Financial Topics Archives

Q: Which trade is in highest demand?

Several trades are in high demand. For example, the demand for electricians is expected to grow 11% in the coming decade, and HVAC and medical sonography are also growing.

Feb

2025

Average Salary for Trade Jobs by State for 2025

By Emma Diehl | Building Your Career, Life & Career, relay | Comments Off

The average salaries for trade jobs by state ranges from about $50,000 to just over $76,000 per year. As student debt reaches an all-time high and automation is shaking up many industries, more and more people are turning to the trades. With the benefit of less education debt, and a lower likelihood of replacement by machines, a job in the trades holds out hope for a steady salary and job security.

But what’s the average pay, and how does it vary state by state? Read on to find out more about the advantages and disadvantages of trade jobs.

Key Points

• The average salaries for trade jobs by state currently range from $50,180 to $76,053.

• Nuclear Power Reactor Operator leads with a median salary of $121,240.

• Job growth for top trades ranges from -8% to 11%, with sonography at 11%.

• Benefits of trade careers include lower education costs and job security.

• Drawbacks include physical demands and potential safety risks.

What Is a Trade Job?

A trade job is typically a hands-on role that doesn’t require a college degree. Instead, tradespeople gain experience in a specialty program or through training on the job.

Many think of a trade job in terms of plumbing or construction, but trade jobs also encompass roles such as pilot and real estate broker.

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Recommended: Why Raise the Minimum Wage?

Pros and Cons of a Trade Job

Like any job, working in a trade comes with a fair share of benefits and drawbacks.

Pros include:

• Cost of education. Since most trades don’t require a four-year degree, tradespeople may be less likely to take on student loan debt before beginning their career.

• Security. Trades require special knowledge and experience, and are less likely to be automated. The skilled labor required for many trades jobs promises security down the line.

Cons of a trade job are:

• Physical toll. Many, but not all, trades jobs require strength and mobility, which can take a toll over time. Trade jobs often require employees to be out in the field, as opposed to working from home. Demanding construction or maintenance jobs can lead to injury and discomfort if you aren’t careful.

• Safety. Some trades jobs are more dangerous than others. Mistakes on the job can lead to serious bodily trauma.

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Average Salary for Trade Jobs by State

Trade jobs span multiple industries and skill sets, which lead to a wide variation in average pay. Some may be salaried, while others are hourly, and each will have different demands. Here is the average salary for trade jobs by state, courtesy of Zip Recruiter.

State	Average Salary for Trade Jobs
Alabama	$60,863
Alaska	$72,316
Arizona	$62,575
Arkansas	$55,526
California	$66,270
Colorado	$70,608
Connecticut	$63,878
Delaware	$67,207
Florida	$50,180
Georgia	$56,700
Hawaii	$69,765
Idaho	$63,180
Illinois	$65,069
Indiana	$63,897
Iowa	$63.071
Kansas	$59,887
Kentucky	$58,321
Louisiana	$57,421
Maine	$65,014
Maryland	$65,171
Massachusetts	$73,335
Michigan	$58,527
Minnesota	$65,767
Mississippi	$63,595
Missouri	$62,986
Montana	$61,633
Nebraska	$64,023
Nevada	$63,378
New Hampshire	$65,303
New Jersey	$68,172
New Mexico	$65,072
New York	$73,463
North Carolina	$61,025
North Dakota	$71,049
Ohio	$63,838
Oklahoma	$62,001
Oregon	$70,996
Pennsylvania	$67,310
Rhode Island	$65,760
South Carolina	$62,311
South Dakota	$67,149
Tennessee	$60,946
Texas	$62,560
Utah	$61,131
Vermont	$71,937
Virginia	$66,573
Washington	$76,053
West Virginia	$51,985
Wisconsin	$67,777
Wyoming	$64,545

Recommended: More High-Paying Jobs by State

10 Top High-Paying Trade Jobs

Trade jobs usually don’t require a four-year degree, but many can net a coveted $100,000 salary. Here are the top 10 highest paying trade jobs by median annual salary, according to the Bureau of Labor Statistics (BLS):

1. Nuclear Power Reactor Operator

Median Annual Salary: $121,240

Job Growth Outlook (10-year): -6%

Job Description: Operate and monitor nuclear power systems.

Education Requirements: High school diploma

2. Transportation, Storage, and Distribution Managers

Median Annual Salary: $111,870

Job Growth Outlook (10-year): 9%

Job Description: Coordinate the shipping, storage, and transportation of materials based on business or government regulation. According to the BLS, this is among the trades that make the most money.

Education Requirements: High school diploma

3. Elevator Mechanic

Median Annual Salary: $102,420

Job Growth Outlook (10-year): 6%

Job Description: Install, maintain, and repair elevator and escalator systems.

Education Requirements: High school diploma

4. Power Plant Operator

Median Annual Salary: $100,890

Job Growth Outlook (2020-2030): -8%

Job Description: Control pipelines and distribution of gas or other forms of power from utility companies.

Education Requirements: Associate degree

5. Radiation Therapist

Median Annual Salary: $98,300

Job Growth Outlook (10-year): 3%

Job Description: Monitor and distribute radiation therapy to patients with cancer or other diseases. Because of frequent interaction with patients, this is not a job for antisocial people.

