How Much Money Is Needed Each Year to Live On?

Here’s the Retirement Savings Formula: Start with current income, subtract estimated Social Security benefits, and divide by 0.04. That’s the target number in today’s dollars.

Life & Career Archives | Page 12 of 91

Feb

2025

When Can I Retire This Formula Will Help You Know_780x440

When Can I Retire Calculator

By Pam O’Brien | Budgeting & Goals, invest, Investing, Life & Career, Preparing for Retirement | No Comments

When it comes to figuring out when you can retire, there are a number of factors to consider: Social Security, inflation, and health care costs.

Thankfully, there’s retirement calculators for figuring out these costs, which might help you plan for the future. But first, to decide when you can retire, determine at what age you want to retire and then see how that decision affects your finances.

Key Points

• Factors to consider when deciding when to retire include Social Security benefits, inflation, and healthcare costs.

• The full retirement age for Social Security benefits varies based on birth year.

• Early retirement can result in reduced Social Security benefits, while delaying retirement can increase monthly benefits.

• Different retirement accounts have specific rules for withdrawals, such as Roth IRAs and traditional IRAs.

• Other sources of retirement income to consider include part-time work, pensions, inheritance, and rental income.

When Can You Get Full Social Security Benefits?

As you consider when to apply for Social Security, you’ll want to understand at what age the government allows people to retire with full Social Security benefits. Not only that, at what age can people start withdrawing from their retirement accounts without facing penalties? For Social Security, the rules are based on your birth year.

The Social Security Administration has a retirement age calculator . For example, people born between 1943 and 1954 could retire with full Social Security benefits at age 66.

Meanwhile, those born in 1955 could retire at age 66 and two months, and those born in 1956 could retire at age 66 and four months. Those born in or after 1960 can retire at age 67 to receive full benefits. This can help with your retirement planning.

Social Security Early Retirement

A recipient will be penalized if they retire before full retirement age. The earlier a person retires, the less they’ll receive in Social Security.

Let’s use Jane Doe as an example and say she was born in 1960, so full retirement age is 67. If she retires at age 66, she’ll receive 93.3% of Social Security benefits; age 65 will get Jane 86.7%. If she retires on her 62nd birthday — the earliest she can receive Social Security — she’ll only receive 70% of earnings.

Here’s a retirement planner table for those born in 1960, which shows how one’s benefits will be reduced with early retirement.

How Early Retirement Affects Your Social Security Benefits

Source: Social Security Administration

Social Security Late Retirement

If a person wants to keep working until after full retirement age, they could earn greater monthly benefits. This is helpful to know when choosing your retirement date.

For example, if the magic retirement number is 66 years but retirement is pushed back to 66 and one month, then Social Security benefits rise to 100.7% per month. So if your monthly benefit was supposed to be $1,000, but you wait until 66 years and one month, then your monthly allotment would increase to $1,007.

If retirement is pushed back to age 70, earnings go up to 132% of monthly benefits. But no need to calculate further: Social Security benefits stop increasing once a person reaches age 70. Here is a SSA table on delayed retirement .

💡 Quick Tip: You can’t just sit on the money you save in an IRA account forever. The government requires withdrawals each year, starting at age 73 (for those born in 1950 or later). These are called required minimum distributions or RMDs.

¹Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer. Matches on contributions are made up to the annual limits.

Other Retirement Income to Consider

In retirement, you may have other income sources that can help you support your lifestyle and pay the bills. These might include:

Part-Time Work

Working after retirement by getting a part-time job, especially if it’s one you enjoy, could help cover your retirement expenses. And as long as you have reached your full retirement age (which is based on your year of birth, as noted above), your Social Security benefits will not be reduced, no matter what your earnings are.

However, if you retire early, you need to earn under an annual limit, which is $22,320 in 2024, and $23,400 in 2025, to keep your full benefits. If you earn more than that, you’ll lose $1 in Social Security benefits for every $2 you earn over the limit.

Pension

A pension, also sometimes known as a defined benefits plan, from your employer is usually based on how long you worked at your company, how much you earned, and when you stopped working. You’ll need to be fully vested, which typically means working at the company for five years, to collect the entire pension. Check with the HR rep at your company to get the full details about your pension.

A pension generally gives you a set monthly sum for life or a lump sum payment when you retire.

Inheritance

If you inherit money from a relative, these funds could also help you pay for your retirement. And fortunately, receiving an inheritance won’t affect your Social Security benefits, because Social Security is based on money you earn.

Rental Income

Another potential money-earning idea: You could rent out a home you own, or rent out just the upper floors of the house you live in, for some extra income in retirement. Like an inheritance, rental income will not affect your social security benefits.

