Buzz
How does your salary compare to others in your age group? Are you earning more or less than your peers, and does your gender influence that difference?
CNBC utilized data from the Bureau of Labor Statistics to create a chart showcasing the median weekly earnings of U.S. workers by age and gender. It’s a chart worth reviewing in the full data set.
For those aged between 25 and 34, the median weekly earnings for this age group stand at $837, or $43,524 annually. However, men in this group earn a median of $893 weekly or $46,436 yearly, while women make only $779 per week, or $40,508 annually.
At 37, my 2018 freelance income before taxes totaled $67,700, which is about 43% higher than the median for women aged 35–44 ($908 per week, $47,216 annually). CNBC points out that women usually reach their peak earnings at 44, after which our income starts to decrease until retirement. This means I need to focus on saving and investing while I can.
It’s wise to focus on saving and investing early on, even if you're not yet earning your highest income. Compound interest benefits those who start early, though it’s never too late to begin.
How does your income compare to others, both by age and gender? (Of course, gender isn’t limited to just male or female, but we must work with the data that’s available.) Are your earnings growing—or shrinking—along with your age group, or do you stand out as an exception?