Education Requirements: High school diploma

6. Nuclear Medicine Technologist

Median Annual Salary: $92,500

Job Growth Outlook (10-year): -1%

Job Description: Provide radiation imaging or treatment to patients. This is one of a handful of high-paying medical jobs that don’t require a four-year degree, much less medical school

Education Requirements: Associate degree

7. Dental Hygienist

Median Annual Salary: $87,530

Job Growth Outlook (10-year): 9%

Job Description: Examine dental patients and administer oral hygiene, including routine cleanings.

Education Requirements: Associate degree

8. Electrical Line Installer and Repairer

Median Annual Salary: $85,420

Job Growth Outlook (10-year): 8%

Job Description: Install, maintain, and repair electrical systems, including poles, as well as transmission towers.

Education Requirements: High school diploma. Depending on the training you get before stepping into this field, this could offer a good entry-level salary.

9. Diagnostic Medical Sonographer, Cardiovascular Technologist and Technician

Median Annual Salary: $80,850

Job Growth Outlook (10-year): 11%

Job Description: Operate medical equipment to create images or complete medical testing.

Education Requirements: Associate degree

Recommended: What Is a Good Entry-Level Salary?

10. Subway and Streetcar Operator

Median Annual Salary: $77,370

Job Growth Outlook (10-year): 3.5%

Job Description: Drive public transport systems including street cars and subway lines. Roles can include handling cash fares. Because these roles don’t come with many physical demands, they could be a good option for steady work after retirement.

Education Requirements: High school diploma

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The Takeaway

Landing a job with a competitive salary doesn’t necessarily require a college degree. Though the average pay for trade jobs will vary by role and location, they can lead to rewarding careers with good job security. The ten highest paying trade jobs are in a range of industries, from medicine to transportation to nuclear power. Earning a six-figure salary may be possible as well, which could allow you to budget well for your financial goals.

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FAQ

What is the highest-paying trade job?

Currently, the highest-paying trade job is a nuclear power plant operator, with an average annual salary of $120,000. This shift work requires operators to monitor the status of power plants, ensuring everything runs smoothly. This role typically requires a high school diploma, certification, and on-the-job training.

What are the easiest high paying trades?

The easiest high paying trade will vary based on an individual’s strengths. But some trade jobs have a lower barrier to entry than others. That, coupled with a high predicted job growth rate, could make them easier roles to be hired into.

The field of ultrasound technology is in demand, with a predicted 19% growth rate in the next decade. Paying $62,500 annually on average, the role requires a certificate and training, but not a bachelor’s degree.

Which trade is in highest demand?

Solar energy installation is growing rapidly, and installers need only technical training to qualify. The role pays $37,000 on average a year, and the demand is expected to explode by over 50% in the next ten years. Because the job entails working with machinery alone or with a small crew, this could also be an attractive job for introverts — as long as they have no fear of heights.

Photo credit: iStock/Portra

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Feb

2025

What Age Should You File for Social Security? 62 vs 65 vs 67?

By Susan Lahey | Budgeting & Goals, money, Preparing for Retirement | Comments Off

Social Security is a critical part of most people’s retirement plans, and knowing when to start drawing on those benefits is important. Having an idea of how much you could ultimately receive from Social Security can help you determine other parts of your plan, and help you reach your retirement goals, particularly when you rope in a retirement plan like a 401(k) or IRA.

Americans can start drawing Social Security benefits at age 62, but there can be benefits to waiting until full retirement age (67), or longer. Deciding when to apply for Social Security can be complicated, and there’s likely a different answer for each person depending on their circumstances. The earlier you file, the lower your benefit amount, but the more payments you receive over time. There are many other factors to consider when choosing your retirement date, but thinking early about your potential Social Security benefits, and how they can pair with a retirement plan like an IRA or 401(k) long before you need to tap those benefits, may be beneficial.

Key Points

• Social Security benefits can be claimed at 62, but increase if delayed until 67 or 70.

• Claiming at 62 results in reduced benefits – about 70% of full benefits.

• Full retirement age is 67, offering 100% of benefits. Delaying benefits until age 70 increases monthly payments by approximately 25%.

• Factors influencing when to claim include health, life expectancy, marital status, and financial situation.

• It may be wise to supplement your Social Security benefits by investing in a retirement account, such as an IRA.

How Might Social Security Impact When You Retire?

As noted, Social Security is likely an important part of your retirement plan. But it’s important to keep in mind that it’s only one part, as most people will likely need more savings and investments to fund their retirement. Knowing your potential Social Security benefits can, however, help you figure out what your additional or supplemental savings or investments need to amount to to give you the best chance of making them last.

With all of that in mind, you’ll want to give some thought to additional factors, such as your health and family situation, to help you figure out when you should start or plan to start drawing your Social Security benefits. For many people, it may be best to wait until full retirement age, rather than at the first opportunity. But again, thinking ahead is key, and giving consideration to how a retirement plan like a 401(k) or IRA can work in tandem with Social Security can be wise.

What Is Full Retirement Age (FRA)?

