Colorado
$87,598
Connecticut
$90,213
Delaware
$79,325
Florida
$67,917
Georgia
$71,355
Hawaii
$94,814
Idaho
$70,214
Illinois
$78,433
Indiana
$67,173
Iowa
$70,571
Kansas
$69,747
Kentucky
$60,183
Louisiana
$57,852
Maine
$68,251
Maryland
$98,461
Massachusetts
$96,505
Michigan
$68,505
Minnesota
$84,313
Mississippi
$52,985
Missouri
$65,920
Montana
$66,341
Nebraska
$71,772
Nevada
$71,646
New Hampshire
$90,845
New Jersey
$97,126
New Mexico
$58,722
New York
$81,386
North Carolina
$66,186
North Dakota
$73,959
Ohio
$66,990
Oklahoma
$61,364
Oregon
$76,362
Pennsylvania
$73,170
Rhode Island
$81,370
South Carolina
$63,623
South Dakota
$69,457
Tennessee
$64,035
Texas
$73,035
Utah
$86,833
Vermont
$74,014
Virginia
$87,249
Washington
$90,325
West Virginia
$55,217
Wisconsin
$72,458
Wyoming
$72,495
Recommended: Highest Paying Jobs by State
Average Cost of Living in the US by State in 2024
How much you pay for necessities like housing, transportation, health care, and food can impact just how far your $95,000 salary will go. When figuring out whether $95,000 is a good salary for a single person, it can help to look at how much people in different states are spending on housing, food, health care, and other basics. The U.S. Bureau of Economic Analysis’ (BEA) list of personal consumption expenditures, below, compiles this information.
State
Personal Consumption Expenditure
Alabama
$42,391
Alaska
$59,179
Arizona
$50,123
Arkansas
$42,245
California
$60,272
Colorado
$59,371
Connecticut
$60,413
Delaware
$54,532
Florida
$55,516
Georgia
$47,406
Hawaii
$54,655
Idaho
$43,508
Illinois
$54,341
Indiana
$46,579
Iowa
$45,455
Kansas
$46,069
Kentucky
$44,193
Louisiana
$45,178
Maine
$55,789
Maryland
$52,651
Massachusetts
$64,214
Michigan
$49,482
Minnesota
$52,849
Mississippi
$39,678
Missouri
$48,613
Montana
$51,913
Nebraska
$37,519
Nevada
$49,522
New Hampshire
$60,828
New Jersey
$60,082
New Mexico
$43,336
New York
$58,571
North Carolina
$47,834
North Dakota
$52,631
Ohio
$47,768
Oklahoma
$42,046
Oregon
$52,159
Pennsylvania
$53,703
Rhode Island
$52,820
South Carolina
$46,220
South Dakota
$48,997
Tennessee
$46,280
Texas
$49,082
Utah
$48,189
Vermont
$55,743
Virginia
$52,057
Washington
$56,567
West Virginia
$44,460
Wisconsin
$49,284
Wyoming
$52,403
Recommended: Average Income by Age
How to Budget for a $95K Salary
No matter how much money you earn each year, it’s a smart idea to create a budget. One of the first steps you’ll want to take is to figure out how much money you have left after withholding for federal income taxes, Social Security taxes, and Medicare. On average, the take-home pay on a $95,000 salary is around $74,991.50, though that doesn’t include state taxes.
Once you’ve determined your after-tax income, consider using the 50/30/20 rule for budgeting. This means 50% of your income goes toward needs, 30% goes toward “wants,” and 20% goes toward savings or debt repayment beyond your minimum amounts.
Let’s say, for example, you live in Massachusetts. Your $95,000 salary would break down to $5,757 per month due to taxes (based on a 27.3% average tax rate and 35% marginal tax rate). Using the 50/30/20 rule, you’d put the following amounts in the corresponding pockets:
• 50% needs: $2,878.50
• 30% wants: $1,727.10
• 20% savings or debt repayment: $1,151.40
After you have your budget in place, a tool like an online money tracker can help you monitor your spending as well as keep tabs on your credit score.
Maximizing a $95K Salary
Whether you’re earning $95,000 as an entry-level salary or after several years on the job, there are ways to make the most of your income. Here are some strategies to consider:
• Build an emergency fund. Aim for a cushion of three to six months of living expenses.
• Max out your retirement savings account — and make sure you’re taking advantage of a company match, if one is available.
• Explore investing in securities that charge minimal fees.
• Work on improving your credit score, which can boost your chances of getting competitive interest rates.
Quality of Life with a $95K Salary
While it’s a highly subjective measure, “quality of life” typically refers to a combination of personal preferences, including job satisfaction, family life, health, and safety. How well you can live on your salary often boils down to your expenses and how and where you choose to spend your money.
