We all like to know how we stack up next to our peers. Since discussing salary amounts is still considered pretty taboo in the U.S., most people don’t know if the salary that they are making is considered “average”, especially among people their own age.
So, how much do most people your age make? Where do you stack up?
Typically, as people get older and get more work experience and skills, their salary goes up. When looking at all full-time workers, the national average per week is $1,145. This works out to an average of $1,231 for men and $1,031 for women. The average salary also varies by age. According to Instant Offices, these are the averages for each age range.
Age Ranges and Earnings
There are several age ranges that can be used to see what the average person in a certain phase of life is earning. Earnings tend to be higher the closer you get to the middle of life.
16 to 19
If you’re in your late teens, you can expect to earn the smallest salary of any age range. This age group earns an average of $620 a week when they work a full-time job. It may not be much, but it’s a starting wage that can lead to better things later on.
20 to 24
At an age where many people are getting out there on their own, it can be tough because of the low salaries earned at this age. People in this age group earn an average of $720 a week, showing a slow progression since their teenage years.
25 to 34
This is the age when many people are doing things like buying houses and cars. It’s possible because the average weekly salary at these ages is $1,040. At this salary, people can start building up savings and start a retirement account.
35 to 44
This is one of the higher earning phases in a person’s life in the U.S. At these ages, workers average a salary of $1,263 a week. Americans in this range have more money for wants as well as needs.
45 to 54
This is the age range that has the highest average weekly income at $1,272. It isn’t much more than what ages 35 to 44 earn, but it’s a raise nonetheless. People in this age range often have to pay for college tuition for their children as well as saving for retirement.
55 to 64
Workers may start to reduce their working hours in this phase of life. This can result in a little less money, but it’s often worth it for those who are preparing to retire. They earn about $1,222 a week at this stage.
65+
People who work full-time after turning 65 also have a little less income than they did when they were in their peak earning years. They average about $1,128 a week during their golden years.
States That Pay the Most
What you make depends on a lot of factors, and one of them is which state you live in. There are some states that average higher salaries for workers, though they often have higher costs of living as well.
1. Massachusetts
This state is expensive to live in, but it also has some of the highest average salaries. This picturesque state offers a lot of job opportunities for people of every age range.
2. New York
It’s well-known how expensive it can be to live in New York, especially when you’re young. However, the state’s employers do pay one of the highest salaries of all the states.
3. California
California is legendary for having the highest cost of living in the country. However, employers here also pay some of the highest salaries. Living here, especially in larger cities, can be especially hard with skyrocketing rent costs.