Major Expenses in Retirement

It’s important to draw up a budget for retirement to help determine how much money you might need. The amount may be higher than you realize. These are some of the major expenses retirees commonly face.

Healthcare

For most people, healthcare costs increase as they get older, as medical problems can become more serious or pervasive. According to Fidelity, the average amount that a couple who are both age 65 will spend on healthcare during their first year of retirement is $12,300.

Housing

Your mortgage, home insurance, and the costs of maintaining your house can be a significant monthly and yearly expense. In fact, Americans aged 65 and older spent $16,880 annually on housing during the years from 2016 to 2020, according to the Bureau of Labor Statistics.

Travel

If you’re planning to take trips in retirement, or even just drive to visit family, transportation costs can quickly add up. From 2016 to 2020, people over age 65 averaged about $7,062 in transportation costs a year.

When Can You Withdraw From Retirement Accounts?

Now let’s look at retirement accounts. Each type of account has different rules about when money can be taken out.

If a Roth IRA account has existed for at least five years, withdrawals from the account are usually okay after age 59 ½ without consequences. Taking out money earlier or withdrawing money from a Roth IRA that’s been open for fewer than five years could result in paying penalties and/or taxes.

There is a little wiggle room. Retirement withdrawal rules do have exceptions for issues like disability or educational expenses, and there is an option to withdraw money early and pay taxes or penalties.

If a person is at least 59 ½ and has a Roth IRA that is less than five years old, taxes will need to be paid upon withdrawal but not penalties. Taxes or penalties might not need to be paid at age 59 ½ and if the Roth IRA has been open for five years or more.

People with a traditional IRA can make withdrawals from ages 59 ½ to 72 without being penalized. The government will charge a 10% penalty on withdrawals before age 59.5, and depending on location, a state penalty tax might also be charged.

People with 401(k)s can typically retire by age 55 and make withdrawals without receiving a penalty. People with either a traditional IRA or 401(k) must start making withdrawals by age 72 or face a hefty penalty.

💡 Quick Tip: Did you know that opening a brokerage account typically doesn’t come with any setup costs? Often, the only requirement to open a brokerage account — aside from providing personal details — is making an initial deposit.

Test your understanding of what you just read.

The Takeaway

Deciding at what age to retire is a personal choice. However, by planning ahead for some common expenses, and understanding the age at which you can get full Social Security benefits, you can use a retirement calculator formula to figure out how much money you’ll need each year to live on. And you can supplement your Social Security benefits with other forms of income and by making smart decisions about savings and investments.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

Invest with as little as $5 with a SoFi Active Investing account.

FAQ

How do I calculate my retirement age?

To calculate your full retirement age, which is the age you can receive your full retirement benefits, you can use the Social Security administration’s retirement age calculator . Essentially, if you were born in 1960 or later, your full retirement age is 67. For those born between 1954 and 1959, the full retirement age is between 66 and 67, depending exactly how old they are when they retire (such as age 66 and two months). And for those born between 1943 and 1954, full retirement age is 66.

The earlier you retire before your full retirement age, the less you’ll receive in benefits. Conversely, the longer you keep working, up to age 70, the more you can receive.

Can you legally retire before 55?

Yes, you can legally retire before age 55. However, your Social Security benefits typically won’t kick in until age 62. And even then, because you’ll be tapping into those benefits before your full retirement age of 66 or 67, you’ll get a reduced amount, or just 70%, of your benefits.

There is something called the rule of 55 that allows you to withdraw funds from a 401(k) or 403(b) at age 55 without paying a penalty. That may be something to look into if you’re planning to retire early.

Can you retire after 20 years of work?

In some lines of work, you can retire after 20 years on the job and likely get a pension. This includes those in the military, firefighters, police officers, and certain government employees.

That said, anyone in any industry can retire at any time. However, Social Security benefits don’t typically begin until age 62.

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Feb

2025

Can You Write a Check From a Savings Account?

Can You Write Checks From a Savings Account?

By Ashley Kilroy | Family Finances, Life & Career, money | Comments Off

Table of Contents

Why You Can’t Write Checks from a Savings Account
What Accounts Can You Write a Check From?
What You Can Do With a Savings Account
Tips for Using a Savings Account to Make Payments
FAQ

Typically, you can’t write checks from a savings account. Instead, you can do so from a checking account, which is designed to provide that specific financial service. Savings accounts are primarily for earning interest on your deposits and only occasionally transferring money.