By and large, many people with $95,000 salaries find they can live quite comfortably. However, if you spend more than you earn or rely on credit to fund your lifestyle, you may find you have trouble making ends meet on your income.
Is $95,000 a Year Considered Rich?
The Charles Schwab Wealth Survey reported that a national sample of Americans between the ages of 21 to 75 believe you need to amass $2.2 million to be considered wealthy. However, according to the same survey, Americans who say they feel wealthy have less than that — around a $560,000 net worth.
Note that it’s possible to accumulate wealth if you’re earning $95,000 a year, though it may take some time. Common strategies include relying on investing and compound interest to increase net worth, saving money, and setting money aside in a company retirement plan.
Recommended: Net Worth Calculator By Age
Is $95K a Year Considered Middle Class?
Middle class is defined as income that is two-thirds to double the national median income. By that definition, a middle-class household makes between $47,189 and $141,568, and $95,000 is in that range.
However, that’s for the nation. When you drill down to the city and state level, you see that the income required to be middle class varies. For instance, to be considered middle class in San Francisco, you’ll need to earn between $91,126 and $151,877. In Washington, D.C., middle class is defined as income that falls between $67,815 and $113,024.
Example Jobs that Make About $95,000 a Year
Many career types fall into the $95,000 salary range, including jobs for introverts. Here are some examples of careers you can pursue, which require a range of degree levels from associate to graduate:
• Financial Analyst: $99,890 per year
• Industrial Engineer: $99,380 per year
• Radiation Therapist: $98,300 per year
• Occupational Therapist: $96,370 per year
• Civil Engineer: $95,890 per year
• Architect: $93,310 per year
The Bureau of Labor Statistics offers an occupation finder in its Occupational Outlook Handbook, which you can sort by median pay over $80,000.
The Takeaway
Is $95k a good salary for a single person? By and large, yes, but your spending habits, budgeting skills, and local cost of living can all impact how far your money goes. With careful budgeting and saving, you can make the most of your income.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
FAQ
Can I live comfortably making $95K a year?
Generally speaking, many people can live comfortably making $95,000 per year. However, it depends on several factors, including where you live, how much you spend, and where you put your money. Those who live within a budget feel the most comfortable with that salary.
What can I afford with a $95K salary?
Let’s target one of the most expensive assets most people own: a home. You may wonder how much house you can afford without stretching yourself.
Experts often suggest the 28/36 rule, which means that you should spend no more than 28% of your gross income on housing and no more than 36% on all your debt, which might include housing, student loans, car payment, credit cards, etc.
For example, according to the 28/36 rule on a $95,000 salary, you should spend no more than $2,216 on housing per month.
How much is $95K a year hourly?
A $95,000 salary breaks down to $45.67 per hour. This per-hour figure might not help you budget or understand your overall income, but it’s interesting to analyze.
How much is $95K a year monthly?
You’ll bring in $7,916.67 per month with a $95,000 per-year salary. It’s important to note that this is the general breakdown for that salary — your state may charge more in taxes and you may actually make less.
How much is $95K a year daily?
You’ll earn $365.38 per day with a $95,000 salary. Similar to your hourly rate, you might find this number difficult to help you budget or for use in a net worth calculator by age, but it’s interesting to know.
Photo credit: iStock/JLco – Julia Amaral
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Got $10,000 and wondering how to make it grow? Investing can be a great way to build wealth and secure your financial future. Whether you’re new to investing or looking for fresh ideas, these 10 brilliant investment strategies will help you make the most of your money. Find out how to wisely invest $10k and watch your wealth grow.
1. Invest in Index Funds
Image Credit: Creativa Images.
Index funds offer an easy way to invest $10K by providing low fees and diversification. They track benchmarks like the S&P 500, making them a simple way to grow wealth over time. You need a brokerage account to start.
2. Put Money in High-Yield Savings Account
Image Credit: Amnarj2006 from Getty Images.
A high-yield savings account is great for storing your $10K safely. It’s FDIC insured up to $250,000, and with interest rates of 2% or more, your money grows without losing value.
To learn more: How Many Bank Accounts Should I Have
3. Invest in Individual Stocks
Image Credit: Jittawit.21.
Investing in individual stocks can grow your wealth if you’re patient and informed. With $10K, you can buy stocks in 10 to 20 companies, diversifying your investments and potential returns.
To learn more: How To Invest In Stocks For Beginners: Investing Made Easy
4. Fund A Health Savings Account (HSA)
Image Credit: Designer491 from Getty Images.
An HSA is a smart way to invest $10K, offering a triple tax advantage and saving for future healthcare costs. Contributions, earnings, and withdrawals for medical expenses are all tax-free.
