60 dollars an hour is how much a year - and it's not enough.[2022]

I’ve been doing some math and it’s not pretty. I hope you’re sitting down, because 60 dollars an hour may sound like a lot. but it isn’t, especially when you factor in taxes and health insurance and bills and gas, etc.

In the U.S.

In the U.S., it’s important to make enough money to cover your costs of living (with at least a little bit left over). What if you had 60 dollars every hour? You would have $60 an hour. This means $720 per day and $21,600 per year (based on 250 working days in a year). As you can see, those numbers are quite different from what you make now – that’s why it’s so important to figure out how much you need to earn each year to survive in your city.

Sixty dollars an hour is how much a year - and it's not enough.

 

The average American family doesn't make enough to cover their basic expenses, even if they work year-round at minimum wage. Now imagine that your job paid you $60 an hour, but that you only worked 12 hours a week. How much do you think you would earn in one year? If you guessed about $27,000, then you're correct. But it's not nearly enough to support your family comfortably and provide them with the opportunities they deserve. That’s why we’re calling on Congress to raise the minimum wage by $2 so that families who work full-time can meet their basic needs.

 

Why the current rate isn't enough

I wanted to preface this post by saying that I understand that making $60/hour isn't bad. But, based on the current rate of inflation, it will never be good enough for most people. For example, if you work 8 hours a day, 5 days a week at 60 dollars an hour ($3200), after 10 years your earnings would be only worth $4000 in today's currency. If you work 8 hours a day 6 days a week ($4200) after 10 years your earnings would only be worth $3000 in today's currency.

 

What can be done about it

Many Americans are being paid less than the living wage of $7.25 per hour. 40% of American workers earn less than $12 per hour or about $60 per day for 8 hours of work ($240 for four days). However, according to Living Wage Project studies in specific cities. The living wage varies depending on location and can be as high as $16 to $22 per hour.

 

What can you do?

Many people know what their hourly wage is, but they don't take into account the amount of time spent working per week. A two-week paycheck may contain forty hours of work. Which would mean your hourly wage would be less than minimum wage. To achieve the highest hourly wage possible for your desired profession, check online to see what others in your field are earning before committing to a job offer or negotiating terms.

 

How can you help this industry?

Right now, five million people in the United States are living with Alzheimer's disease, costing the country more than $200 billion annually. Even those who do not have Alzheimer's but care for those with Alzheimer's or other dementias are increasingly stretched and feel like they don't get the help they need from the government, families, or friends to provide quality care for their loved ones who have this devastating disease.

 

Where are we going from here?

We need to raise our standards for what we expect from an hourly wage. Just as we have done with the minimum wage in this country. Right now, 60 dollars per hour amounts to $28000 annually before taxes. With that amount of money per year, you can afford food, but not transportation or housing (let alone living).