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:
Role
Average Annual Salary
Lawyer
$163,770
Marketing manager
$158,280
Sales manager
$150,530
Veterinarian
$129,110
Software engineer, web developer or programmer
$124,940
Information security analyst
$119,860
Engineer
$107,170
Education and child care administrator
$103,370
Psychologist
$96,190
Financial specialist
$92,290
Registered nurse
$89,010
Farmer, rancher or agricultural manager
$83,790
Human resources worker
$74,060
Police officer
$68,580
Firefighter
$56,310
Income Brackets in the United States
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.
As a rule of thumb, a good salary in Los Angeles is between $100k and $200k gross per year. Based on the cost of living in Los Angeles, this should come down to a minimum of $76,710 yearly after taxes.
As of Jun 13, 2024, the average annual pay for the Upper Class jobs category in the United States is $59,699 a year. Just in case you need a simple salary calculator, that works out to be approximately $28.70 an hour. This is the equivalent of $1,148/week or $4,974/month.
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.
There are no state or local income taxes, and a 12% discount on cost of living relative to the average across the U.S. mean it goes a long way. In San Francisco, Los Angeles, San Diego, and Oakland, all in California, a $100,000 salary is effectively halved, in terms of what it can afford.
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.
A $200,000 household income is more than most people earn across the U.S. In fact, just 12% of U.S. households earn $200,000 or more annually, according to Census Bureau data.
However, new research from GOBankingRates shows that in some major U.S. cities, an annual income of $150,000 is only enough to qualify as “lower middle class.” This is especially pronounced in two Northern California cities and Arlington, Virginia.
For example, you may be considered rich if you're in the nation's top 1% of earners. In 2022, that group saw an average annual income from wages of $785,968—nearly 19 times higher than the bottom 90%, according to the Economic Policy Institute Open in new tab.
Many have graduate degrees with educational attainment serving as the main distinguishing feature of this class. Household incomes commonly exceed $100,000, with some smaller one-income earners household having incomes in the high 5-figure range. "The upper middle class has grown...and its composition has changed.
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.
For Americans ages 25 to 34, the median salary is $1,040 per week or $54,080 per year. That's a big jump from the median salary for 20- to 24-year-olds. As a general rule, earnings tend to rise in your 20s and 30s as you start to climb up the ladder.
U.S. employers reported that 2024 annual merit increase budgets rose by 3.3 percent, on average, while total salary increase budgets jumped by 3.6 percent—down from the November 2023 projections of 3.5 percent and 3.8 percent, respectively, according to new data from Mercer.
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.
At GOBankingRates, we asked respondents what the minimum annual salary would be that they would need to feel happy. Surprisingly, 27.66% felt that they would need $50,000 or less to be content. Another 19.40% said that they would only need between $50,001 and $65,000 to be happy.
Introduction: My name is Kareem Mueller DO, I am a vivacious, super, thoughtful, excited, handsome, beautiful, combative person who loves writing and wants to share my knowledge and understanding with you.
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