What Is The US Annual Salary By Age?

Matt | Personal Finance

What is the average US Annual Salary By Age? #income #salary #pay #earnings #personalfinance #moneytips   Are you curious about how your salary compares to others in your age group?   In this Short, we break down the average salary by age for individuals living and working in the US, from ages 20s, 30s, 40s, 50s, 60s. Whether you’re just starting out or planning for retirement, understanding salary trends can help you gauge where you stand and plan for the future.

Transcript

00:00The income figures in this video are based on median numbers or the middle point value as it's

00:04often a more accurate representation of the everyday person rather than averages which can

00:10be skewed by a few very affluent individuals. The first age group is between 20 to 24 and they have

00:16a median annual income of over $39,000. For a lot of people at this age they're finishing college

00:22or university and they're really just starting their career. For the 25 to 34 age group the

00:28median annual income is $54,912. This is the largest jump in salary by age group going up by

00:37over 39% compared to the 20 to 24 age group. And for the 35 to 44 age group again we see a big increase

00:45going up to just over $64,000 per year. The 40s and 50s age groups are when people on average are earning

00:53the most amount of income they will do over their lifetime and the average income peaks for people

00:59between 45 and 54 with a median annual income of over $67,000. From 55 onwards the average pay starts

01:08to decline as people are approaching the latter stages of their career. For people aged between 55 and 64

01:15the median annual income is just over $65,000 and it decreases again as people get closer to retirement

01:22age. For people aged over 65 the median annual income is $61,100. So these figures can help you

01:31to understand how your income compares to others and it may also help you to make more informed career

01:37decisions. However one important thing to note is that there isn't just one average salary to compare

01:43to. The median income varies significantly depending on factors like age, location and the level of

01:49education you've received. For example the median annual earnings for those with a bachelor's degree

01:54is 72% higher than those who didn't receive any higher education. And when you look at pay across the

02:00different states the median income varies greatly too. Workers in California have a median annual income

02:06of over $73,000 while workers in West Virginia have a median annual income of just over $49,000.

02:13$99,000.

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