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.