Checks might seem like an old-fashioned payment method, but they can be vital in specific transactions. For instance, you might need to pay the deposit for an apartment rental by check. In addition, personal checks are more secure for mailing payments than cash. While you may want to draw funds from a savings account by check, that’s really not what it’s designed for.

Key Points

• Writing checks from a savings account is usually not possible; it can typically only be done from a checking account.

• Savings accounts are primarily for earning interest and occasional money transfers, not for check writing.

• Checks are still important for certain transactions, such as apartment rental deposits and secure mailing of payments.

• Savings accounts are designed for saving money, earning interest, and providing security for future needs.

• While payments cannot typically be made directly from a savings account using checks, automatic transfers and mobile banking can be used for certain transactions.

Why You Can’t Write Checks from a Savings Account

You can’t usually write checks from a savings account because these accounts are for earning interest on cash you leave alone. What’s more, you may be restricted as to how often you can transfer money out of a savings account, too.

Part of the way a bank makes money is to lend out your funds on deposit in a savings account for other purposes. You earn an annual percentage yield, or APY, on your deposit for giving the bank the privilege of using your money that’s in a savings account. (You can use an online APY calculator to take a closer look at this figure.) In other words, your financial institution is depending on some savings account money staying put, not being regularly transferred out via checks.

Checking accounts, however, are designed to allow customers to write checks and make purchases. They may not make much or any interest, but you can move your money out of these accounts via checks and electronic transfers. You can even write a check to yourself to access your money.

What Accounts Can You Write a Check From?

One of the ways that checking accounts vs. savings accounts differ is that you usually can’t write checks from a savings account. However, both checking accounts and money market accounts can let you move funds out via checks. You can choose from the following types:

• Standard checking. This account typically provides a checkbook and debit card to make purchases. You might earn meager or no interest, but you can access your cash quickly. And, as with most kinds of checking accounts, you’ll be able to get cashier’s checks and certified checks if needed.

• Premium checking. This is a checking account on steroids, with better interest rates, rewards programs, and customer perks. In addition, these accounts might have monthly fees or steep minimum balance requirements in order to get those enhanced benefits, so check your customer agreement carefully.

• Rewards checking. Think of rewards checking as akin to a premium checking account but focuses on providing cash back for debit card usage. Again, it’s crucial to read the fine print for these accounts, as they usually require specific spending habits to be worthwhile.

• High-interest checking. This kind of account, also known as high-yield checking, blends saving and checking together by providing higher interest rates while allowing you to write checks and use your debit card.

While this account attempts to provide the best of both worlds, you’ll likely receive a lower interest rate than a savings account. You also might have to fulfill strict requirements (such as a monthly high account balance or transaction count), though some banks, especially online banks, may offer them without fees or balance requirements.

• Student checking. High school and college students can access banking through these accounts. Student checking accounts typically provide leniency for overdrafts and promotional rewards for new customers. However, your account will change to a standard checking account when you lose student status, meaning you may lose the advantages of a student account.

• Second chance checking. Customers with less than perfect banking histories can struggle to find a bank that will provide them with an account. Unpaid bank fees and repeated overdrafts can cast a shadow over your banking record, making financial institutions hesitant to work with you. Fortunately, numerous institutions offer second chance checking to give customers another shot at banking. These accounts might restrict spending or charge monthly fees to cover their risk but can help you get back on your feet.

• Money market account. Many money market accounts also combine some of the features of savings and checking accounts. For example, money market accounts can earn higher interest than typical checking accounts (making them more like savings accounts) but allow you to write checks, as with a checking account.

What You Can Do With a Savings Account

While you may not be able to write checks with a savings account, the different types of savings accounts offer these functions and benefits:

• Security. You can safely save for the future, whether that means building an emergency fund or saving for a down payment on a house. If you bank at a Federal Deposit Insurance Corporation (FDIC)- or National Credit Union Administration (NCUA)-insured institution, you will have up to $250,000 per depositor or shareholder, per insured institution for each account ownership category.

• Interest. As noted above, you’ll earn interest. The annual percentage yield (APY) will help your money grow.

• Convenience. You can also use mobile banking with a savings account. This feature allows you to access your account from your phone to deposit checks, transfer money, and view monthly statements.

• Perks. You may be able to snag some perks by opening a savings account, such as some banking fees being waived or a one-time cash bonus.

• Automated savings. You can set up automatic transfers from your checking account to savings to help increase your savings in an effortless way.

• Account linking. You can link your savings account as a backup to your checking to help avoid overdrafting.

Quick Money Tip: If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.

Tips for Using a Savings Account to Make Payments

Here’s how to set up automatic transfers out of your savings account:

• Have your account details handy. Double-check your account and routing numbers to make sure you are transferring funds out of the right account.

