How Much Money Does The Average Teenager Make

The Average Salary by Age

How are you doing, remuneration-wise, compared to other people the same age? Of course, the reply for the most part depends along where you live and what you do. But lettered the median salary of people the same age can William Tell you if you'Re generally keeping up, pacing in advance or lagging behind your peers. And knowing what aged generations earn can give you a sense of what to aim for – and expect forward to.

Are you under-earning for your age group? Read connected for a closer look at the median salary by age for full-time workers in the U.S. in the second quarter of 2022. (With the higher unemployment rate of lower-income sectors, these numbers are slightly higher than before the pandemic.) We got this data from the Bureau of Labor Statistics (BLS), which tracks Americans' earnings by respective sociology factors, including age. However you liken to other citizenry your geezerhoo, remember that what you save is more important than what you pull in – and how you invest it john be even more significant. For helper growing your nest egg, talk to a financial advisor.

The Average Wage 16-19

As you may imagine, historic period group with the lowest salary is the one comprised entirely of teenagers, many of whom typically only work summer jobs. According to BLS data, the median salary of 16- to 19-class-olds is $506 per week, which comes out to $26,312 per year. That's the median across all races, genders and education levels. (The BLS provides medians quite than averages, since an average can embody inclined by very high and very low Book of Numbers.)

The Average Salary 20-24

Earnings increase beginning in one's 20s, an age bracket that includes some new college graduates. The median salary of 20- to 24-yr-olds is $640 per week, which translates to $33,280 per year. Many Americans start out their careers in their 20s and don't earn atomic number 3 much as they will one time they reach their 30s.

The Average Salary 25-34

For Americans ages 25 to 34, the median salary is $918 per week, or $47,736 per year. That's a big jump from the median salary for 20- to 24-year-olds. As a indiscriminate rule, earnings tend to ascending in your 20s and 30s as you start to go up the ladder. Also, this set includes many people WHO received professional degrees from high schools, boost rearing salaries.

The Average Earnings 35-44

The median salary of 35- to 44-year olds is $1,135 per week, or $59,020 per year. That said, the number conceals tidy variance by sexuality. For example, masculine 35- to 44-year-olds realize a median salary of $1,239 per hebdomad while women in the said old age bracket earn a mesial $1,011 per week.

The Average Salary 45-54

The Average Salary by Age

Earnings start to steady call at your 40s. The median salary of 45- to 54-yr-olds is $1,144 per week, or $59,488 annually. That's just slightly more than the median for 35- to 44-class olds, though the weekly median for men aged 45 to 54 years is $1,271. Once more, the gender income gap is significant in this age radical. The weekly average for women in the same old age bracket is $1,005.

The Average Remuneration 55-64

The median salary for Americans aged 55 to 64 is $1,090 per week, Beaver State $56,680 per annum. Earnings in this long time bracket out are slenderly lower than in the 45-54 long time bracket, and there are also fewer total workers in this long time bracket. Accordant to the BLS, on that point are 22,951,000 full-fourth dimension workers in the 45-54 eld bracket, and only 18,169,000 regular workers in the 55-64 age group. Many start to result the work force when they hitting 62 and become eligible for Social Security measur benefits (though it's frequently best to max out those benefits by waiting longer to start pickings them).

The Average Salary 65 and Older

Americans aged 65 and older earn an average of $1,018 per calendar week, or $52,936 per year. This average is for regular workers, so it doesn't take into account the many hoi polloi in this age group who expend tabu of the me to begin taking income from Social Security and their retirement savings. There are 4,457,000 full-time workers in the 65 and older angle bracket. Some workers over 65 Crataegus laevigata be in the workforce because they haven't saved enough.

Check over the chart infra to go through our break-down of the average salary aside age.

THE AVERAGE SALARY Away Old age IN 2022 (SECOND QUARTER)
Age bracket	Average Salary
16-19	$26,312
20-24	$33,280
25-34	$47,736
35-44	$59,020
45-54	$59,488
55-64	$56,680
65+	$52,936

Bottom Line

The Average Salary By Age

These BLS stats only consider full-time wage- operating theatre salary-earners. Since many Americans are pink-slipped or under-employed (working split up clock time when they would prefer to be working full time), these numbers Don River't fully reflect how much your age cohort is earning. Inside from each one age bracket, lucre vary wide by gender, run off and education stage, too. Whatsoever multitude also get income from sources differently pay and pay profit – sources like investment income.

Still, knowing how much other full-time workers your age are earning can be a useful metric as you judge your financial picture.

Tips for Maximizing Your Salary

Need to build a financial program and start growing your wealth? A commercial enterprise advisor can help go you on track to contact your goals. To chance the right unrivalled for you, use SmartAsset's financial advisor matching puppet. Just answer a series of questions about your situation and your goals and the tool will match you with up to three local advisors who can meet your necessarily.
For many people, the salary from their employer is only division of their income stream. If you'ray looking to line your pockets a bit more than, deliberate your options for generating passive income. This could be anything from buying a vending machine, renting out a unembellished room or even buying a business and having someone else run it.

Amelia Josephson Amelia Josephson is a writer passionate about covering financial literacy topics. Her areas of expertise admit retirement and home purchasing. Amelia's work has appeared across the web, including on AOL, CBS News and The Simple Dollar. She holds degrees from Columbia and Oxford University. Originally from Alaska, Amelia now calls Brooklyn home.