5. Invest in Entrepreneurship
Image Credit: StefanDahl.
Investing in small businesses can yield high returns and personal satisfaction. Diversifying your $10K across multiple ventures reduces risk and can amplify potential profits.
6. Invest in Rental Properties
Image Credit: 1989_s from Getty Images.
Rental properties can build long-term wealth. Use $10K as a down payment on a low-cost rental, fix it up, and let tenant payments cover the mortgage and taxes, creating a steady income stream.
7. Max Out Your Roth IRA
Image Credit: Designer491 from Getty Images.
Max out your Roth IRA to invest part of your $10K. It offers tax-deferred growth and potential tax-free withdrawals in retirement. Remember, there’s a yearly contribution limit.
To learn more: Can You Have Multiple Roth IRAs?
8. Loan to Others Through P2P Lending
Image Credit: Andrii Dodonov from Getty Images.
P2P lending can provide high returns on your $10K investment. By lending directly to borrowers via P2P platforms, you cut out banks, enjoy better rates, and diversify your investments.
9. Invest In Crypto or Bitcoin ETF
Image Credit: Jamesteohart from Getty Images Pro.
Investing in cryptocurrencies or Bitcoin ETFs can offer quick gains with market volatility. High rewards come with high risks, so be prepared for potential losses but also big profits.
10. Pay off high-interest debt
Image Credit: Africa Images.
Paying off high-interest debt with $10K can be a smart investment. It frees up cash flow for future investments in stocks, funds, or real estate, helping you grow your wealth long-term.
To learn more: How to Get Out of Debt in 5 Easy Steps
More Idea to Invest $10k
Image Credit: Dean Drobot.
Looking to invest $10K? This guide shows options for all risk levels and goals, from stocks to real estate. Start making money and take your first step to becoming a millionaire.
To learn more: How to Invest 10K: The Best Ways to Invest Money for Future
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By most definitions, an annual salary of $90,000 is considered good. In fact, it’s quite a bit higher than the average salary nationwide, which is $63,795, according to the Social Security Administration. If you’re a single person and only supporting yourself, that income should allow you to cover the necessities with enough left over for saving and entertainment.
But just how far your money goes depends largely on factors like your spending habits, your financial obligations, and the cost of living in your area. If you earn $90,000 and live in San Francisco or New York, two of the priciest cities in the country, you may find yourself pinching pennies or living paycheck to paycheck. On the other hand, if you settle down in a more affordable location, such as Winston-Salem, NC, you should find you can live a more comfortable life on a $90,000 salary.
Is $90K a Good Salary?
While $90,000 a year is generally considered a good salary for a single person, whether that’s the case for you depends on your spending habits and financial situation. For example, if you have a lot of debt or live in a pricey area, you may find it more of a challenge to get by on that salary.
One good way to think about your salary is to look at where your money is currently going. Using a money tracker or other type of tool, make a list of your recurring expenses and see if your income is able to keep up. If it is, then that is a good sign that you are making a satisfactory salary for your situation.
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Recommended: U.S. Average Income by Age
Median Income in the US by State in 2024
There are different ways to think about a $90,000 salary. You can compare it to the average salary in the U.S. which as we mentioned earlier is $63,795. Or see how it stacks up against the median national salary, which was $59,384 in Q4 2023, according to the U.S. Bureau of Labor Statistics (BLS). In both cases, $90,000 far exceeds what a typical American worker earns in a year.
But how does that salary compare to what a typical household earns in a year? The answer varies widely by state, as the U.S. Census Bureau data below shows. For instance, Maryland has the highest median annual salary at $98,461 and Mississippi has the lowest, at $52,985 per year.
State
Median Household Income
Alabama
$59,609
Alaska
$86,370
Arizona
$72,581
Arkansas
$56,335
California
$91,905
Colorado
$87,598
Connecticut
$90,213
Delaware
$79,325
Florida
$67,917
Georgia
$71,355
Hawaii
$94,814
Idaho
$70,214
Illinois
$78,433
Indiana
$67,173
Iowa
$70,571
Kansas
$69,747
Kentucky
$60,183
Louisiana
$57,852
Maine
$68,251
Maryland
$98,461
Massachusetts
$96,505
Michigan
$68,505
Minnesota
$84,313
Mississippi
$52,985
Missouri
$65,920
Montana
$66,341
Nebraska
$71,772
Nevada
$71,646
New Hampshire
$90,845
New Jersey
$97,126
New Mexico
$58,722
New York
$81,386
North Carolina
$66,186
North Dakota
$73,959
Ohio
$66,990
Oklahoma
$61,364
Oregon
$76,362
Pennsylvania
$73,170
Rhode Island
$81,370
South Carolina
$63,623
South Dakota
$69,457
Tennessee
$64,035
Texas
$73,035
Utah
$86,833
Vermont
$74,014
Virginia
$87,249
Washington
$90,325
West Virginia
$55,217
Wisconsin
$72,458
Wyoming
$72,495
Average Cost of Living in the US by State in 2024
The cost of living in your area can heavily impact how well you’re able to live on your income. While high salaries and high costs of living tend to go together, there is not always a perfect correlation. A cost of living calculator can help you determine the expenses where you’re living now and where you might consider moving in the future.