• Limit the bills you pay with your savings account. The less information is out there, the less likely it is to fall into a thief’s hands.

• Don’t attempt more than your account’s transaction limit. Some savings accounts may allow no more than six withdrawals per month. Check with your financial institution to find out your exact transaction limits.

• Maintain an adequate balance. Transferring money from your checking account and depositing cash or paychecks into your savings account will help ensure you don’t overdraft the account.

The Takeaway

Savings accounts are excellent tools for earning interest and working towards your financial goals. However, they are less suitable for making payments because you typically can’t write checks from a savings account. However, you can usually make payments from savings accounts by automatic transfers.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

Why do checks come from checking accounts?

Checks come from checking accounts because banks intend payments to flow frequently from these accounts. In addition, checking accounts are the most convenient way to deposit and withdraw money from a bank because you can withdraw money an unlimited amount of times per month.

Why can I not write checks with a savings account?

In general, you can’t write checks with a savings account because the account is for saving money and earning interest payments. Banks don’t provide checks for a savings account because the intention is for you to save money and leave at least a chunk of it untouched in the account. On the other hand, checking accounts allow you to write checks.

Can I write any check from a savings account?

You typically can’t write a check from a savings account because that is not how they operate according to federal guidelines. You can save money and earn interest with a savings account, while a checking account allows you to write checks.

About the author

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.

Photo credit: iStock/AndreyPopov

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Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

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Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

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Feb

2025

How Much Does a Paramedic Make a Year?

By Jacqueline DeMarco | Life & Career, relay | Comments Off

Working as a paramedic is a rewarding career path for many. Though the job is often about more than just the money, it is possible for paramedics to earn a living. The median annual wage for paramedics is $46,770, according to the U.S. Bureau of Labor Statistics (BLS).

Keep reading for insights into a paramedic’s salary.

Key Points

• The median annual wage for paramedics is $57,450.

• Job growth for paramedics is projected at 6 percent by 2033, with 16,200 new openings annually.

• Paramedic work is fulfilling due to the impact of helping and saving lives.

• The role is physically demanding, involving frequent lifting, bending, and kneeling.

• Positive job growth and personal fulfillment can make the demanding aspects of the job worthwhile.

What Is a Paramedic?

A paramedic provides emergency medical services to individuals when they’re injured or sick. They may also be responsible for transporting people to the hospital, where they can receive further medical treatment. Because medical emergencies can happen any time of day, paramedics often work nights, holidays, and weekends. Many work 40 hours a week, if not more.

To become a paramedic, you usually must meet certain postsecondary educational requirements, which can vary by state.

How Much Is a Paramedic’s Starting Salary?

How much does a paramedic make a year? While the median annual salary for paramedics is $57,450, entry-level salaries may be lower. As with most jobs, a paramedic’s pay rate should become more competitive as they progress in their career.

Regardless of your income, it’s a good idea to keep your finances in order. An online budget planner can give you insight into your spending.

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What Is the Average Salary for a Paramedic?

If you’re considering going into emergency medical services — and thinking about the long shifts that are often involved — you may be wondering how much a paramedic makes an hour.

According to BLS data, paramedics earn a median hourly rate of $27.62. But how much they actually earn depends on how many hours they work, how experienced they are, and where they live.

In fact, salaries can differ greatly by state. For example, the annual mean wage of a paramedic in California is $69,870. In Alabama, it’s $45,060.

It’s understandable that some paramedics earn more based on where they live, as the cost of living can vary a lot by state. At the very least, paramedics can expect to earn the minimum wage.

The following table breaks down the mean annual wage for paramedics by state.

Median Paramedic Salary by State for 2023
State	Annual Mean Wage
Alabama	$45,060
Alaska	$67,630
Arizona	$50,280
Arkansas	$47,300
California	$69,870
Colorado	$63,010
Connecticut	$70,350
Delaware	$66,330
District of Columbia	$71,710
Florida	$56,320
Georgia	$51,280
Hawaii	73,770
Idaho	$61,900
Illinois	$67,240
Indiana	$54,320
Iowa	$51,980
Kansas	$49,550
Kentucky	$50,520
Louisiana	$50,750
Maine	$53,510
Maryland	$66,170
Massachusetts	$66,620
Michigan	$50,090
Minnesota	$68,840
Mississippi	$48,390
Missouri	$54,550
Montana	$52,590
Nebraska	$52,640
Nevada	$60,070
New Hampshire	$60,650
New Jersey	$80,510
New Mexico	$49,680
New York	$64,890
North Carolina	$49,950
North Dakota	$55,220
Ohio	$47,450
Oklahoma	$46,690
Oregon	$68,660
Pennsylvania	$55,990
Rhode Island	$58,820
South Carolina	$50,870
South Dakota	$47,560
Tennessee	$53,120
Texas	$54,770
Utah	$58,890
Vermont	$52,210
Virginia	$54,660
Washington	$94,500
West Virginia	$45,280
Wisconsin	$56,130
Wyoming	$52,470

