Ever wonder if you make more money than the average American your age?
The average full-time worker’s salary was $44,720 for 2017, according to the Bureau of Labor Statistics. But that lumps all American workers together.
Young workers make far less than others — just $28,000 for those between the ages of 20 and 24. But as their skills improve, they can usually count on steep raises, with salaries increasing roughly 80% during their first two decades in the workforce, the BLS data show.
By early middle age – from ages 35 to 44 – the typical American earns just over $50,000. After that, however, the pay hikes start to taper off, with median incomes increasing just 1.3% for those in their late 40s and early 50s.
After age 55, the median salary starts to tick down, landing at just over $47,000 for those age 65 and older.
While women’s wages start out similar to men’s, that gap widens in the decades that follow: Male workers between the ages of 25 and 34 see average salaries of about $43,000, about $5,000 higher than for female workers.
That wage difference reaches its peak – amounting to roughly $13,000 a year– for workers between the ages of 45 and 54.