Full retirement age, as outlined by the Social Security Administration, is 67, assuming you were born in 1960 or later. As such, “full retirement age,” as it stands, is 67. That’s the age at which you’d be eligible for your full Social Security benefit. But as noted, that doesn’t mean you can’t start drawing Social Security benefits before that, and for some people, that may be a good idea.

The earliest you can apply for Social Security is age 62, but your benefits will be diminished. Conversely, if you wait longer (up to age 70), you could get more. So, if it’s possible to start drawing from a retirement plan without tapping your Social Security benefits, that may be a tactic to delay, and potentially receive more later on.

Here’s a look at the percentage of Social Security benefits that you could be paid monthly depending on the age at which you decide to retire (assuming you were born in 1960 or later):

Retirement age	Percentage of full Social Security benefit paid out*
62	70%
63	75%
64	80%
65	86.7%
66	93.3%
67	100%
68	108%
69	116%
70	124%

*Data reflects percentages for those born in 1960 or later, with a full retirement age of 67.

Source: Social Security Administration

Claiming Social Security at 62 (Early Retirement)

The earliest most people can apply for Social Security is age 62. The greater the difference between when you apply and when you reach full retirement age, the more the Social Security Administration will reduce the amount of your benefit.

How Much Social Security Will You Get at 62?

As discussed, for those born in 1960 or later, full retirement age is 67. Taking retirement at 62 will cause your benefit to be reduced by about 30%.

If your benefit at full retirement would be $1,000 a month, and you file for benefits at 62, you will only receive about $700 or 70% of the amount you would have received at full retirement. For each month you wait past the age of 62, that amount rises a little bit. At $700 a month starting at 62, if you lived to the average U.S. lifespan of about 80 years old, you would receive $151,200 over your lifetime.

Benefits of Claiming Early

The benefit of claiming early is that you’d start seeing money sooner – potentially years sooner than if you had waited. Depending on numerous factors (health issues, etc.), this may be more advantageous to some people.

When Claiming Social Security at 62 Might Be a Good Idea

It may be a good idea to start claiming benefits early if you have health issues, or are unable to work or otherwise find a source of income. Again, you’ll take a hit in the form of a reduced benefit, but for some people, it may be worth it. However, it bears repeating: It all depends on your individual circumstances.

Claiming Social Security at 67 (Full Retirement Age)

Claiming Social Security at age 67, which is the full retirement age for people born after 1960, means you’re eligible for your entire, or 100%, of your benefits.

How Much Social Security Will You Get at 67?

If you wait to apply for benefits until full retirement, you will get the full amount of your benefit. In the example used above, that would be $1,000 a month. In this scenario, if you live to age 80, you would receive $156,000 over those retirement years, which is close to $5,000 more than if you filed five years earlier.

Benefits of Waiting Until Full Retirement Age

The most obvious benefit of retiring at 67 is that you get your complete Social Security benefit, without reduction. If you continue to work between 62 and 67 as well, you may also have more time to add to your savings and investments, too, to help you stretch your retirement accounts.

When Claiming Social Security at 67 Might Be a Good Idea

Claiming Social Security at 67 might be a good idea if you don’t have any immediate need to retire early. Waiting to get your entire benefit can be helpful, especially since retiring at, say, 62, would reduce that benefit by up to 30% – a decent percentage. So, if you have no immediate concerns about your health or ability to continue earning income, waiting may be a good idea.

Delaying Social Security Until Age 70

Every month you delay applying for benefits causes the monthly benefit amount to grow, up until age 70. If you file at age 70, your monthly Social Security retirement payment is close to 25% higher than it would have been if you filed at full retirement.

How Much Social Security Will You Get at 70?

Continuing with our hypothetical scenario, rather than receiving $1,000 a month you would receive about $1,300 a month. If you live to age 80, that comes to $156,000 which is the same total amount you would receive if you filed at full retirement age. This brings into the equation one of the factors that influences at what age you may want to file for Social Security benefits: how long you expect to live.

Benefits of Delaying Your Social Security

The biggest benefit of delaying your Social Security benefits is, again, a larger benefit. If you stand to draw a significantly bigger benefit at 70 than you would at 62 or 67, it may be worth it to wait — so long as you’re able.

When Claiming Social Security at 70 Might Be a Good Idea

Your benefits won’t increase after age 70, so it may be a good idea to start claiming that at 70 whether you need to or not. And even if you are taking Social Security at 70, it doesn’t mean you need to stop working or generating income otherwise, either. But again, everything comes down to an individual’s specific circumstances.

What Factors Should You Consider When Deciding to Take Social Security?

Besides your age, there are some other key factors and variables you should keep in mind when deciding when to start drawing Social Security, or affect your retirement plan. Those include your health, life expectancy, whether you’re married or not, and your overall financial situation.

Health and Life Expectancy

No one knows for certain how long they will live. But if you expect to live only to age 75 for one reason or another, you might be inclined to take your Social Security benefit early so that you could enjoy it for a longer time. But if you live until age 90, taking Social Security retirement benefits early could cost you a lot of money. Here’s how your lifetime benefit would be impacted by filing at different ages if your full retirement benefit is $1,000 a month:

• At age 62, you would receive a total of $235,000 over your retirement years.