Source: BLS

Paramedic Benefits & Job Considerations

Alongside earning a paycheck, paramedics may also receive valuable benefits such as:

• Healthcare, dental, and vision insurance

• Paid time off

• Sick leave

• Retirement plans

Pros and Cons of a Paramedic Salary

If someone is debating whether or not to pursue a career path as a paramedic, they’ll want to consider both the advantages and disadvantages of the job.

Pros

• Potential career growth. It is anticipated paramedic jobs will grow by 6 percent by 2033, and there will be around 16,200 new openings for paramedics and EMTs every year over the next decade.

• Fulfillment. Helping people for a living and saving lives can be very fulfilling ways to spend a career.

Cons

• Physically demanding. Working as a paramedic can require a lot of lifting, bending, and kneeling, which can take a physical toll.

• Dangerous. Working with the sick can expose you to diseases and viruses and potentially increase your risk of injuries.

• Hectic work schedule. Not only are paramedics expected to work odd hours, their time on the job can be very busy and stressful, with life-or-death stakes. Shifts can also be long and last up to 24 hours. This may also not be a great job for introverts, as working as a paramedic requires interacting a lot with patients and teammates.

The Takeaway

Pursuing a career as a paramedic requires a secondary education, a lot of hard work, and the ability to work odd hours. The role can be very stressful, as the stakes are quite high when delivering emergency medical services. However, with a median annual salary of $57,450, working as a paramedic can also be a reliable and rewarding way to earn a living. What’s more, you may find that as your career progresses, your earning potential will grow as well.

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FAQ

What are the highest-paid paramedics?

Exactly how much money does a paramedic make? That depends on how much experience the paramedic has, among other factors. The highest 10 percent of top-earning paramedics earn more than $79,430.

Can a paramedic make six figures?

It is unlikely a paramedic will earn a salary of $100,000 or more, but is not impossible. Typically, the highest-paid paramedics work in the state government, and they earn a median annual salary of $75,010.

What is the lowest-paid paramedic?

On the low end, paramedics can earn less than $38,520. However, they can expect their salary to rise as they gain years of working experience.

Photo credit: iStock/sturti

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SORL-Q125-063

Feb

2025

How Much Money Does a Makeup Artist Make a Year?

By Jacqueline DeMarco | Building Your Career, Life & Career, relay | Comments Off

If you dream about spending your days creating beautiful looks with your favorite beauty products, then becoming a professional makeup artist may be a good career to pursue.

But just how much money does a makeup artist make? According to the U.S. Bureau of Labor Statistics (BLS), the median annual salary for a makeup artist is $68,590.

Keep reading for more insight into makeup artist earnings, how salaries vary by state, and what this job entails.

Key Points

• The median annual salary for makeup artists is $68,590.

• Salaries vary by state, with New York and California offering the highest median salaries.

• Creative freedom and diverse work opportunities are significant perks.

• Challenges include restricted earning potential, lack of benefits, and irregular work schedules.

• The lowest 10 percent of makeup artists earn a median salary of $21,540.

What Is a Makeup Artist?

A makeup artist is a skilled professional responsible for applying cosmetics and beautifying an individual’s appearance for various purposes. They use their expertise to enhance facial features, create desired looks, and achieve specific artistic visions. Makeup artists work across various industries, including fashion, film, television, theater, special effects, weddings, and events. In addition to traditional makeup applications, some makeup artists specialize in special effects makeup, enabling them to create realistic wounds or fantastical characters for films or theater productions.

Personality plays a big role in whether or not someone will enjoy being a makeup artist. Being a makeup artist can be a suitable job for introverts, as it allows them to work in a more controlled and focused environment with clients one on one. However, working in certain settings, such as movie sets or high-profile events, may be a better fit for extroverts.

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How Much Is a Makeup Artist’s Starting Salary?

How much does a professional makeup artist make when they first begin their career? Like anyone embarking on a new career path, makeup artists tend to earn less when they’re just starting out. According to the latest BLS data, the lowest 10 percent of earners in the makeup artist field earn a median salary of $21,540. However, as artists gain more experience and exposure, they have the potential to earn much more than that entry-level salary.

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What Is the Average Salary for a Makeup Artist?

