The (recent) graduates making $400k (2024)

FAQs

Is 400K a good salary in the US? ›

A $400,000 a year household income puts you in America's top 1.8% income-earners according to the IRS. Therefore, by most metrics, you are considered rich with this income. Sadly, earning $400K a year would have put you in the top 1% of income earners just 10 years ago.

A $200,000 household income is more than most people earn across the U.S. In fact, just 12% of U.S. households earn $200,000 or more annually, according to Census Bureau data.

$400,000 yearly is how much per month? If you make $400,000 per year, your Monthly salary would be $33,333.

Walmart says managers can now earn up to $400,000 a year — no college degree needed - CBS News.

Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.

In 2023, households earning at least $844,266 per year are considered among California's top 1%. On average, these high earners are taxed at a rate of 26.95%. In the Garden State, you'll need an annual household income of $817,346 to be in the top 1%.

Here's the income it takes to be a top earner in your state

You'll need to earn more than half a million annually to be considered among the highest earning residents in 11 states and Washington, D.C. "This comes down to cost of living," Murray said.

Upper-middle class: $94,001 – $153,000. Upper class: greater than $153,000.

Upper middle class: Anyone with earnings in the 60th to 80th percentile would be considered upper middle class. Those in the upper middle class have incomes between $89,745 and $149,131. Upper class: Finally, the upper class is the top 20% of earners and they have incomes of $149,132 or higher.

One rule of thumb is to aim for a home that costs about two-and-a-half times your gross annual salary. If you have significant credit card debt or other financial obligations like alimony or even an expensive hobby, then you may need to set your sights lower.

How long can you live on $400,000 dollars? ›

Using our portfolio of $400,000 and the 4% withdrawal rate, you could withdraw $16,000 annually from your retirement accounts and expect your money to last for at least 30 years. If, say, your Social Security checks are $2,000 monthly, you'd have a combined annual income in retirement of $40,000.

$4,500 a month is how much an hour? If you make $4,500 a month, your hourly salary would be $25.96.

Here are the highest paying jobs without a college degree:

Flight Attendant. Sales Representative. Sound Engineering Technician. Structural Iron and Steelworker.

The answer is, maybe. This money can generate a modest income that might be enough to pay your bills depending on your standard of living. But this will not be a generous income. It won't leave you much room for either luxury or emergency spending.

According to the latest data from the Internal Revenue Service (IRS), a relatively small fraction of the population falls into this high-earning bracket. The IRS reports that for the most recent tax year with available data, less than 1% of all tax filers reported an adjusted gross income (AGI) exceeding $500,000.

For 2022, the average wage for working Americans was $61,136. The average wages of those in the top 1 percent of wage earners were $785,968 that year. In the rarefied top 0.1 percent, the average earnings were more than $2.8 million in 2022.

Generally, an income that comfortably covers living expenses, allows for savings, and provides for leisure activities is considered good. In the United States, median household income is around $68,700 according to recent data. However, in cities with higher costs of living, a good salary might be considerably higher.