In addition, the U.S. Bureau of Economic Analysis compiles a list of how much residents in each state spend on necessities like housing, utilities, food, and health care. That information, found in the chart below, can also be useful.
State
Personal Consumption Expenditure
Alabama
$42,391
Alaska
$59,179
Arizona
$50,123/td>
Arkansas
$42,245
California
$60,272
Colorado
$59,371
Connecticut
$60,413
Delaware
$54,532
Florida
$55,516
Georgia
$47,406
Hawaii
$54,655
Idaho
$43,508
Illinois
$54,341
Indiana
$46,579
Iowa
$45,455
Kansas
$46,069
Kentucky
$44,193
Louisiana
$45,178
Maine
$55,789
Maryland
$52,651
Massachusetts
$64,214
Michigan
$49,482
Minnesota
$52,849
Mississippi
$39,678
Missouri
$48,613
Montana
$51,913
Nebraska
$37,519
Nevada
$49,522
New Hampshire
$60,828
New Jersey
$60,082
New Mexico
$43,336
New York
$58,571
North Carolina
$47,834
North Dakota
$52,631
Ohio
$47,768
Oklahoma
$42,046
Oregon
$52,159
Pennsylvania
$53,703
Rhode Island
$52,820
South Carolina
$46,220
South Dakota
$48,997
Tennessee
$46,280
Texas
$49,082
Utah
$48,189
Vermont
$55,743
Virginia
$52,057
Washington
$56,567
West Virginia
$44,460
Wisconsin
$49,284
Wyoming
$52,403
How to Budget for a $90K Salary
While $90,000 can provide a good life for a single person, it’s still a smart idea to create a budget you’ll be able to follow. After all, no matter how high your income is, you can usually find things to spend it on. And without a budget, it can be easy to spend what you have mindlessly.
There are several ways to approach budgeting. One, the 50/30/20 budgeting method, is straightforward: Simply earmark 50% of your paycheck for necessities (such as housing, transportation, and food); 30% for wants (such as meals out and travel); and 20% for saving and paying down debt.
If you need help getting started, tools like a budget planner app can guide you through creating a budget, tracking spending, and even monitoring your credit.
Maximizing a $90K Salary
You may not be pinching pennies if you’re earning $90K a year, but you’re likely interested in getting the most out of your income. Here are some ideas to explore:
• Build up an emergency fund. Your rainy-day fund should have enough to cover three to six months’ worth of expenses.
• Pay down debt. Once your emergency fund is well established, turn your focus to paying off revolving debt.
• Invest in your future. Have a 401(k) retirement plan through your employer? Check your budget and see if you can afford to ramp up your monthly contributions.
Quality of Life with a $90K Salary
Because a $90,000 annual salary is higher than the average salary in the United States — and a generous entry-level salary for most fields — chances are you can have a good quality of life if you make that much money.
However, everyone’s financial situation is unique, and as mentioned above, different areas of the U.S. have higher or lower cost of living. Your quality of life with a $90K salary is likely to be higher in a state with a lower cost of living, like Iowa or Kentucky, than it is in a state with a high cost of living, such as California or Massachusetts.
Is $90,000 a Year Considered Rich?
There are many definitions for what constitutes being “rich.” Depending on yours, a single person who lives in an area with a low cost of living and earns $90,000 a year might be considered well-off. But it’s worth noting that many definitions of rich typically focus on your total assets rather than your annual salary.
In that case, it may make sense to calculate your net worth, which just involves subtracting your outstanding debts or liabilities from the value of your combined assets. If your assets are worth more than your liabilities, your net worth is positive. If your liabilities are greater than your assets, your net worth is negative.
Recommended: Net Worth Calculator by Age
Is $90K a Year Considered Middle Class?
Depending on where you live and your household size, you may be classified as middle class. According to the Pew Research Center, a middle-class household has an income between $47,189 and $141,568. A $90,000 salary is well within that range.