Makeup artistry is a type of trade job that has the potential to earn a lot of money. Let’s take a closer look at the average salary for a makeup artist.

• ow much does a makeup artist make a year? The median annual salary for a makeup artist is $68,590.

• How much does a makeup artist make per hour? When it comes to hourly pay, makeup artists earn a median of $32.97

Where someone lives can play a major role in how much they earn as a makeup artist. Because the cost of living varies so much by state, salaries can vary a lot, too. While the BLS has limited data collected on how much makeup artists earn in different states, the information it does have makes it clear how much salaries can vary.

For example, in Illinois, the median annual salary for a makeup artist is $35,370, whereas in New York it is $111,970. Alongside cost of living factors, there may be more job opportunities for makeup artists in some states. New York City is a major fashion and entertainment hub that likely has a high demand for makeup artists, which can lead to more competitive pay rates.

Median Makeup Artist Salary by State for 2023
State	Median Annual Salary
California	$99,520
District of Columbia	$115,320
Florida	$46,060
Illinois	$35,370
Nevada	$30,760
New York	$111,970
Oklahoma	$66,900
Utah	$68,260
Source: BLS

Recommended: The Highest Paying Jobs in Every State

Makeup Artist Benefits & Job Considerations

While makeup artists have the potential to earn a six-figure salary, the biggest downside of this job is that it is not common to earn benefits like health insurance or to have access to a 401(k). This is because most makeup artists are self-employed and are responsible for securing and paying for any traditional employee benefits they desire.

Pros and Cons of Makeup Artist Salary

Like all jobs, working as a makeup artist comes with a unique set of pros and cons to consider before pursuing this career path.

Pros

• Creative opportunities: Makeup artists have the freedom to express their creativity by creating unique looks for their clients, whether it’s for a photo shoot, movie, or special event.

• Interesting workdays: The profession offers a diverse range of opportunities, from working on movie sets to collaborating with cosmetic retailers.

• No formal education required: Unlike many other careers, becoming a makeup artist doesn’t demand a college degree.

Cons

• Restricted earning potential: The industry’s salary standards may limit the earning potential of makeup artists, with only a few able to negotiate higher pay. What’s more, self-employed artists may not always receive consistent income or benefits.

• Geographic limitations: Makeup artists may need to relocate to major cities like Los Angeles, New York, or Chicago to find steady work, and they may also have to travel with clients for various projects.

• Irregular work schedule: Makeup artists often have to adapt to erratic work hours, including weekends, holidays, and long periods of uncertainty between gigs. Maintaining a stable work-life balance could be a challenge.

The Takeaway

Makeup artistry can be a rewarding career — and potentially lucrative. How much money does a makeup artist make a year? The median annual salary for a makeup artist is $68,590. While the work can be creative and glamorous, it also lacks a traditional work schedule. Plus, most makeup artists have to foot the bill for their own employee benefits. Those considering a career in this industry need to carefully consider if the advantages of this role outweigh the disadvantages.

See exactly how your money comes and goes at a glance.

FAQ

Can you make good money doing makeup?

If someone is asking, how much does a makeup artist make in a year, they’ll probably like the answer. The median annual salary for a makeup artist is $68,590, so yes, it is possible to make good money doing makeup. However, some states, like New York and California, have much more lucrative job opportunities than other states.

Can you make six figures as a makeup artist?

Yes, it is possible to make six figures as a makeup artist. The median annual salary for makeup artists nationwide is $68,590, according to the latest BLS data. However, where they live plays a major role in how likely they are to earn a $100,000 salary as a makeup artist.

How much profit does a makeup artist get?

The profit a makeup artist receives varies greatly depending on their employment status and the specific makeup services they offer. Self-employed makeup artists have the potential to earn the full profit after deducting operating costs, while those working for cosmetic retailers or salons may receive a fixed salary or commission-based earnings. Factors such as location, experience, clientele, and demand for their services can also impact overall profit.

Photo credit: iStock/anatoliy_gleb

SORL-Q125-062

Feb

2025

How Much Does a Diesel Mechanic Make a Year?

By Marcy Lovitch | Life & Career, relay | Comments Off

Even if you haven’t thought about diesel mechanics before, chances are you’ve benefited from their expertise. These skilled technicians fix the machines that harvest our food, the generators that provide electricity when the power goes out, the big rigs that ferry our goods across the country, and so much more.

Being a diesel mechanic requires a certain skill set and level of training. Generally speaking, they tend to earn slightly more than auto mechanics. According to the latest figures from the U.S. Bureau of Labor Statistics (BLS), the median pay for a diesel mechanic is $59,920 per year, or $28.81 per hour. (By comparison, the median pay for an auto mechanic is $51,940 per year, or $24.97 per hour.) However, pay rates can vary depending on where a technician works and their level of experience.

