Does the amount of education you’ve completed impact the money you earn during your working years? The short answer is yes. Study after study shows that the more education, the higher your salary. But there’s more to the story. Let’s take a deeper look into how education affects income, job security, benefits, and retirement.
The U.S. Bureau of Labor and Statistics recently published data about education levels and income. Unsurprisingly, individuals without a high school diploma earn the lowest annual salary (about $31,000), and have the greatest risk of being unemployed. But if they went on to obtain their high school diploma, they’d have the potential to earn close to $8,000 more per year.
What comes as a surprise is that having completed some college course work is better than having no college credits at all. With some college but no degree, one can increase his annual earnings by $5,000 over having a high school diploma alone, and see his job security increase a bit. But the biggest jump in annual salary potential, as expected, comes when someone goes from having a high school diploma to earning a bachelor’s degree, which is about a $26,000 increase annually.
There are several other benefits to obtaining a college degree. The Lumina Foundation reports that employees with bachelor’s degrees are 47% more likely to get health insurance coverage. Also, CBS News finds that those with bachelor’s degrees are more likely to work past the typical retirement age and retire later.
Those who work past age 65 have more opportunity to save for retirement, and increase their eventual Social Security benefits. In addition, working past the typical retirement age keeps them intellectually challenged, engaged with the world and connected to friends and coworkers.
The bottom line is that education does have an impact on your potential earnings. But that’s just one part of the story. More education may also lead to increased job security, better access to health care, increased security in retirement, and even a more fulfilling life.
8. What is the average yearly income of people with bachelor’s degrees?
A.About $70,000. | B.About $65,000. |
C.About $44,000. | D.About $39,000. |
9. Which level of education is an unexpected salary booster?
A.No high school diploma. | B.A high school diploma. |
C.Some college but no degree. | D.A bachelor’s degree. |
10. In what way can late retirement benefit us?
A.We’ll live a more fulfilling life. | B.We’ll reduce our living expenses. |
C.We’ll enjoy increased job security. | D.We’ll invest our savings more wisely. |
11. What is the author’s purpose in writing the text?
A.To stress the benefits of secure jobs. |
B.To promote awareness of income gaps. |
C.To illustrate the importance of education. |
D.To introduce the impacts of school systems. |