Example Jobs that Make About a $90,000 Salary
Salaries can vary dramatically depending on the level of experience and the area of the country you live in. With that in mind, here are some jobs that pay around $90,000 per year, according to the BLS:
• Registered nurse: $94,480
• Web developer: $92,750
• Psychologist: $92,740
• Agricultural engineer: $88,750
• Dental hygienist: $87,530
If you’re looking for more inspiration, you can also look at lists of the highest-paying jobs by state.
Recommended: 30 Best Jobs for Introverts
The Takeaway
While it’s not quite a six-figure salary, $90,000 for a single person is still higher than the average annual salary in the United States. Because of this, it can generally be considered a good salary for someone who is supporting only themself.
However, your cost of living and your overall financial situation will play a big role in determining your quality of life on a $90K salary. No matter what your salary, a smart first step in establishing a solid financial footing is to create and stick to a budget.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
FAQ
Can I live comfortably making $90K a year?
Whether you can live comfortably making $90K a year will depend on a number of factors, including your local cost of living, financial obligations, and spending habits. That said, a single person with little to no debt who lives in an affordable area can likely be comfortable with such a salary.
What can I afford with a $90K salary?
While $90K is not quite a six-figure salary, it is close. As such, most single people with a $90K salary should be able to afford all of their necessities, along with some extras including saving for retirement.
How much is $90K a year hourly?
A $90,000 annual salary works out to around $43.27 an hour.
How much is $90K a year monthly?
If you earn $90K a year, your monthly income is roughly $7,500.
How much is $90K a year daily?
A $90,000 salary breaks down to approximately $375 per working day.
Photo credit: iStock/alvarez
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Live in Oregon or thinking of moving there? If so, you might be interested in knowing where you stand salary-wise compared to other 49 states.
The latest figures from the U.S. Bureau of Labor Statistics (BLS) reports the average annual income for Oregonians is $66,710, That’s slightly higher than the average annual salary in the U.S. of $65,470. Of course, an individual’s yearly earnings depend on several factors, including their occupation, level of education, age, and professional experience.
Here’s a closer look at the average salary in Oregon by age, city, and county, along with some of the highest paying jobs in the Beaver State:
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Average Salary in Oregon by Age in 2024
As with other states, the highest earners in Oregon fall within the 25 to 64 age range, with a salary decline around retirement time. The salary peaks tend to be commensurate with age and experience. Not surprisingly, entry-level salaries in Oregon tend to be on the lower end of the spectrum.
Age range
Median salary
15-24
$45,239
25-44
$86,934
45-64
$89,663
65 and over
$55,973
Source: Nasdaq
Recommended: U.S. Average Income by Age
Average Salary in Oregon by City in 2024
You don’t need a money tracker to tell you that the city you live in can greatly influence how much you make each year. Oregon is no different. Per ZipRecruiter, here are the average salaries in 10 Oregon cities:
• Myrtle Point: $92,446
• Salem: $76,125
• Gold Beach: $74,126
• New Hope: $70,922
• Nesika Beach: $70,351
• Portland: $69,904
• Melrose: $68,811
• Coquille: $68,534
• Bunker Hill: $68,454
• Eola: $67,962
Average Salary in Oregon by County in 2024
Salaries can vary per county as a result of different factors. These can include whether the county is home to a larger city, where there’s more variety in work opportunities, a need for skilled workers, and the possibility of higher pay.
According to the latest Oregon state government figures, here’s an overview of the average annual salary in select counties:
• Morrow County: $64,067
• Benton County: $62,757
• Sherman County: $57,081
• Linn County: $51,902
• Umatilla County: $50,758
• Douglas County: $50,220
• Tillamook County: $49,350
• Klamath County: $48,488
• Curry County: $44,201
• Wheeler County: $36,359
Examples of the Highest-Paying Jobs in Oregon
A well-paying job can allow you to live a very comfortable lifestyle in Oregon. Oregon’s top paying jobs provide a six-figure salary, and tend to be in the medical field. However, occupations in business, science, and technology also make the list of some of the biggest salaries.
According to the BLS, some of Oregon’s highest-paying jobs are:
• Dermatologist: $481,330
• Anesthesiologist: $444,090
• Orthopedic surgeon: $421,790
• CEO: $371,290
• Obstetricians and gynecologists: $329,680
• Psychiatrist: $287,370
• Pediatrician: $219,110
• Computer and Information Research Scientist: $178,790
• Dentist: $177,440
• Physicist: $169,720
There are other occupations in Oregon with an annual salary of $85,000 or more a year that can allow for a more flexible schedule or be done remotely, such as an art director, financial specialist, web designer, or writer. These are jobs that can easily be work-from-home situations, which can offer opportunities for introverts.
Whatever your current salary, there are always ways to maximize your earnings by monitoring your spending and setting up a budget. A budget planner app can help with both.