Key Points

• Median annual pay for diesel mechanics is $59,920, ranging from $39,020 to $82,430.

• Earnings vary by location, experience, and type of vehicles worked on.

• Job responsibilities include inspecting, repairing, and maintaining diesel engines, and communicating with customers.

• Benefits often include health insurance, 401(k), paid time off, and tuition reimbursement.

• Pros include a comfortable median pay and potential for higher earnings; cons include lower pay in high-cost areas and limited additional income opportunities.

What Is the Starting Salary for a Diesel Mechanic?

If you’re just starting out as a diesel mechanic, you probably won’t earn the median salary of $59,920. According to the BLS, 10 percent of workers — most likely those new to the field — earn closer to $39,020, or $18.76 per hour. In some states, this rate is only a few dollars more than minimum wage.

Whether you’re paid a set weekly salary or hourly rate, starting out as an entry-level diesel mechanic can be challenging. The wages may be difficult to live on, especially if you have a lot of financial obligations or live in a place with a higher cost of living.

But if working with machinery and, in particular, on diesel engines is what you really want to do, it can be worth any initial sacrifices. And the good news is, diesel mechanic jobs are expected to continue to grow. So in time, you can move up the ladder or seek out a new job to increase your yearly salary.
In the meantime, using a spending app can help you keep tabs on where your money is going so you can make ends meet.

In the meantime, using a spending app can help you keep tabs on where your money is going so you can make ends meet.

What Do Diesel Mechanics Do?

Diesel mechanics inspect, repair, and maintain vehicle engines that run on diesel fuel. This includes everything from trucks, overhaul buses, and trains, to cruise ships, generators, and construction and agricultural equipment. Their goal is to make sure vehicles are safe for both drivers and passengers.

A diesel mechanic position is a manual labor trade job you can get without a college degree, though most employers want diesel techs to have at least a high school diploma or a GED equivalent. While you don’t need secondary education to do the job, you do need specialized training, which can be acquired on the job, through a certificate program, or by attending a trade or vocational school.

And though diesel mechanics may need to occasionally speak with customers about issues with the vehicles, it can be a good job for introverts.

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Recommended: 25 High-Paying Trade Jobs in Demand

Examples of a Diesel Mechanic’s Job Responsibilities

There are many daily responsibilities for a diesel mechanic, ranging from simple servicing to major repairs. For instance, when examining a diesel engine, the mechanic can run a diagnostic test to determine if the engine is running properly. If there’s a problem, a diesel mechanic can replace a vehicle’s engine, transmission, steering, and braking systems.

Here are some other essential work duties a diesel mechanic typically performs:

• Identifying any engine malfunction issues

• Securing the parts needed for servicing

• Test driving vehicles for performance

• Communicating issues about the vehicle to the customer and advising them on how best to maintain the machinery

• Keeping detailed work records on engines serviced

What Is the Starting Salary for a Diesel Mechanic?

In the meantime, using a spending app can help you keep tabs on where your money is going so you can make ends meet.

What Is the Average Diesel Mechanic Salary by State?

If you’re considering going into the field, you may be wondering how much a diesel mechanic makes a year. As previously mentioned, the median pay for a diesel service technician and mechanic is $59,920 per year, or $28.81 per hour.

Keep in mind that in certain areas, there’s an increased demand for diesel mechanics, which means there’s a greater chance pay rates will be higher. Per the BLS, here’s the average diesel mechanic salary by state.

State	Annual Salary
Alabama	$51,760
Alaska	$69,760
Arizona	$57,470
Arkansas	$50,800
California	$69,850
Colorado	$65,250
Connecticut	$67,100
Delaware	$60,480
Florida	$56,900
Georgia	$58,200
Hawaii	$70,010
Idaho	$56,350
Illinois	$64,670
Indiana	$58,230
Iowa	$55,810
Kansas	$53,420
Kentucky	$51,530
Louisiana	$51,530
Maine	$54,350
Maryland	$64,800
Massachusetts	$68,030
Michigan	$57,090
Minnesota	$63,110
Mississippi	$49,070
Missouri	$56,560
Montana	$54,530
Nebraska	$53,270
Nevada	$62,030
New Hampshire	$62,160
New Jersey	$65,540
New Mexico	$53,480
New York	$69,710
North Carolina	$54,240
North Dakota	$62,470
Ohio	$55,450
Oklahoma	$52,770
Oregon	$60,920
Pennsylvania	$56,210
Rhode Island	$60,970
South Carolina	$52,060
South Dakota	$59,570
Tennessee	$56,630
Texas	$57,020
Utah	$59,270
Vermont	$60,360
Virginia	$56,520
Washington	$69,620
West Virginia	$49,440
Wisconsin	$59,650
Wyoming	$57,840

Recommended: The Highest-Paying Jobs in Every State

Diesel Mechanic Job Considerations: Pay and Benefits

Looking for a diesel mechanic job? Along with researching positions with competitive pay, it’s important to factor in employer benefits.

