How Does Your Paycheck Compare: Revealed – Average Salary By Age

(KMDL-FM) As the cost of almost everything continues to increase, more and more Americans are paying attention to their pay envelopes. It's a question we all ask: "Am I earning enough money for my time and talent"? We can't answer, but we can tell you how your income stacks up against others in your same basic age group.

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As you have probably figured out by my use of the term "pay envelope," I am older. I don't think most of us receive our compensation in an envelope anymore. Heck, I don't know that many people who even receive a physical check anymore, but it's not about the delivery; it's about the decimal point and what numbers are to the left and right of that point when it comes to your take-home pay.

The website Investopedia curated data regarding earnings and ages and put the concepts together to create an interesting list of who earns how much at what age. As you might imagine, younger workers tend to make less than older workers.

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Older workers at the end of their career and entering retirement tend to make less in those final years of employment than their counterparts who still have a decade or so before they're gifted the gold watch, given the boot, or relegated to busy work before the position is eliminated.

What Is the Median Salary for Someone Age 16 to 24?

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For workers who are just starting their employment journey, the median pay works out to $771 per week. That works out to an average annual income of $40,092. For many people, this first employment after leaving school is where they make their decisions on which career path is best for them.

What Is the Median Salary for Someone Ages 24 to 34?

The median salary for workers ages 25 to 34 reveals a rather large jump in income when compared to the previous demographic. The median income for this age group is $1,150 per week or $59,800 per year. That's almost one-third more in income compared to the 16 to 24 group.

What is the Median Salary for Someone Age 35 to 44?

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Those in the 35 to 44 demographic will see another increase in average income. For this group, the average weekly compensation was listed by Investopedia as $1,385 per week. That is an annual salary of $72,020. Unfortunately for this age group, the pressure of homeownership and raising a family can make this salary feel like it's less than what they've previously earned, at least as far as disposable income is concerned.

What Is the Median Salary for Someone Age 45 to 54?

For those aged 45 to 54, you are in your prime income-earning years, if you can believe the statistics. The average weekly income in this demographic works out to be $1,377 per week. That's an annual salary of $71,604. This is really when you need to be maximizing your 401k contributions and really leaning hard into a retirement strategy.

What Is the Median Salary for Someone Age 55 to 64?

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If you're in the age bracket between 55 and 64, the median income for your demographic suggests a weekly income of $1,322, which translates into an annual salary of $68,744, according to the data presented by Investopedia. Earnings do tend to level off in the final decade of employment; at least that is what the income data suggests.

What Is the Median Salary for Someone Age 65 or Older?

If you're 65 years old or older, your median income is $1,193 per week. You're still making more than you did as a kid, but inflation, right? The annual salary based on that figure suggests $62,036 per year. Often, this figure is supplemented by continuing to work past retirement age or double-dipping with Social Security, but be careful; that could cost you some of your benefits.

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Alright, so now you're either feeling really good about your paycheck or you're not feeling as good as you did before you read the article. Let's fix those emotions.