Recommended: 2024 Net Worth Calculator by Age with Examples
The Takeaway
Considering moving to Oregon and wondering if you can afford it? The average annual income for Oregonians is $66,710, which is slightly more than $65,470, the average annual salary in the U.S. There are many counties and towns in Oregon where making this amount of money can provide a nice quality of life, though some cities and certain regions will be more expensive. However, the state is home to many high-earning occupations, and people between the ages of 25 and 64 are in a prime spot for earning a livable salary in the Beaver State.
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FAQ
What is a good average salary in Oregon?
The median household income in Oregon is $86,780 according to the Federal Reserve Bank of St. Louis. The size of your family, your basic expenses, and the area you live, as well as other factors, can determine how far the money can stretch.
What is the average gross salary in Oregon?
The average annual gross salary in Oregon is $66,710, which breaks down to a monthly salary of $5,559.17 and $2,565.77 biweekly. This translates to $1,282.88 weekly, $256.58 daily, and an hourly wage of $32.07. Since the median rent in Oregon is $2,228 a month, you’ll want to earn more than the median yearly salary in order to be able to cover all of your expenses and possibly have some left over for savings and entertainment.
What is the average income per person in Oregon?
The annual average personal income in Oregon is $65,426, per the latest figures from the Federal Reserve Bank of St. Louis.
What is a livable wage in Oregon?
In order to make a living wage in Oregon, a single adult without children in Oregon needs to make $50,553 a year. This covers the basic cost of living, including housing, transportation, food, and medical care. For two working adults with two kids, the required income needed (before taxes) is $93,735.
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Looking for the best ways to get free money from the government? Getting free money from the government might sound too good to be true, but there are actually several ways you can receive financial assistance. From helping with monthly expenses to finding unclaimed funds, these programs and resources can be a big help. The…
Looking for the best ways to get free money from the government?
Getting free money from the government might sound too good to be true, but there are actually several ways you can receive financial assistance. From helping with monthly expenses to finding unclaimed funds, these programs and resources can be a big help. The key is knowing where to look and meeting eligibility requirements.
This article will show you different ways to get extra money from the government. Whether you need help with your bills or want to get back money that belongs to you, there are many options for you.
Best Ways To Get Free Money From the Government
Below are the best ways to get free money from the government – for housing, children, health insurance, food, and more.
1. Apply for unemployment benefits
If you lose your job, you might be eligible for unemployment benefits. These benefits can help you cover some of your expenses while you look for a new job.
To qualify, you usually need to have worked a certain amount of time in the past year. Each state has its own rules, so you should check your state’s specific requirements.
You can apply for unemployment benefits online or by phone, and be ready to provide details about your recent jobs and earnings. This will help determine how much you can get each week.
The benefit amount is based on a percentage of your earnings from your previous job. It can range from about 40% to 60% of your past earnings. This money can be a helpful bridge while you search for new work.
Each week, you’ll need to report if you’re still unemployed and looking for a job. Some states may also ask you to document your job search activities so it’s important to follow these rules to keep receiving benefits.
Unemployment benefits probably won’t cover all your expenses, but they can make a tough time a little easier. Remember to apply as soon as you lose your job to start getting support right away.
2. Check for child tax credits
Child tax credits can be a big help for families.
You might be able to get money back from the government if you have kids such as for childcare or for just having children. The amount you can get depends on your income and the number of kids you have.
The Child Tax Credit now gives up to $2,000 for each child.
Make sure you check if you qualify for these credits. You can find out more by visiting the IRS website or talking to a tax expert.
3. Women, Infants, and Children (WIC)
The Women, Infants, and Children (WIC) program helps pregnant women, new mothers, and young children get healthy foods. This program is a great way to get extra help when you need it the most, and this is free government money for low-income families. It’s focused on keeping you and your little ones healthy and well-fed.
If you’re pregnant, you can get help right away and continue to receive it for up to six months after giving birth. If you have children, they have to be under the age of 5.
To qualify, you need to meet income guidelines and show that you are at nutritional risk. This can include being underweight or having a diet low in essential nutrients. WIC then provides monthly benefits that can be used to buy specific foods like milk, eggs, and fruits.
To apply, you need to contact your state or local WIC office (you can start by Googling “WIC + your state name”). They will tell you what documents to bring and where to go for your appointment.
4. Use SNAP for food assistance
SNAP stands for Supplemental Nutrition Assistance Program. It’s a government program that helps low-income families buy healthy food. If you qualify, you get an EBT card loaded with funds every month.
Using SNAP is easy. You can use your EBT card at most grocery stores and it works just like a debit card.
To qualify for SNAP, you need to meet certain income and other eligibility requirements. These can include having a low income based on your household size.