• At age 65, you would receive $260,100.

• At 67 that jumps to $276,000.

• If you wait until age 70 it is $312,000.

So, if you expect to live a long life, waiting a few years to file could make a big difference in your total benefit.

Financial Situation and Other Retirement Income

A lot, and perhaps a majority of the money spent after retirement goes toward typical retirement expenses of housing and healthcare. The average Social Security benefit as of 2024 was a little less than $1,800 per month. So an average married couple would receive around $3,600 in benefits.

Consequently, many people have to rely on other forms of income including wages from a job, pensions, dividends, interest or capital gains in addition to their Social Security benefit. In fact, having access to other forms of income may impact when you can retire.

If you do have income besides your Social Security benefit, you might want to delay claiming your benefit. If you earn income from working, and you claim your benefit before full retirement age, your benefit may be reduced. If you have other types of income, such as pensions or interest on the money you’ve saved in your retirement account, your benefit will not be reduced; these don’t count as earnings. However, you may have to pay taxes on it.

Spousal Benefits

There are many myths around Social Security benefits, so it’s important to delve into your particular situation. Spouses may be eligible for half of the benefit their spouse would receive at full retirement age. That amount is reduced if the primary beneficiary files early.

For instance, if the primary beneficiary or spouse were to apply for Social Security benefits before you reach full retirement age, you would automatically be deemed as applying for spousal benefits as well if your spouse is already receiving benefits. The maximum spousal benefit you can qualify for is typically 50% of your partner’s benefits calculated at full retirement age.

One option for spouses is to file for one spouse’s benefit early, say at 62, and postpone filing for the other spouse’s benefit until age 70. This can provide money now and more money later. If one partner dies, the surviving partner is automatically assigned the higher benefit between their own and their late spouse.

How Social Security Fits Into Your Retirement Plan

When it comes to how Social Security benefits ultimately slot in with your retirement plan, including your investments, it’s important to try and take a holistic, top-down view of your situation. The fact is, most people are not going to be able to get by during their retirement years on their Social Security benefits alone, so they’ll likely need some investments and savings to augment that income.

With that in mind, it may be a good idea to invest in, or consider opening up, a retirement plan if you haven’t already.

401(k)s and IRAs

To supplement your Social Security benefits, you may consider opening a retirement plan, which can include either a 401(k), if your employer offers one, or an IRA. There are differences and pros and cons between those two types of retirement plans, and it may be worth speaking with a financial professional to get a sense of what may work best for you.

But the goal should be to think about what you’ll need to supplement your Social Security benefits during retirement, and plan – save and invest – accordingly.

The Takeaway

For most people, their Social Security benefit is unlikely to sustain them through their retirement years; they need to have another source of income. The earlier they retire, the smaller their benefit will be and the more they may need a second or third source of income. Gaining that income through wages can reduce your benefit if you retire before full retirement age.

Prepare for your retirement with an individual retirement account (IRA). It’s easy to get started when you open a traditional or Roth IRA with SoFi. Whether you prefer a hands-on self-directed IRA through SoFi Securities or an automated robo IRA with SoFi Wealth, you can build a portfolio to help support your long-term goals while gaining access to tax-advantaged savings strategies.

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FAQ

Is it better to take Social Security at 62, 67, or 70?

The best time to take Social Security depends on your specific circumstances. But in a broad sense, waiting until 70 may be the best thing to do in order to maximize your benefits.

How much do you lose if you retire at 62 instead of 67?

If you retire at 62, you could see your benefits reduced by as much as 30% compared to what you would have received at age 67.

Photo credit: iStock/FG Trade

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Feb

2025

How Much Do Doctors Make a Year in California?

By Austin Kilham | Building Your Career, Life & Career, relay | Comments Off

The average salary for a doctor in California is $239,200 according to the latest data from the Bureau of Labor Statistics. Understanding the average salary of a profession can help you make a variety of important decisions, from what field you want to enter to where you want to live and work.

Here’s a closer look at how much medical doctors make a year in California, regional differences in salary, and the top-paying medical specialities in the state.

Table of Contents

What Is the Average Salary for a Medical Doctor in California
How to Become a Doctor in California
Reasons to Become a Doctor
Best-Paying Medical Doctor Jobs in California
The Takeaway
FAQ

Key Points

• In California, the average annual salary for a physician is $239,200.

• Salaries for doctors in California are mid-range compared to other states like Arizona and Florida.

• Factors such as Medicaid and Medicare reimbursements can influence doctors’ incomes.

• Specialties like psychiatry and surgery can offer higher wages, with some salaries exceeding $300,000.

• The path to becoming a doctor involves extensive education and licensing, impacting potential earnings.

What Is the Average Salary for a Medical Doctor in California?

The average salary of a physician in the state of California is $239,200 per year, according to data from the U.S. Bureau of Labor Statistics (BLS). This figure doesn’t account for a physician sign-on bonus, which some doctors receive. Interestingly, California is squarely in the middle when it comes to average physicians’ salaries. The average salary in California lags behind a dozen states, including New Mexico, Wyoming, Colorado, and Connecticut.

