Do You Make More or Less Money Than Other People Your Age?
I have never known many people who were satisfied with how much their salary was.
We always want, think we are worth more to our employer, but we need to do more to improve our station in life, to raise our value to employers and to insure a better life ow and in retirement for ourselves our families.
S E E D E D C O N T E N T
How much money are Americans making? That's an important question because the income you earn affects how much you can put into a savings account or invest for your future.
There's a good amount of variation in earnings, of course, and age is one factor that affects how much you're likely to make. People tend to earn more money as they get older and advance in their careers.
To see where you stand compared to your peers, check out the information below to see what people your age are seeing in their checking accounts.
These are the average earnings for different age groups
According to the Bureau of Labor Statistics, here are the median weekly earnings for full-time workers during the second quarter of 2024 for people of different ages.
16 to 19 years old: $626
20 to 24 years old: $752
25 to 34 years old: $1,103
35 to 44 years old: $1,247
45 to 54 years old: $1,316
55 to 64 years old: $1,197
65 and older: $1,154
As you can see, wages tend to gradually increase over time until you start getting into traditional retirement years. At this point, median wages go down as those who can afford to do so start retiring, leaving more seniors who earn less in the workforce.
What should you do if you aren't satisfied with your earnings?
Taking a look at how others your age are doing can be helpful in inspiring you to make changes if you find you aren't happy with your personal income.
Of course, there are many reasons why your income may be lower than others in your age bracket. You may have taken a job you love that didn't pay as much, or you may still be climbing the career ladder, or you may have opted for a mid-life career change that reduced your salary.
Whatever the reason, the key is that you're happy with your earnings -- regardless of how much other people are earning. If you aren't happy with your paycheck, though, and you've found most others in your age group are earning more, then it may be time to consider some changes.
Fortunately, there are a number of ways you could potentially increase your income, including:
Advancing your education. As a general rule, people who have had more schooling or career training typically make more money. Learning some new skills or getting new professional certifications could be very helpful in increasing what you earn.
Exploring a side gig. There are many business opportunities you can try out in your spare time, from ride-hailing to tutoring to freelance writing. If you can pick up a good side job, you can make a lot of extra money -- and perhaps even eventually turn your side gig into full-time work with higher pay.
Knowing your worth. You should not accept a job offer without making sure you're being paid fairly, and you should regularly keep up to date on salary trends to ensure that your company is paying you the market wage. Tracking average salaries in your industry can help give you leverage to negotiate a higher income for yourself.
By implementing these techniques, you may find yourself earning more than the average in the future, which can go a long way toward setting you on the path to financial success.
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Where do you stand in relation to this chart?
I find there were significant differences (up and down) regarding my income to the chart as my life unfolded into retirement.
I took some of the avenues suggested by the article at different times in my life - holding multiple jobs, completing my college education and finding a career that offered upward mobility as a reward for hard work.
What did you do?
I caught a very lucky break in my life. At the age of 14 I was fortunate enough that my High School set up a computer programming class with a timeshare terminal into a local college system. I determined at that time that I wanted to spend the rest of my life in computers. Computer work is definitely offers upwards mobility and I took advantage of it. So once I finished with the military I went to college on the old GI Bill (what a godsend, graduate without owing money) and started up the path in IT. Definitely made good money so was able to save a good amount to fund my future retirement. So I'm in very good shape today.
I watch my grandkids and I do worry. Eldest grandson just graduated from high school and he doesn't seem to have any idea or desire to form any sort of plan. I can only do so much to guide him so his future at this time is rather unclear. I can only try to guide without being heavy handed and hope he sees what he wants to do. Looking at it from my vantage point, life is too short to dither. It's amazing how fast the years go by.
One of the smartest things I have done in my life was to move to China. Although in my life in Canada I had been a millionaire with a beautiful home in an upscale Toronto neighbourhood, a lakeside 4-season home, 2 cars, 3 boats (motorboat, canoe and kayak), 2 snowmobiles, because of a losing battle with Canada's tax department, a stressful life, hospitalization with clinical depression and divorcing my Canadian wife I ended up bankrupt (I was smart enough to put major assets such as the homes in my wife's name which was no benefit to me), so when I moved to China I earned income from teaching in addition to my pensions (I was already 69) but I was provided with a teachers' apartment. Although after 6 years at the school I taught private students, and now I am fully retired with my only income from my pensions which are the equivalent of about US$435 a week (i.e. less than the chart shows for the youngest Americans). BUT, I am happier and more comfortable than I have ever been, no pressures or concerns, no stress, living with my Chinese wife of almost 16 years in a nicely furnished 3 bedroom apartment with 2 balconies in a modern building in an upscale area of Chongqing, surrounded by 3 beautiful university campuses and all the necessary shopping, restaurants, banks, clinic, subway and bus stops a few minutes' walk away, big beautiful reservoir and mountains a 15 minute walk away, friendly people, and I get to eat the freshest and best foods (loved Chinese food since I was a toddler), watch 2 movies a day, go for walks, use the exercise machines and ping pong tables next to our building, and as you must already know, spend a lot of time on the internet. My wife does not have to work or earn money but she has staked out a little farm of about a half acre to raise various veggies near the mountains which she loves to do and is good at it because she grew up on a farm. We don't use credit cards and we don't owe a cent to anyone. And I can afford ALL OF THAT, whereas if we were to live in Canada or the USA my wife and I would be lucky to afford to live in a rooming house single room sharing a community bathroom and kitchen with that income. At my age and state of health I need to live in a city big enough that has a decent hospital, so I cannot live more cheaply in the country or a small town.
And besides, It is a very comforting even carefree feeling to be so much safer here than I know my wife and I might be over there.