SNAP can be a huge help if you’re struggling to afford groceries. It allows you to buy essential foods like fruits, vegetables, meats, and dairy products.
5. Free and reduced breakfast and lunch at school
Your child may be able to get free or reduced-price meals at school through several programs, and these programs make sure kids have healthy meals every day.
The most well-known program is the National School Lunch Program (NSLP). It provides low-cost or free lunches to millions of children in public and nonprofit private schools.
Schools many times also have the School Breakfast Program. This is similar to the lunch program but focuses on providing a nutritious morning meal.
In addition to these programs, there is the Special Milk Program. This program provides milk to children who do not participate in other meal programs.
Some schools offer the Community Eligibility Provision (CEP). This allows schools in high-need areas to serve breakfast and lunch at no cost.
To find out if your child is eligible, check with your school. They can guide you through the application process and let you know what your child qualifies for.
6. Seek Temporary Assistance for Needy Families (TANF)
Temporary Assistance for Needy Families (TANF) is a government program that can help you if you’re facing hard times. It provides financial aid to families with children who are struggling to make ends meet and can help with childcare, job training, and finding work.
To apply for TANF, you need to contact your local TANF office. They will help you through the application process and let you know what documents you need.
It’s important to know that each state runs its own TANF program, so the benefits and services might vary. Be sure to ask your local office (you can also reach out to the U.S. Department of Health and Human Services) what specific help they can offer.
7. Low-Income Home Energy Assistance Program (LIHEAP)
If you need help paying your energy bills, you might qualify for the Low-Income Home Energy Assistance Program (LIHEAP). This program helps low-income households with their heating and cooling costs.
LIHEAP provides federal funds to reduce energy costs. This can include help with your energy bills and dealing with energy crises.
You can also get help making your home more energy-efficient. This is known as weatherization and might include things like adding insulation or fixing drafty windows.
8. Early Intervention and Head Start
Early Intervention services are great for families with young children who have special needs. These services help kids from birth to age three. They offer things like speech therapy, occupational therapy, and more. Most services are free, and others have a sliding scale fee. They make sure your child gets the help they need, even if you can’t pay.
Head Start programs are for kids aged three to five. They help with early learning and development. Head Start also supports families with health and dental services.
Both Early Intervention and Head Start focus on getting kids ready for school. They help children learn and grow in important ways and also support families by connecting them to resources they may need.
You can usually self-refer your child to these programs (each state has its own), or ask your pediatrician for a referral.
9. Apply for college grants
College grants are a great way to get free money for school. Unlike loans, you don’t have to pay back grants. They can help cover your tuition, books, and other school expenses.
One of the most well-known grants is the Pell Grant. For the 2023-24 school year, the maximum Pell Grant is $7,395. This grant is for students with financial need.
Another option is the Federal Supplemental Educational Opportunity Grant (FSEOG). This is for students with exceptional financial need. The amount you can get depends on your school and your financial situation.
To apply for these grants, you’ll need to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA helps the government determine how much aid you qualify for.
Many states and schools also offer their own grants. Check with your school’s financial aid office to see what you might be eligible for. It’s a good idea to apply for as many grants as you can.
Grants can make a big difference in paying for college, so it’s worth the effort to apply. Make sure to look for scholarships too!
10. Public Student Loan Forgiveness (PSLF) program
The Public Student Loan Forgiveness (PSLF) program can help if you work in public service. This includes jobs like teaching, nursing, firefighting, and more. If you work in these fields and have federal student loans, you may be able to get your remaining loan balance forgiven after ten years of payments.
To qualify, you must work full-time for a qualified government or nonprofit organization. You also need to make 120 qualifying monthly payments under a qualifying repayment plan. Only payments made after October 1, 2007, count toward the 120 payments required.
The program mainly benefits people who work in low-paying, but important, public service jobs. It’s a way to give back while also getting financial relief. Though the application process can be long and require careful tracking, many find the effort worth it when their loans are wiped out.
11. Claim Earned Income Tax Credit (EITC)
The Earned Income Tax Credit (EITC) gives low- to moderate-income workers and families a tax break.
If your income is under a certain amount, you might qualify. This credit can either reduce the taxes you owe or increase your refund. For 2024, the EITC amounts can go up to $3,995, based on your income and family size.
To claim the EITC, you need to file a tax return, even if you do not owe any taxes. You should fill out Form 1040 and a Schedule EIC if you have qualifying children.
12. Get housing vouchers
Housing vouchers are a great way to get help with rent. They are commonly known as Section 8. These vouchers help low-income families, seniors, and people with disabilities afford safe and decent housing.
To get a voucher, your income must be below a certain level and this varies by location and family size.
