How much is an hour worth to you? $28.85 That’s the answer if you work full-time making $60,000 a year. What does that mean for your lifestyle? Can you live comfortably on $60,000 a year? Let’s find out!
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$60K a year is how much an hour
If you work full-time (40 hours per week) and earn $60,000 a year, you will make $28.85 an hour.
Here’s the math:
40 hours per week multiplied by 52 weeks in a year equals 2080 total work hours per year.
$60,000 / 2080 (work hours per year) = $28.85 per hour
If you make $60,000 a year on salary pay (not paid by the hour), you may end up working more than 40 hours a week for the same pay. As a result, your hourly pay of $28.85 would decrease for each additional hour of work.
$60,000 a year is how much per paycheck?
Now that you know the answer to 60000 a year is how much an hour, you can calculate exactly how much you’ll make per paycheck.
$60,000 a year is how much a day
To find out how much you’ll earn per day if you clear 60K per year, simply take your hourly rate ($28.85) and multiply it by how many hours you work (or plan to work) each day.
$28.85 X 8 (hours a day) = $230.80
You’ll make $230.80 per day (gross income) if you work full-time making $60,000 a year. Not too shabby.
$60,000 a year is how much per week
To calculate how much money you’ll earn per month if you make 60K a year, just multiply your daily pay ($230.80) by the number of days you work per week (usually 5 if you work full-time).
Note: You can also determine your weekly pay by dividing $60,000 by 52 (# of weeks in a year).
$230.80 (daily wage) X 5 (# of days worked) = $1,154
You’ll earn $1,154 a week before taxes if you work full-time @60K a year.
60000 a year is how much biweekly
Now, let’s see how much you’ll make biweekly with a yearly salary of $60,000.
Since there are 26 biweekly pay periods in a year, you’ll need to divide your annual pay by 26 to find out how much you’ll earn per paycheck if you’re paid biweekly.
$60,000 / 26 = $2,308 (rounded to nearest dollar)
I don’t know about you, but, I’m liking these numbers!
60K a year is how much per month
Finally, to figure out how much you’ll make per monthly paycheck if your income is $60,000 a year, simply divide your annual salary by 12.
$60,000 / 12 = $5,000
If you are paid monthly and make $60,000 a year, your paycheck will be $5,000.
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How much is $60,000 a year after taxes?
Now, here’s where things get a bit more complicated.
While federal income taxes are the same regardless of where you live in America, state income taxes vary by state.
So…if you live in Hawaii, you’ll take home less than if you live in Florida.
That said, you can expect to pay about 21% of your pay in income taxes if you make 60K a year.
Here’s a quick breakdown of how much tax you can expect to pay (on average) if you earn $60,000 per year in the US:
*Note: this table includes totals for State Income tax, Federal Income tax, Social Security, and Medicare contributions. It does not include property taxes, sales taxes, and other deductions/expenses.
|State||Income Tax ($)||Total Tax |
(% of income)
You’ll notice from the chart above, that only (9) states do not tax income. They are:
- New Hampshire
- South Dakota
$60,000 a year before and after taxes
The calculations on the chart below are based on working 40 hours per week @ $60,000 per year.
|Time period||# of hours worked||Income before taxes||Income after taxes (average)|
|Yearly (with unpaid vacation)||2,000||$57,700||$46,036|
|Yearly (with paid vacation)||2,080||$60,000||$47,571|
Can you buy a house on $60,000 a year?
You can absolutely buy a house if you make $60,000 a year!
As long as your financial ducks are in a row, that is.
Here are some helpful tips to set yourself up for home buying success:
- Keep your debt-to-income ratio below 43%
- Make sure your total monthly housing payment is less than $1,400 (28% of your gross monthly income)
- Maintain a decent FICO score (Above 670 is considered good)
- Have a good downpayment/emergency savings set aside
- Borrow less than the max amount the bank qualifies you for
How to budget (and live on) $60,000 a year
You’ve probably heard the saying,
If you fail to plan, you plan to fail.
This is especially true when it comes to budgeting. Regardless of whether you earn $20,000 a year or $100,000 a year.