Though many consider anything more than $100,000 a good salary, the fact that California’s pay is not top tier may come as a surprise to some. However, there are some possible explanations. For one, California spends the most on Medicaid among U.S. states. Medicaid — and Medicare, for that matter — both reimburse physicians at rates lower than their usual fees. Doctors who are seeing a lot of elderly or low-income individuals may see their incomes reduced.

Note that early in your career as a doctor, while you’re in your residency or fellowship, you’ll likely make considerably less than you will later in your career. You may need to budget wisely to get by on a medical resident’s salary.

You may also want to consider using a spending app, which can help you set financial goals and a budget and track where your money goes.

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How to Become a Doctor in California

Doctors are health care professionals who are charged with meeting with patients, diagnosing their conditions, and managing their care plans. They perform tests and prescribe medications. And they must coordinate with a range of other health care professionals, including other doctors, nurses, and emergency medical technicians.
That’s a lot of responsibility, and as a result, it takes a lot of training to become a doctor.

First, you’ll need to complete a bachelor’s degree in a field that relates to medicine, such as premedicine, biology, or biochemistry.

Next, you’ll need to go to medical school, where you will receive classroom and practical training to advance your knowledge in the medical field. Medical school is typically a four-year program. While in school, you’ll complete the first and second parts of the U.S. Medical Licensing Examination (USMLE). The average cost of medical school can be high, typically running more than $60,000 a year at private institutions.

When you graduate from medical school, you’ll enter a residency program that helps you choose a medical specialty. These programs usually last three years (but may be as long as seven), and under the supervision of an experienced physician, you’ll work full time as a resident doctor. You’ll complete your residency by passing the third and final part of the USMLE.

After your residency, you can choose to complete a fellowship that gives you further training in the specialty you’ve chosen. Though fellows tend to make more than residents, their salary isn’t as high as new doctors. The good news is, there are ways to budget on a medical fellowship salary.

Finally, you’ll need to obtain a California medical license from the Medical Board of California. You can renew your license every two years, which requires 50 hours of continuing medical education.

Reasons to Become a Doctor

Becoming a doctor can involve a lot of challenges, but it can also be immensely rewarding work. Here are a few reasons you might become a doctor:

• To help others: Doctors diagnose and treat medical conditions, helping to save and improve patients’ lives. They are often involved in ongoing treatment, ushering patients down the path to recovery. Being a physician is a people-centric profession that involves working closely with patients and their families to explain medical conditions and treatment options.

• To work in the sciences: If you’re interested in a variety of scientific fields, from biology to chemistry to anatomy to pharmacology, being a doctor is a way to explore these subjects while also helping others.

• To find purpose: The responsibility toward patients and coworkers and the ability to better people’s health and well-being often provide doctors with a sense of satisfaction and meaning in their work.

• To become a teacher: Becoming a doctor requires a lot of schooling and ongoing training. Doctors may pass on this knowledge by educating patients on how to lead healthier lives, educating medical students in teaching hospitals, and supervising residents.

• To have job security: The job outlook for physicians is relatively low, with the field expected to grow 3% through 2031. That said, there are still 23,800 openings for physicians projected each year, according to BLS data.

• To make a good salary: The annual average wage for all workers in the United States is $59,228, according to the BLS — quite a bit lower than the $239,200 average annual pay for physicians in California. That means a new doctor’s budget could be easier to wrangle than other workers starting their careers, but then again, a M.D. may have considerable educational debt.

Recommended: What Is The Average Salary in the U.S.?

Best-Paying Medical Doctor Jobs in California

The medical speciality you pursue in California will have a big impact on your salary. According to BLS data, here are some of the highest-paid physicians in California:

Psychiatrist

Psychiatrists help diagnose and treat mental disorders. Unlike psychologists, they are allowed to prescribe drugs for medical treatment.

Mean salary: $256,930

Obstetricians and Gynecologists

OBGYNs provide medical care related to childbirth and diagnose and treat diseases of the female reproductive organs. They also specialize in women’s health issues like hormone problems, infertility, and menopause.

Mean salary: $278,660

Anesthesiologist

Before, during, or after surgery, anesthesiologists administer anesthetics (which reduce sensitivity to pain) and analgesics (which act as pain relievers).

Mean salary: $339,470

Cardiologists

Cardiologists diagnose and treat conditions of the cardiovascular system.

Mean salary: $423,450

Radiologists

Radiologists use medical imaging techniques, such as x-rays, MRIs, and ultrasounds to diagnose and treat diseases and injuries.

Mean salary: $353,960

Pathologists

A pathologist helps diagnose diseases by running tests on organs, tissue, and bodily fluids, such as blood.

Mean salary: $270,560

Surgeons

Surgeons are medical doctors that may have to perform surgery, a procedure that physically changes a patient’s body.

Mean salary: $409,665

The Takeaway

Being a doctor can be fulfilling, as it allows you to help people through work in the medical sciences. It can also be monetarily rewarding, and understanding average salaries can help you make decisions about where you want to live and what you want to specialize in. Though income varies by speciality, the average salary for physicians in California is $239,200 per year. Whatever you may earn, tracking your money and budgeting wisely can be important steps to financial wellness.

