If you live outside London, £60k is undoubtedly a great salary. If you’ve worked your way to this level, congratulations, you’re doing great. However, just exactly how good are you doing compared to the rest of the UK?
In this article, we are going to take a look at the latest government data to see which percentile of earners you land in while earning £60k. Let’s jump in.
What Percentage Of Individuals In The UK Earn £60k Or More?
The latest UK data shows that earning over £60k per year puts you in the top 10% of earners in the country. This is the equivalent to the 90th percentile. If you are earning more than £60k per year you are making more than 90% of the working population.
This chart was created from the latest government data on percentile points of the income distribution.
What Is £60k After Tax
Landing a £60k per year job is amazing but we all know, we don’t get to take all of that money home. The government wants their cut in the form of Income Tax and National Insurance.
On a £60k salary, you will be in the Higher Rate Tax band. This means you will get your tax free allowance of £12,570, pay 20% on income up to £50,720, and finally pay 40% tax on the remaining £9,280.
Many people think if you enter into the higher rate you will pay 40% of all of your income. This is not true. You will only pay 40% on any income above the initial £50,270.
You will pay £11,432 in Income Tax and £5,668 in National Insurance.
This leaves you with a net take-home pay of £42,900 per year or £3,575 per month.
Is £60k A good Income In The UK?
Yes, £60k is a great salary in the UK. As you can see from the data above, you’re in the top 10% of all earners. You’re doing pretty good. If you live outside of London you will be able to live a comfortable life, especially if you have a partner bringing a second income into the household.
If you live in London £60k won’t go quite as far. House prices and the cost of living in general are more expensive in London. This means your £60k budget doesn’t stretch quite as far. It’s definitely a livable salary in the city however your lifestyle will look much less lavish than someone living on £60k in a lower cost of living city.
How Can You Earn £60k Per Year In The UK?
Here are ten careers in the UK where someone can potentially earn a salary of around £60k per year:
- Medical Doctor: General practitioners and specialists diagnose, treat, and prevent illnesses, diseases, and injuries. Specialised fields can earn significantly more.
- Solicitor: Provides legal advice, prepares legal documents, and represents clients in civil and criminal courts.
- IT Manager: Oversees an organisation’s technology infrastructure, ensuring systems run efficiently and securely.
- Chartered Accountant: Manages financial accounts, audits, and financial systems, ensuring compliance with laws and regulations.
- Architect: Designs buildings and oversees their construction, ensuring structures are functional and aesthetically pleasing.
- Pharmacist: Dispenses prescription medications to patients and offers expertise in the safe use of prescriptions.
- Engineering Manager: Leads teams of engineers in various disciplines, overseeing projects from conception to completion.
- Marketing Manager: Plans, directs, and coordinates marketing efforts, researching demand for products and services.
- Investment Banker: Provides financial services and advice to individuals, corporations, and governments, often dealing with mergers, acquisitions, and capital raising.
- Pilot: Flies aircrafts, whether commercial, cargo, or private, ensuring safe transport of passengers or goods.
There are many other jobs out there that can provide a £60k per year salary, you could even start your own business. However, these are some of the most popular ways to get there.
It’s worth noting that salaries can vary widely within each profession based on experience, location, and specific employers. Additionally, reaching a £60k salary in some of these professions may require several years of experience or advancement into senior roles.
Overall, earning £60k per year in the UK is great. It puts you in the top 10% of earners in the country. That’s pretty damn good. If you want to work your way to the top 1% of earners, you have a long way to go. They pull in over £183k per year.
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