Here are common employee benefits offered to diesel mechanics:

• Health, dental, vision, and life insurance

• 401(k) with possible employer match

• Tuition reimbursement

• Flexible Spending Account (FSA) and/or Health Savings Account (HSA)

• Paid sick days, vacation, and holiday pay

• Parental leave

• Stock options

• Profit sharing

• Low prescription drug costs

• Wellness programs, such as free counseling services

Pros and Cons of a Diesel Mechanic’s Salary

When it comes to a diesel mechanic’s earnings, there are potential upsides and downsides you’ll want to keep in mind.

Advantages of a Diesel Mechanic’s Salary	Disadvantages of a Diesel Mechanic’s Salary
Salary can be comfortable depending on state or city where you work	Wages may not be enough if you live in a state or area with a higher cost of living
Steady work schedule with opportunities for overtime pay	Salaried workers may not be entitled to overtime pay
Pay can rise with career experience, increased job education from extra certification, training programs, or vocational school	Lack of work experience and little to no training can mean a lower salary when you first start out
Can receive a commission, tips, or bonus in addition to base salary, depending on the company	Employers may not offer commissions or bonuses, and employees may not be allowed to accept tips

The Takeaway

The median pay for a diesel service mechanic is $59,920 per year, or $28.81 per hour, according to the latest figures from the BLS. However, that amount can vary by state, and there may be opportunities to earn more with additional training and experience. Diesel mechanics are in demand, and jobs are expected to continue growing. This means skilled technicians may have opportunities to join companies that offer benefit packages, potentially move up the ranks, and even increase their take-home pay.

See exactly how your money comes and goes at a glance.

FAQ

What is the highest-paying diesel mechanic job?

According to the BLS, the highest salary for a diesel mechanic clocks in around $82,430 a year. Types of diesel mechanics who generally make more money include those who work on heavy-duty trucks, tractor trailers, and water-based vessels such as cargo and cruise ships.

How much does a diesel mechanic earn in the Bay Area?

The average annual diesel technician salary in San Francisco is $83,370, according to the BLS. That works out to an average hourly rate of $40.08.

Is being a diesel tech worth it?

For people who enjoy working with their hands and have an interest in the workings of machinery, becoming a diesel tech can be a rewarding career. The field offers opportunities for constant learning, increased expertise, job stability and room for career advancement.

Photo credit: iStock/sathit trakunpunlert

SORL-Q125-061

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The Takeaway

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Can you legally retire before 55?

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The Takeaway

FAQ

Why do checks come from checking accounts?

Why can I not write checks with a savings account?

Can I write any check from a savings account?

How Much Does a Paramedic Make a Year?

What Is a Paramedic?

How Much Is a Paramedic’s Starting Salary?

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What Is the Average Salary for a Paramedic?

Paramedic Benefits & Job Considerations

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The Takeaway

FAQ

What are the highest-paid paramedics?

Can a paramedic make six figures?

What is the lowest-paid paramedic?

How Much Money Does a Makeup Artist Make a Year?

What Is a Makeup Artist?

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How Much Is a Makeup Artist’s Starting Salary?

What Is the Average Salary for a Makeup Artist?

Makeup Artist Benefits & Job Considerations

Pros and Cons of Makeup Artist Salary

Pros

Cons

The Takeaway

FAQ

Can you make good money doing makeup?

Can you make six figures as a makeup artist?

How much profit does a makeup artist get?

How Much Does a Diesel Mechanic Make a Year?

What Is the Starting Salary for a Diesel Mechanic?

What Do Diesel Mechanics Do?

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Examples of a Diesel Mechanic’s Job Responsibilities

What Is the Starting Salary for a Diesel Mechanic?

What Is the Average Diesel Mechanic Salary by State?

Diesel Mechanic Job Considerations: Pay and Benefits

Pros and Cons of a Diesel Mechanic’s Salary

The Takeaway

FAQ

What is the highest-paying diesel mechanic job?

How much does a diesel mechanic earn in the Bay Area?

Is being a diesel tech worth it?

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