Stay up to date on your finances by seeing exactly how your money comes and goes.

FAQ

What is a doctor’s yearly salary in California?

In California, a doctor can expect to make $239,200 per year on average, according to data from the U.S. Bureau of Labor Statistics.

What is the highest-paying medical specialty?

Among the highest-paid doctors in California are surgeons and cardiologists.

Who earns more: a dentist or a doctor?

In California, doctors tend to make more than dentists, who earn $170,910 per year on average.

Photo credit: iStock/Drazen Zigic

SORL-Q125-048

Feb

2025

What Is the Age for Early Retirement for Social Security?

By Austin Kilham | Life & Career, Preparing for Retirement, relay | Comments Off

Early retirement age for Social Security is 62. While you can receive benefits then, you will not collect as much as if you wait until full retirement age, which is either 66 or 67, depending on the year you were born. If you delay claiming your benefits until age 70, you can receive still more.

Throughout your working career, you pay employment taxes that help fund Social Security, which provides income when you retire. In 2024, approximately 65 million people received Social Security benefits, totaling more than $1.5 trillion. Whether you choose to retire at 62 or later is a very personal decision with several contributing factors.

Here, learn more about Social Security benefits, early retirement age, and the advantages and disadvantages of filing for your benefits early and late.

Key Points

• Social Security benefits provide income for retirees, with the amount depending on their earnings and the age at which benefits are claimed.

• The full retirement age (FRA) for Social Security benefits varies from 66 to 67, based on the year of birth.

• Benefits can be claimed as early as age 62, but the monthly amount is reduced compared to claiming at FRA.

• Delaying benefits past FRA can increase the monthly amount through delayed retirement credits, up to a certain point.

• It’s important to consider short and long-term financial needs before deciding when to claim Social Security benefits.

What Are Social Security Benefits?

Social Security is a social insurance program created in 1935 to pay workers an income once they take retirement at age 65 or older. When people talk about Social Security benefits, they’re referring to a monthly payment that replaces a portion of a worker’s pre-retirement income.

The amount you receive depends on how much you earned and paid in Social Security taxes during the 35 highest-earning years of your career. Generally speaking, the higher your income, the bigger your monthly check will be — up to a point. Also important is the age at which you claim benefits. Typically, the later you receive benefits, the higher your monthly check will be.

Note that retirees aren’t the only ones who are eligible for Social Security benefits. People with qualifying disabilities, surviving spouses of workers who have died, and dependent beneficiaries may also qualify for benefits.

Recommended: When Will Social Security Run Out?

At What Age Can You Collect Social Security?

When the Social Security program began, the full retirement age (FRA) was 65, and that’s still what many in the U.S. think of as the average retirement age. However, as life expectancy in the U.S. has increased, the Social Security Administration (SSA) has adjusted the FRA accordingly.

The chart below illustrates FRA by year of birth.

If You Were Born In	Your Full Retirement Age Is
1943-1954	66
1955	66 and 2 months
1956	66 and 4 months
1957	66 and 6 months
1958	66 and 8 months
1959	66 and 10 months
1960 or later	67

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What Is the Early Retirement Age for Social Security?

You can choose to claim retirement benefits as early as age 62. However, SSA will reduce your benefit by about 0.5% for every month you receive benefits before your FRA. For example, if your full retirement age is 67 and you file for Social Security benefits when you’re 62, you’d receive around 70% of your benefit.

On the other hand, if you wait to claim benefits after your FRA, you’ll accrue delayed retirement credits. This increases your benefit by a certain percentage for every month you delay after your FRA. For example, if your full retirement age is 67 and you delay receiving benefits until age 70, you’ll get 124% of your monthly benefits. Note that the benefit increase stops when you turn 70.

Can You Claim Social Security While You’re Still Working?

When you claim your Social Security benefits, the SSA considers you retired. However, you can continue working after retirement and receiving benefits at the same time, though they may be limited.

If you’re younger than FRA for the entire year, the SSA will deduct $1 from your payment for every $2 you earn above an annual limit. In 2025, that limit is $23,400. In the year you reach full retirement age, the SSA will begin deducting $1 for every $3 you make above a different earnings limit — $62,160 in 2025.

No matter their work history, your spouse has the option to claim Social Security benefits based on your work record. That benefit can be up to 50% of your primary insurance amount, which is the benefit you’d receive at FRA. Your spouse can begin receiving spousal benefits at age 62, but they will receive a reduced benefit.

Pros and Cons of Claiming Social Security Early

The main advantage of filing for Social Security early is that you’ll have access to retirement funds sooner. This can be a boon to individuals who need extra money to get by each month. To help you maximize every last dollar, consider using a spending app to create budgets, track spending, and monitor bills.

The main disadvantage of filing early is that you may permanently reduce your monthly benefit amount. This could be a factor to keep in mind as you determine whether you’re on track for retirement.

So how do you decide when to file for your benefits? Consider your “break-even point.” This is the age at which receiving a delayed higher benefit outweighs claiming benefits earlier.