Below is a budget example for someone whose take-home pay is $3,964 per month using a 50/30/20 budget.
With a 50/30/20 budget:
- 50% of your (take home) income should go towards necessities, like rent, groceries, and utilities
- 30% is for non-essentials and can be used for things like dining out, entertainment, and clothes
- 20% should be set aside for savings and debt repayment
|Debt Repayment/Charitable Contributions||$396.40|
Here’s another budget example for someone who earns a monthly income of $3,964 after taxes based on a 70/20/10 budget.
- 70% of income spent on monthly expenses including entertainment
- 20% set aside for retirement & savings, and
- 10% allocated for debt repayment
|Debt Repayment/Charitable Contributions||$396.40|
Tips for living on $60,000 a year
$60,000 is a healthy salary, but you’ll want to be careful and avoid ‘lifestyle creep’ if you want to make the most of your income.
Here are some tips for living well on any income:
- Always (and I mean always) live on less than you earn
- Keep your housing, groceries, and transportation costs in check (aka, budget like a mother trucker)
- Avoid debt like the plague
- Set aside a healthy rainy day fund
- Compare rates on home and auto insurance to get the most bang for your buck
$60,000 a year not enough? Make more money!
If you find you struggle to get by on 60K, you’re not alone.
Despite the fact that an annual salary of $60,000 puts you smack dab in the middle of the Middle Class; rising housing costs, gas, and food prices can quickly eat away at your income.
Fear not! There are plenty of (relatively) simple ways to increase your income without selling your soul (or even getting another ‘job’).
Here are some of my go-to ideas to increase your income:
- Ask for a pay raise (the worst thing your boss can do is say ‘no’)
- Go back to school (online is best) and increase your skills. Then, DEMAND more money!
- Complete paid surveys in your spare time
- Take on a part-time side hustle
- Earn cash-back whenever you shop with Dosh, Rakuten, and Ibotta
- Heck…you can even sell pictures of your feet (no joke)
Is 60K a good salary?
So, what’s the verdict? Can you live comfortably on $60000 per year? The short answer is, yes, you can!
In fact, in many places within the US, a family of 4 can live well on $60,000.
In America, the median household income for 2020 was $67,521. So, your income is considered pretty average if you have a family and make $60,000.
Jobs that make $60,000 per year
The chart below details jobs that earn an average annual income of 60K.
You’ll notice, all except one require a college degree.
|Job||Education required||Average annual pay||What they do|
|Film/Video Editor/Camera Operator||Bachelor’s Degree||$61,900||Manipulate moving images that entertain or inform an audience|
|Forensic Science Technician||Bachelor’s Degree||$60,590||Aid criminal investigations by collecting and analyzing evidence|
|Occupational Therapy Assistant||Associate’s Degree||$60,950||Help patients develop, recover, improve, as well as maintain the skills needed for daily living and working|
|Respiratory Therapist||Associate’s Degree||$62,810||Care for patients who have trouble breathing|
|Dietitian/Nutritionist||Bachelor’s Degree||$63,090||Plan and conduct food service or nutritional programs to help people lead healthy lives|
|Public Relations Specialist||Bachelor’s Degree||$62,810||Create and maintain a positive public image for the clients they represent|
|Special Education Teacher||Bachelor’s Degree||$61,500||Work with students who have a wide range of learning, mental, emotional, and physical disabilities|
|Librarian||Master’s Degree||$60,820||Help people find information and conduct research for personal and professional use|
|MRI Technician||Associate’s Degree||$63,710||Operate magnetic resonance imaging (MRI) scanners to create diagnostic images|
|Blogger||None||$60,000||Research and write articles designed for the web that inform or entertain|
$60,000 a year…final thoughts
So, what do you think? Can you live on $60,000 a year?
If you’re single or a couple with no children, you’ll do quite well on a 60K salary.
However, if you are trying to raise a family on $60,000 a year, you may find it difficult (but not impossible) to get by.
The keys to living on an hourly wage of $28.85 are to budget every dollar of income, aim to save at least 10% of your take-home pay for emergencies, and avoid unnecessary expenses so you’ll have money on hand for the important things in life.