American Workers Share Insights on Starting Salaries and Retirement

Rawpixel.com / Shutterstock.com

Editor’s Note: This story originally appeared on FlexJobs.com.

As you scrutinize job descriptions and salary ranges in your search for entry-level employment, you may find yourself wondering, “What is a good entry-level salary?” or asking yourself, “What is a good starting salary for a first job?”

You’re smart to ask those questions, especially if you’re seeking high-paying entry-level jobs.

Establishing realistic salary expectations is a vital part of the job search process.

Whether you’re a recent graduate on the hunt for your first job or an experienced professional considering a career change, determining the average starting salary and fair market value of a job is crucial to reaching your financial goals — including your retirement goals — and ensuring long-term job satisfaction.

To learn more about workers’ entry-level salary expectations and perspectives on starting pay ranges, as well as their retirement plans, FlexJobs polled over 2,000 U.S.-based professionals between June 11 and June 23, 2024.

Professional Perspectives on the Average Entry-Level Salary

Warehouse workers talk at a desk — Monkey Business Images / Shutterstock.com

Of the 2,000 respondents surveyed in FlexJobs’ Financial Pulse Report, 23% agreed that “$24,999 or less” is the lowest pay they would be willing to accept or have accepted for their first job.

Nearly a quarter (24%) of respondents were split evenly on average entry-level salary expectations. Some felt a realistic beginning salary should be between $25,000 and $29,000, while others felt it should be between $30,000 and $34,999.

Here is the full breakdown of the lowest pay range considered acceptable for a first job:

$24,999 or less: 23%
$25,000 to $29,999: 12%
$30,000 to $34,999: 12%
$35,000 to $39,999: 8%
$40,000 to $44,999: 9%
$45,000 to $49,999: 7%
$50,000 to $59,999: 12%
$60,000 to $69,999: 6%
$70,000 to $79,999: 5%
$80,000 to $99,999: 4%
$100,000 or higher: 4%

Notably, 24% of women said they would accept or have accepted a starting salary of $24,999 or less for their first job. These findings are slightly higher than average and 7% higher than what men reported, with only 17% stating they would accept a starting salary of $24,999 or less.

Additionally, 14% of men reported that the lowest pay range they would accept or have accepted for a first job was $80,000 or more. Only 6% of women, on the other hand, reported this amount as acceptable for a first-job starting salary.

Starting Salary Expectations Among Genders and Generations

Multiple generations of workers — fizkes / Shutterstock.com

Despite being willing to accept a lower pay range for their first job, only 2% of respondents believe $24,999 or less is a realistic entry-level starting salary in today’s job market.

In fact, nearly half (49%) of survey-takers agreed that a starting salary between $40,000 to $49,000 (26%) or between $50,000 to $59,999 (23%) was more realistic.

In FlexJobs’ Financial Pulse Report, opinions on realistic entry-level starting salaries were as follows:

$24,999 or less: 2%
$25,000 to $29,999: 6%
$30,000 to $39,999: 15%
$40,000 to $49,999: 26%
$50,000 to $59,999: 23%
$60,000 to $69,999: 13%
$70,000 to $79,999: 7%
$80,000 to $89,999: 4%
$90,000 to $99,999: 1%
$100,000 to $120,000: 2%
$120,001 or higher: 1%

Among generations, 27% of baby boomers, 26% of Gen X, and 25% of millennials stated that $40,000 to $49,999 was an acceptable starting salary.

Realistic Salary Range for Entry-Level Jobs

Happy Gen Z workers — Ground Picture / Shutterstock.com

Men and women agreed that the $40,000 to $49,999 salary range was realistic for an entry-level job today, with additional findings as follows:

$30,000 to $39,999: Women (16%), Men (14%)
$40,000 to $49,999: Women (27%), Men (23%)
$50,000 to $59,999: Women (23%), Men (22%)
$60,000 to $69,999: Women (12%), Men (14%)

Retirement Readiness Varies Among Different Demographics

Co-workers in a discussion — Ground Picture / Shutterstock.com

While salary is an essential career consideration for your day-to-day life, it’s also a key factor in your ability to save for retirement.

When polled about current retirement savings, most respondents (65%) shared that they’re currently saving for retirement. However, one-fifth (20%) of respondents said they’re not currently saving for retirement but plan to.

Among men and women, 61% of men said they’ve been saving for retirement for a while, compared to 52% of women. Furthermore, 20% of women and 19% of men shared that they have not saved for retirement but intend to.

Across generations, retirement savings appeared most prevalent among baby boomers, with 61% sharing that they’ve been saving for retirement, compared to 58% of Gen Xers and 46% of millennials.

Although 46% of millennials have been saving for retirement, more than a quarter (26%) of millennials shared that they have not saved for retirement, though they plan to. Likewise, 17% of Gen Xers and 11% of baby boomers have not yet saved for retirement but intend to.

What’s agreed upon by the majority of survey respondents (77%) is the age at which people should be allowed to retire and access their Social Security benefits — before age 67.