Here’s an example of how that works. Let’s say your FRA is 67 and your annual benefit is $24,000. If you claim your benefit at age 62, your benefit drops to $16,800 a year. If you delay until age 70, your benefit would be $29,760 a year.

By adding up each year’s worth of benefits and comparing them across different potential retirement ages, you find your break-even point. So in that last example, claiming your benefit at FRA breaks even with early filing at age 78. If you expect to live until this age or longer, you may consider filing for Social Security at full retirement age. Delaying until age 70 breaks even with claiming at FRA at age 82. So if you expect to live until 82 or longer, you may consider delaying your benefits.

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Recommended: How Can I Retire Early?

The Takeaway

Early retirement starts at age 62; that is the earliest age you can receive Social Security income. Your monthly payment amount is determined by how much you’ve earned during your working career and the age at which you claim Social Security benefits. You’re eligible to receive your full benefits when you reach full retirement age (FRA). If you file before then, the monthly payment will be reduced. If you file later, your monthly payment can increase, up to a point. Consider your short- and long-term financial needs carefully before deciding when to claim Social Security so you can budget appropriately.

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

FAQ

Can I take Social Security at age 55?

You cannot claim Social Security benefits at age 55. The earliest you can file for benefits is age 62.

What happens to my Social Security if I retire at 55?

If you retire at 55, you will have to wait seven years, until age 62, before you are eligible to claim early Social Security benefits. Retiring early may also affect the size of your benefit if you are leaving work in your top-earning years.

What is the average Social Security benefit at age 62?

The average monthly Social Security retirement benefit in December 2024 was about $1,834.43 for those filing at full retirement age. Filing early at age 62 would reduce that benefit by 30% to $1,284.10.

Photo credit: iStock/svetikd

SORL-Q125-047

Feb

2025

Average Cost of Gas Per Month for 2025

By Kim Franke-Folstad | Budgeting & Goals, Family Finances, relay | Comments Off

The average natural gas bill in the United States is $80 to $100 per month. Your monthly gas bills could vary significantly, depending on the time of year, where you live, the size and age of your home, and other factors.

Read on for a breakdown of what can cause your gas bill to go up and down from one month to the next, how to budget for those price changes, and how you might be able to lower your costs in the future.

Table of Contents

How Much Does a Gas Bill Cost Per Month on Average
Why Is My Gas Bill Higher than Usual
Understanding the Monthly Cost of Gas
Average Gas Bill Based on Household Size
What Uses the Most Gas in a Home
How Can I Lower My Gas Bill
The Takeaway
FAQ

Key Points

• The average monthly natural gas bill in the U.S. can be between $80 and $100.

• Factors like home size, age, location, and appliance use significantly impact monthly gas costs.

• Natural gas prices are influenced by commodity costs and distribution expenses.

• Households can manage gas expenses by adjusting home energy use and appliance settings.

• Assistance programs are available to help manage high energy costs for low-income households.

How Much Does a Gas Bill Cost Per Month on Average?

The average cost of gas per month in the U.S. has hovered around $80 in recent years. Your household’s cost could be much lower or higher, depending on your location and its cost of living by state, the size and age of your home, the appliances you use, inflation, and the ever-fluctuating cost of natural gas. Your bill might be much higher, for example, than that of a friend who has the same size house in a state with a warmer climate. And it could be less than what your next door neighbor pays, if your home is smaller or more energy efficient.

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Why Is My Gas Bill Higher Than Usual?

If your gas bill seems higher than usual, it could be that your provider is charging a higher rate. (You can check that by comparing two or more months’ worth of gas bills, or credit card statements if that’s how you pay your bills.) It could also be that you’re simply using more gas because it’s colder outside. Or maybe you’ve been taking more hot showers or running the dishwasher, clothes dryer, or gas fireplace more often. Working from home is a common reason that utility bills are sometimes higher.

If you can’t come up with a reasonable answer for the cost increase, you may want to talk to your gas provider or check your statement to see if your usage is up. But be prepared: The calculations that go into determining your monthly gas bill can be complicated.

Understanding the Monthly Cost of Gas

In the U.S., natural gas can be priced in a few different ways, including dollars per therm, dollars per British thermal unit (BTU), and dollars per cubic foot.

Here’s what you really need to know: According to the U.S. Energy Information Administration, the price residential customers pay for natural gas is determined by two major factors:

• Commodity Cost: The actual cost of the gas.

• Transmission and Distribution Costs: The costs involved with moving the natural gas from where it’s produced or stored to a local natural gas distribution utility, plus whatever it costs to deliver the gas to customers.

If you live in a state with easy access to residential gas (Alaska, Utah, Washington, Colorado), the monthly rate you pay may be lower than if your utility has to transport the gas a long distance to reach you (in say, Hawaii).

The price you ultimately pay for natural gas in your state, city, or subdivision also may be affected by state regulations, taxes and other charges, availability, seasonal consumer demand, and the amount of competition in your location. (By the way, there’s no relation between the cost of natural gas and the price of gasoline.)

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Average Gas Bill Based on Household Size

Knowing the natural gas rates in your area can help you understand why your bills might be higher or lower than you expected. But the size of your home and the number of people who live there can also influence your average monthly gas bill. Keeping these things in mind can help you predict your gas usage when you make a budget.

