American Workers Share Information About Starting Salaries and Retirement

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

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

It’s smart to ask those questions, especially if you’re looking for high-paying, high-quality jobs.

Establishing realistic salary expectations is an important part of the job search process.

Whether you’re a recent graduate hunting for your first job or a seasoned professional considering a career change, determining a starting salary range and fair market value for a job is critical to achieving your financial goals — including your retirement goals — and ensuring long-term career satisfaction.

To learn more about entry-level workers’ salary expectations and perspectives on starting salary ranges, as well as their retirement plans, FlexJobs conducted a survey of more than 2,000 US-based professionals between June 11 and June 23, 2024.

Expert Opinions on the Average Entry Level Salary

Warehouse workers are talking at the table — Monkey Business Images / Shutterstock.com

Of the 2,000 respondents asked in FlexJobs’ Financial Pulse Report, 23% agreed that “$24,999 or less” is the lowest salary they would accept or accept for their first job.

About a quarter (24%) of respondents were evenly split in terms of entry-level salary expectations. Some felt that a realistic starting salary should be between $25,000 and $29,000, while others felt it should be between $30,000 and $34,999.

Here is a full breakdown of the lowest salary 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 more: 4%

Notably, 24% of women said they would accept or accept a starting salary of $24,999 or less in their first job. This finding is slightly higher than the average and 7% more than what was reported by men, with only 17% saying they would accept a starting salary of $24,999 or less.

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

Starting Salary Expectations Among Men and Generations

Many generations of workers — Fizkes / Shutterstock.com

Despite being willing to accept a lower salary for their first job, only 2% of respondents believe that $24,999 or less is an 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 realistic.

In FlexJobs’ Financial Pulse Report, the views on entry-level starting salaries are 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 more: 1%

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

Realistic Salary Range for Entry Level Jobs

Gen Z employees are happy — Ground Image / Shutterstock.com

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

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

Readiness for Retirement Differs Between Different Demographics

Colleagues in conversation — Ground Image / Shutterstock.com

While income is an important consideration in your daily life, it is also an important factor in your ability to save for retirement.

When surveyed about current retirement savings, the majority of respondents (65%) shared that they are currently saving for retirement. However, one-fifth (20%) of respondents said they are not currently saving for retirement but plan to do so.

For both men and women, 61% of men said they had time to save for retirement, compared to 52% of women. In addition, 20% of women and 19% of men shared that they have never saved for retirement but intend to.

Across all generations, retirement savings appeared to be more common among baby boomers, with 61% sharing that they were saving for retirement, compared to 58% of Gen Xers and 46% of millennials.

While 46% of millennials save for retirement, more than a quarter (26%) of millennials share. not saved for retirement, even though they plan to do so. Likewise, 17% of Gen Xers and 11% of baby boomers have not yet saved for retirement but intend to.

The majority of survey respondents (77%) agreed on the age at which people should be allowed to retire and access their Social Security benefits – before age 67.