The median household income in the United States is $56,516, according to 2015 data from the U.S. Census. But that rises and falls depending on close you are to peak earning age, which is typically around age 49 for men and 40 for women.
How does your salary compare? Below, check out the median earnings for Americans at every age bracket, according to data from the Bureau of Labor Statistics for the second quarter of 2017.
- 16 to 19 years: $422 weekly/$21,944 annually
- 20 to 24 years: $525 weekly/$27,300 annually
- 25 to 34 years: $776 weekly/$40,352 annually
- 35 to 44 years: $976 weekly/$50,752 annually
- 45 to 54 years: $975 weekly/$50,700 annually
- 55 to 64 years: $966 weekly/$50,232 annually
- 65 years and older: $904 weekly/$47,008 annually
The numbers prove drastically different when broken down by gender.
Here's how much men earn at every age:
- 16 to 19 years: $440 weekly/$22,880 annually
- 20 to 24 years: $549 weekly/$28,548 annually
- 25 to 34 years: $828 weekly/$43,056 annually
- 35 to 44 years: $1,065 weekly/$55,380 annually
- 45 to 54 years: $1,094 weekly/$56,888 annually
- 55 to 64 years: $1,058 weekly/$55,016 annually
- 65 years and older: $1,005 weekly/$52,260 annually
And here's the breakdown for women:
- 16 to 19 years: $404 weekly/$21,008 annually
- 20 to 24 years: $508 weekly/$26,416 annually
- 25 to 34 years: $727 weekly/$37,804 annually
- 35 to 44 years: $877 weekly/$45,604 annually
- 45 to 54 years: $851 weekly/$44,252 annually
- 55 to 64 years: $869 weekly/$45,188 annually
- 65 years and older: $800 weekly/$41,600 annually
Not only do women still face the repercussions of the gender pay gap, but their peak earning age is significantly lower than that of the average man. Male college graduates earn more from the get-go. They bring home a median salary of $50,200 at age 22, while their female counterparts earn $39,800 per year, a difference of $10,400.
From ages 22 to 32, pay for female college graduates actually grows slightly faster than it does for men. However, a shift occurs at age 33, when women's earnings growth starts to slow and men's remains steady. By age 40, those professional women see their salaries peak at about $67,000.
However, as Robert Kiyosaki writes in his personal finance classic "Rich Dad Poor Dad," "most people fail to realize that, in life, it's not how much money you make. It's how much money you keep."
If you want to build more wealth, here are a few tips and tricks to get you started:
- 5 ways to get rich without earning a 6-figure salary
- Warren Buffett and Tony Robbins agree on the best way to invest your money
- 5 tips to save more money, from ordinary people who have paid off thousands
- The easy trick that helped one 26-year-old save $18,432 in 6 months
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