One does not simply make six figures from the beginning of the career. Let’s see “Question at what age should I be making 6 figures”. Your earnings at specific age depend on several factors like job description, work responsibilities, education, experience, industry, company, and more. There is no hard and fast rule. You can enjoy less than six figures any time if you have low demands.
You can expect a six-figure salary after the 30s. The average six-figure salary is $200k. This amount is more than enough, still you will get considered middle-class in the US, currently. You will earn according to your location, skills, and job.
Age When People Must Make Six Figures
Your current salary may not remain the same forever. It will surely get increased someday. However, how fast it happens depends on several factors. Americans consider 30 as the ideal age to start making six figures. They think they must earn enough experience till 30 for that amount.
The 20s to 30s are the peak earning years. Hard work done in this decade pays off later, during the fourth and fifth decades of life. However, they must be full-time workers with at least a bachelor’s degree. Earning six figures is not rare anymore, as it used to be. As of 2022, 8% of the US population makes six figures. 11% of the women and 21% of the men in the US earn more than $100k.
Why Are Six Figures Required?
You can live in high-cost cities. Making six figures is above the poverty line. However, you will still get considered middle class in the US today. But, it is rare for people in their 20s to earn this amount. You may get around 40 years old until you get eligible to earn more than $100k. The perfect salary in the US is around $95k per year.
Still, a six-figure salary does not seem to be enough for some people due to the expenditures for education, home, family, kids, debt, savings, groceries, and more. So, earning between $100k and $150k per year is quite important in this nation. It means, your hourly wage must be approximately $48.08. In that case, you can have a comfortable lifestyle.
Jobs That Provide A Six-Figure Salary
At least a bachelor’s degree is required for the role of General and Operations Manager, Physicians and Surgeons, and Chief Executive. The following are the jobs that provide a six-figure salary:
1. General And Operations Manager
The annual mean salary for this post is $123,460. The General and Operations Managers work across several departments and locations for an organization.
2. Physicians And Surgeons
The mean annual salary for these positions is $214,700. They study the medical histories of the patients, perform medical examinations, and prescribe medications. They require at least a Doctoral or related professional degree.
3. Computer And IT System Managers
Their annual mean salary is $149,730. They determine the technology goals of the organization and implement appropriate technology and computer systems to implement the same.
4. Chief Executives
The Board of Directors and other stakeholders establish the guidelines for the company and the Chief Executives implement them with the help of low-level employees. Their mean annual salary is $196,050.
Skills That Provide A Six Figure Salary
The following skills provide a six-figure salary:
1. Job Research
Find a job to earn a six-figure salary. Your starting salary may not be in six figures, but it must reach that amount as you progress in your career. Job research helps you understand what employers want to pay you a six-figure salary. Gain the skills required to advance in your career and reach that point.
2. Negotiation Or Job Change
You must negotiate with your employer for a salary raise if you do not get it for a long time. If you think you cannot reach that point with the current job, you may go for a job change.
Getting a six-figure salary is not a cakewalk. So, do not directly approach your employer or switch the job in impatience. Keep improving, understand your worth, and take steps accordingly.
Locations That Provide A Six Figure Salary
The following are the locations in the US that provide a six-figure salary:
1. Pittsburgh, PA
4.8% of employees make a six-figure salary. The average salary of the employees earning a six-figure salary is $122,515. The cost of living in this location is 4.3% lower than the average.
2. Rochester, NY
5.2% of employees make more than $100k per year. As compared to the average, the cost of living in this city is 1.7% lower. The average salary of the employees making a six-figure salary is $126,099.
3. Columbus, OH
As compared to the average, the cost of living in this city is 5.8% lower. The average salary for employees earning a six-figure salary is $123,772 per annum. 5.3% of employees earn more than $100k.
4. Richmond, VA
The average salary for employees earning more than $100k is 125,655 per annum. As compared to the average, the cost of living is 4.6% lower. 8% of employees make a six-figure salary per year.
You can expect a six-figure salary after your 30s. Some people even get retired until they reach this level because it depends on their education, experience, industry, location, company, and more. 8% of the US population earns that amount. You can have a luxurious house, car, and other assets while handling other essential expenses with this amount per year.