With a voucher, you can choose any housing that meets program requirements. This gives you some freedom to pick a home that suits your needs best. The government will pay part of the rent, making it more affordable for you.
13. See if you qualify for down payment assistance
Buying a home can be tough, especially when it comes to saving for a down payment. That’s where down payment assistance programs can help prospective homeowners.
These programs come in many forms. You might find grants, loans, or other types of aid to help you with the down payment. Each state offers different programs and some are more generous than others.
To qualify, you’ll need to meet certain requirements. These can include income limits or being a first-time homebuyer.
14. Apply for Supplemental Security Income (SSI)
Supplemental Security Income (SSI) is a program that gives monthly payments to people who are disabled, blind, or over 65 and have limited income. You may get help with food, rent, and medical bills.
To apply for SSI, visit the Social Security Administration (SSA) website. There, you can find the application forms and details about the process. You may need to provide information about your finances and living situation.
The application can be done online, by phone, or in person. If you’re under 18 or applying for someone under 18, there are special forms for children.
15. Look for health insurance in the marketplace
We all know that health insurance can be very expensive. Before you skip it, I highly recommend comparing pricing of health insurance on the Health Insurance Marketplace to see if you can find something more affordable for you and your family.
It’s a great way to get coverage and possibly save money. Sometimes, if you qualify, you can get free or low-cost health insurance plans.
Go to Healthcare.gov to start, and each state has its own Marketplace, so follow the specific steps for your state. It can be a little confusing, so make sure you have no distractions and can spend some time doing this.
During the open enrollment period, you can choose a new plan or keep your current one. If you’ve had a big life event, like losing your job, you might qualify to sign up outside the usual enrollment times.
16. Medicaid
Medicaid is a state and federal program that helps people with low incomes get health care. If you qualify, you can receive free or low-cost medical services, like doctor visits, hospital stays, and even prescription drugs.
Medicaid is especially helpful for families, pregnant women, seniors, and people with disabilities.
One of the best parts is that Medicaid covers a wide range of services – you can get help with dental care, mental health services, and even long-term care.
Your income and family size usually determine if you can get Medicaid.
17. Search for unclaimed money
You might have unclaimed money waiting for you. This money comes from many sources like unpaid wages, forgotten bank accounts, or unclaimed insurance benefits.
You can check by going to unclaimed.org, the website managed by the National Association of Unclaimed Property Administrators (NAUPA).
Each state has its own database for unclaimed property. Check your state’s website to see if there is money owed to you.
Frequently Asked Questions
There are several ways you can get money from the government to help with different needs, like paying for food or getting extra support if you don’t make a lot of money.
What ways can I get money from the government?
There are many ways to get free government money. You can apply for unemployment benefits if you lose your job. Families can also check for child tax credits, which give extra money for children. Programs like WIC and SNAP can help with paying for food, and students can get free and reduced breakfast and lunch at school.
How can I get help from the government if I don’t make a lot of money?
Low-income families can use programs like WIC (Women, Infants, and Children), SNAP (Supplemental Nutrition Assistance Program), TANF (Temporary Assistance for Needy Families), LIHEAP (Low-Income Home Energy Assistance Program), and more to get help from the government if they don’t make a lot of money.
How can I borrow money from the government?
The government offers student loans for education through programs like FAFSA. Small businesses can apply for loans from the Small Business Administration (SBA). There are also some loan programs based on specific needs like starting a farm or buying a home.
What is FAFSA?
FAFSA stands for Free Application for Federal Student Aid. It’s a form that students fill out to get financial aid for college. It can help you get grants, loans, and work-study opportunities to pay for your education.
Can I borrow money from my social security benefits?
No, you cannot borrow money from your Social Security benefits. Social Security is designed to provide income during retirement or if you become disabled, so it’s not a source of loans or advance cash.
Is there free grant money for bills and personal use?
Yes, there can be grants for specific needs like paying utility bills or home repairs. You might also find grants for education, food, and health care. Check with local and federal agencies to see if you qualify for any of these grants.
How do I find out if I qualify for any government assistance?
You can visit government websites or contact local agencies. Many state and local governments have online tools to check your eligibility. It’s also helpful to reach out to community organizations that can guide you through the application process.
How To Get Free Money From the Government – Summary
I hope you enjoyed this article on the best ways to get free money from the government.
There are many ways to get free money from the government, such as for housing, to help pay for your children’s expenses, to afford health insurance, to buy food, and more.
Note: There may be changes or updates to the free government programs above. I recommend contacting the program to learn more. Also, please be sure to stay safe with your sensitive information and only use official websites (look for .gov websites and official government organization websites to start with to avoid scams).
What do you think of these free government programs? Have you ever used any of the ways above to get free money from the government?