2 Year College Degrees: PayScale & US Bureau of Labor Statistics
4 Year College and Graduate School: NACE First Destinations Survey
Other Degrees and Certificates: PayScale & US Bureau of Labor Statistics
Apprenticeship: US Bureau of Labor Statistics
Military: Today’s Military
National Center for Education Statistics (NCES)
Integrated Postsecondary Education Data System (IPEDS)
National Center for Education Statistics (NCES)
Integrated Postsecondary Education Data System (IPEDS)
Student loan payment calculations assume the current year interest rate (5.50% Loans First Disbursed on or After July 1, 2023, and Before July 1, 2024) for Undergraduate, Direct Federal Subsidized and Unsubsidized loans, and a 10-year monthly repayment plan.
Federal Tax Calculation assumes single filer and taxable income equals gross income minus the current standard deduction of $13,850 (2023 tax year). The federal income tax brackets are then applied to taxable income.
State tax calculation assumes a flat 5% tax on taxable income.
Budget allocation percentages for the original budget we provide are based on commonly used financial planning principles. They are a starting point only and users will need to personalize them based on their own situation.
Budget comparison numbers are from the US Bureau of Labor Statistics Table 3600 and represent the average expenses for a consumer who is between ages 25-34 with an income of $54,251.
The retirement savings forecast is based on a monthly systematic investment plan with a 7% annual growth rate and an annual step-up of 2.5% to the monthly amount. If the “employer contribution” toggle is on, it adds an additional contribution equal to 50% of the employee contribution.