Have you ever wondered how much money everyone else is making at your age?
The Bureau of Labor Statistics released new information in July that could give you some insight into national average earnings for several major age brackets — though those amounts differ widely based on race and sex.
(The bureau reported the info as median weekly earnings in 2016, so for perspective, we’ve multiplied that number by 52 to get an idea of annual earnings. Median is the middle value in a set of numbers, so that there are an equal number of values above and below it).
Here are some of the major insights:
▪ In general, the biggest increase occurs between earning in your early 20s and earning in your mid-20s and early-30s, when the average wage jumps roughly $13,000 to $40,352.
The jump is decidedly more pronounced among men in these two age brackets, whose salaries almost increase from $28,548 to $43,056; women’s salaries meanwhile increase less dramatically from $26,416 to $37,804.
▪ Along those lines, the data also showed men out-earning women on average in all seven of the major age brackets.
This peaks between 45 and 54 years, where a man can make roughly $243 more than a woman per week —$12,636 more a year, according to the data.
▪ The data also compares median wages by race, though the age brackets were condensed to 16-24, 25-54 and 55 and over.
▪ The highest median wage was for Asian men between the age of 25 and 54, at $69,524 annually.
▪ The lowest was for African American women between the age of 16 and 24, at $21,476 annually.
▪ On average, Hispanic or Latino women’s wages tended to fall short of their counterparts, with a median lifetime wage of $31,824.
▪ Conversely, Asian males could expect to make an average salary of $65,208 in their lifetime.
For a closer look at the data, visit www.bls.gov/news.release/wkyeng.t03.htm.
The median earnings by age bracket are:
▪ 16-19: $21,944
▪ 20-24: $27,300
▪ 25-34: $40,352
▪ 35-44: $50,752
▪ 45-54: $49,660
▪ 55-64: $50,232
▪ 65 years and older: $47,008