Prices can vary significantly by season, with costs rising if you need to stay warm in cold winter months. According to HomeGuide.com, monthly gas costs in winter can be $120 to $200 versus $35 to $50 in summer.

Here’s a rough estimate of what the average monthly cost of gas could be for various apartment size, according to ApartmentList.com. Apartment costs may well be less than the cost for gas for a house, given that a house is likely to be larger and have more appliances, among other factors.

	Average Monthly Bill	Average Annual Bill
Studio apartment	$17.14	$205.68
1 bedroom	$19.71	$236.52
2 bedroom	$38.11	$457.32
2-bdrm, 2 residents	$56	$672
3 bedroom	$54.34	$652.08

Remember that your costs may be much different depending on how many gas appliances you have in your home, how warm you keep your home in the winter, what you keep the temperature set to on your water heater, and other factors.

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What Uses the Most Gas in a Home?

The top uses for natural gas in U.S. households are heating and water heating. But many homes also use gas for cooking, indoor or outdoor fireplace, clothes dryer, or heating a pool. (Worth noting: Replacing home appliances can lead to greater energy efficiency.)

How Can I Lower My Gas Bill?

Even if you earn the average salary in the U.S., it may be challenging to afford your gas bill at times.

There are several steps you can take to lower your natural gas bill. (You may be interested in lowering your car’s gas bill, too.)

Get a Home Energy Assessment

A professional home energy auditor looks at your past bills for information about your energy use, and inspects your home to pinpoint problem areas and offer money-saving suggestions. Your gas company may offer assessments to its customers, or you may be able to get help finding an energy audit program through your state or local government.

Balance Costs Across the Year

If your local utility offers a yearly budget plan, you may be able to spread out your costs so that your bill is roughly the same amount each month. This can keep bills from becoming overwhelming in months when you use more gas. Or you can use a money tracker app to determine your average monthly cost of gas and set aside the appropriate amount.

Lower Your Water Heater Temperature

When was the last time you even looked at your water heater? Lowering the temperature to 120 degrees can help you save money, prevent family members from accidentally scalding themselves, and protect your pipes. You can also purchase a special blanket or “jacket” to insulate your water heater and make it more efficient.

Look for Leaks

If your doors and windows are getting older, check whether cold air is coming in and warm air escaping. Clear plastic film or weather stripping may be all you need to fix the problem.

Lower the Thermostat

The U.S. Department of Energy recommends setting your thermostat at 68 degrees when you’re home during the winter, and turning it down a few degrees more when you’re away. If you keep pretty standard hours, a programmable thermostat can ensure the house is comfortable when you get home from school or work. And if you work from home, you can lower the temp when you go to bed, or pull on a sweater during the day.

One note: If you get hit with a super-high bill one month (say, due to a polar vortex triggering frigid temperatures), that may be a time to dip into your emergency fund. It’s there to help you cover unexpected expenses

Assistance Programs to Help with Your Gas Bill

If you’re struggling to pay your gas bill, you may be able to get some help from a federal, state, or local government assistance program or from a nonprofit agency. Here are a few options to consider:

Low Income Home Energy Assistance Program

The Low Income Home Energy Assistance Program (LIHEAP), operated through the U.S. Department of Health and Human Services, was created to help low-income households pay high home energy bills. Each state has its own rules regarding who is eligible for help and when and how to apply. (Assistance isn’t made directly to households.) For more information, go to the LIHEAP website.

Low Income Home Energy Assistance Program

Local Utility Company Programs

Some utility companies offer limited bill-paying assistance programs on their own or working alongside state agencies or nonprofit organizations. Check your local gas company’s website to see if they offer help, or try giving them a call. Your gas company may take special circumstances into consideration when it comes to paying your bill.

SoCalGas, for example, offers past-due bill forgiveness, discounted rates, and extended payment dates for certain qualifying customers. The utility also works to provide one-time grants through their Gas Assistance Fund.

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The Takeaway

The average cost of gas per month for a house is $80 to $100. The location, size, and age of your home — and, of course, the time of year — can affect your gas bill from one month to the next. So can the number of people in your household and the appliances you use. The rate you pay each month for gas may also fluctuate based on factors over which you have no control. All those things combined can mean that budgeting for your monthly gas bill requires some careful oversight.

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

FAQ

How much does the average person pay for gas each month?

The average household pays about $80 to $100 per month for natural gas. Your bill could vary significantly, however, based on location, home size, number of residents, your appliances, whether you work from home, and more.

How much should you budget for gas a month?

One way to determine how much to budget for gas each month is to track your spending, then calculate the average monthly amount based on past bills. You may want to budget an amount that’s a bit higher than in the past, just in case the winter is especially cold or gas rates go up. (If you don’t end up needing the extra funds, you can put the money toward your emergency fund or another bill.)

What’s the average price of natural gas in San Francisco?

According to UtilitiesLocal.com, residential natural gas prices in San Francisco rose slowly but significantly from September 2021 to September 2022. Rates increased by approximately 34% year over year.

Photo credit: iStock/DGLimages

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