What is a good salary at 25?

What you do for a living and where you reside are the two most important factors that determine how your wages stack up against those of people your age. However, being aware of the median wage of persons the same age as you might let you know whether you are typically keeping up with your colleagues, racing ahead of them, or falling behind them. Learning about the incomes of previous generations might provide you with a perspective of what you should strive for and what you can anticipate in the future. The United States Bureau of Labor Statistics (BLS) offers information that is current about this subject. The numbers provided below by the BLS are from the fourth quarter of 2021 and represent the most up-to-date information that could be found at the time this article was written. The Bureau of Labor Statistics (BLS) publishes medians rather than averages because an average might be distorted by values that are either very high or extremely low. Think about getting advice from a financial professional if you need assistance expanding your savings or managing your assets.

Earning Potential Between the Ages of 16 and 19

The age group that is exclusively composed of teens, the majority of whom normally have summer or temporary employment, has the lowest average wage. This is something that you could have guessed before. The Bureau of Labor Statistics reports that the typical pay for those between the ages of 16 and 19 is $566 per week, which translates to $29,432 annually. That number represents the middle point across all groups in terms of color, gender, and degree of education.

Earning Potential Between the Ages of 20 and 24

Earning potential begins to rise in one's 20s, since this age group often contains some newly graduated college students. The typical income for those between the ages of 20 and 24 is $667 per week, which is equivalent to $34,684 per year. When they are in their 20s, many people in the United States are just beginning their professional lives, and their earnings are often lower than they would be when they reach their 30s.

Typical Income Between the Ages of 25 and 34

The median wage for people in the United States who are between the ages of 25 and 34 is $960 per week, or $49,920 per year. When compared to the median pay for those aged 20 to 24, this is a significant increase. When you're in your 20s and 30s, you typically start moving up the corporate ladder, which means that your wages should start to increase about that time. In addition to that, this group has a significant number of persons who have professional degrees obtained from graduate institutions, which further drives up pay.

Typical Income Between the Ages of 35 and 44

The age group of 35 to 44 years old has a typical wage of $1,127 per week, which equates to $58,604 per year. Having said that, the number hides a significant difference between the sexes.

For instance, males between the ages of 35 and 44 make a median weekly wage of $1,232, but women in the same age bracket receive a median weekly salary of $1,003 in the United States. This exemplifies a section of the gender income gap, which has been a primary focus of discussion in recent years due to its significant magnitude.

Typical Income Between the Ages of 45 and 54

When you're in your 40s, your earnings will begin to stabilize. The age group between 45 and 54 years old has a typical wage of $1,152 per week, or $59,904 per year. Although this is just a minor increase from the median for those aged 35 to 44, the median weekly wage for those aged 45 to 54 is much higher at $1,260. Once again, there is a large discrepancy between the incomes of men and women in this age range. The median amount of money that women in the same age range make in a week is $1,035.

Typical Income Between the Ages of 55 and 64

The typical wage for Americans between the ages of 55 and 64 is $1,145 per week, which equates to $59,540 annually. The average earnings for people in this age bracket are a little bit lower than those for those in the 45-54 age group, and there are also fewer people working in this age bracket overall. The Bureau of Labor Statistics reports that there are 24,708,000 full-time employees in the age group of 45-54, while there are only 19,427,000 full-time workers in the age bracket of 55-64. When people reach the age of 62 and become eligible for Social Security payments, a significant number of them begin to consider retiring from their jobs.

The Typical Income for People 65 Years of Age and Older

The median income for senior citizens in the United States is $1,008 per week, which equates to $52,416 per year. Because this average is based on full-time employees, it does not take into consideration the large number of persons in this age group who stop working so they may start drawing income from sources such as Social Security and their savings for retirement. There are 5,361,000 full-time employees that fall into the age range of 65 or older. It's possible that some people over the age of 65 are still employed because they haven't put away enough money for retirement.