The trend for salary by age looks like a bell curve. Here is a chart showing that based on weekly and annual income:
Age Group
Weekly Income
Annual Income
16-19 years
$622
$32,344
20-24 years
$758
$39,416
25-34 years
$1,080
$56,160
35-44 years
$1,303
$67,756
45-54 years
$1,275
$66,300
55-64 years
$1,244
$64,688
65+ years
$1,055
$54,860
According to this table, salary tends to increase with age. However, that upward trend stops around 50 or 55 years old.
Average Salaries by Gender
Looking at the same BLS data set from the previous section, you can slice the data based on gender. It shows that even in the modern age, the gender pay gap remains an issue:
Age Group
Annual Income (Men)
Annual Income (Women)
Women Income as Percentage of Men Income
16-19 years
$34,268
$28,964
85%
20-24 years
$40,664
$37,700
93%
25-34 years
$58,968
$53,196
90%
35-44 years
$72,956
$60,944
84%
45-54 years
$72,852
$59,540
82%
55-64 years
$72,176
$57,252
79%
65+ years
$61,204
$48,932
80%
This chart shows that women starting out in the workforce initially make close to their male counterparts. However, as they age, they go from 90%-95% to 80%-85%.
Average Salaries by Education Level
The BLS’ most recent data on education and income shows a steady curve upward, indicating that, in general, more education leads to more income. The opposite can be said about the connection between education and employment, with unemployment being higher for workers with less education.
Here is a chart that breaks down these concepts — income and unemployment — by level of education obtained:
Education Level
Weekly Income
Annual Income
Unemployment Rate
Less than high school diploma
$682
$35,464
5.5%
High school diploma
$853
$44,356
4%
Some college, no degree
$935
$48,620
3.5%
Associate degree
$1,005
$52,260
2.7%
Bachelor’s degree
$1,432
$74,464
2.2%
Master’s degree
$1,661
$86,372
1.9%
Professional degree
$2,080
$108,160
1.4%
Doctoral degree
$2,083
$108,316
1%
Average Salaries by Job and Industry
Salaries also differ depending on the job and industry. The BLS provides a thorough breakdown of salary along these lines. Here are some of the roles mentioned in the BLS report:
After learning about average salary across a variety of factors, you may be wondering how common your wage is. Here is a breakdown of the percentage of Americans who fall into each income bracket:
Income Bracket*
Percentage of Americans
Under $15,000
8.3%
$15,000-$24,999
7.4%
$25,000-$34,999
7.6%
$35,000-$49,999
10.6%
$50,000-$74,999
16.2%
$75,000-$99,999
12.3%
$100,000-$149,999
16.4%
$150,000-$199,999
9.2%
Over $200,000
11.9%
*Based on household income, not individual income
As you can see, almost half of American households fall in the middle income brackets, making between $50,000 and $150,000.
It’s true that U.S. salaries vary by age. However, they also vary for other reasons, including job, education and industry. Employers should take all of this salary data into consideration, using it to determine fair pay based on cost of living and experience.
Frequently Asked Questions About Average Salaries by Age
Research from Statista indicates that 21.1% of workers in the U.S. make over $150,000 per year.
Being in the top 20% of earners in California means making at least $171,387 a year. The Golden State, known for its pricey real estate and high cost of living, particularly in cities like San Francisco and Los Angeles, demands a substantial income to be considered wealthy.
Being in the top 20% of earners in California means making at least $171,387 a year. The Golden State, known for its pricey real estate and high cost of living, particularly in cities like San Francisco and Los Angeles, demands a substantial income to be considered wealthy.
The median salary of 20- to 24-year-olds is $706 per week, which translates to $36,712 per year. Many Americans start out their careers in their 20s and don't earn as much as they will once they reach their 30s. For Americans ages 25 to 34, the median salary is $1,003 per week or $52,156 per year.
According to the Bureau of Labor Statistics's most recent data (May 2022), the average salary nationwide is $61,900, which means that $70,000 is a common salary — but above the national average.
Only 18% of individual Americans make more than $100,000 a year, according to 2023 data from careers website Zippia. About 34% of U.S. households earn more than $100,000 a year, according to Zippia.
Is $75,000 a Year Considered Rich? It depends on who you ask. A 2023 Bankrate survey showed that Americans do not feel rich with a salary of $75,000. Rather, respondents said they'd need to earn an average of $233,000 per year to feel financially secure and $483,000 per year to feel rich.
The U.S. Department of Health and Human Services uses the Census Bureau threshold to determine who is eligible for certain government assistance programs, like SNAP (food stamps). Under their guidelines, a family of four is considered impoverished if they earn $30,000 or less per year.
There are three U.S. cities where people making a $150,000 income qualify as lower middle class and two of them are in California, according to recent research from GOBankingRates.
While the exact threshold fluctuates based on factors such as local cost of living and inflation, those in the upper middle class typically have an estimated household income of $150,000 to $250,000. This income level is much higher than what the average American makes.
You need more money than ever to enter the ranks of the top 1% of the richest Americans. To join the club of the wealthiest citizens in the U.S., you'll need at least $5.8 million, up about 15% up from $5.1 million one year ago, according to global real estate company Knight Frank's 2024 Wealth Report.
From age 18-24, only 1% of earners (7% altogether) earn $100k per year or more. This makes these age groups by far the lowest earners in the US. Americans make the most income gains between 25 and 35. Only 2% of 25-year-olds make over $100k per year, but this jumps to a considerable 12% by 35.
According to the study, a middle-class income averages between $52,000 and $155,000 in a large U.S. city. The median household income across all 345 cities is $77,345, making middle-class income limits fall between $51,558 and $154,590.
The findings are eye-opening: to lead a comfortable life in a major U.S. city, an individual needs to earn, on average, an annual pre-tax salary of $96,500. This takes into account necessities, debt obligations, and investments for the future. For families, the financial requirements are even more substantial.
What is the highest-paying job within the USA in 2024? Being a Chief Executive Officer is the highest-paying- job in America. This position earns an average annual salary of USD 329,500, but their earnings can go as low as USD 276,500 and as high as USD 396,000.
US employers plan to raise compensation budgets in 2024 by 3.5% for merit increases and 3.9% for total salary increases for nonunionized employees, but that is lower than the increases of 3.8% and 4.1% respectively planned for 2023, according to a report by Mercer.
The salary cap for the 2024 NFL season is set at $255.4 million per team — an increase of around $30 million per team. Here is how all 32 NFL teams currently stand, keeping in mind that cap space is a constantly changing number as teams maneuver throughout the offseason.
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