What is a good salary in your 20s?

Teens and Twenties The median salary for 20-24-year-olds in the USA is $640 per week, which works out to $33,280 per year. There's a big jump from the early to the late twenties, with Americans aged 25-34 earning a median salary is $918 per week ($47,736 per year).

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During your working life, you can expect your skills and value to increase with age and experience. It makes sense that your salary expectations should follow the same trajectory. Of course, numerous other important variables will influence how much you earn throughout your career – from the size of your company to the state you live in.

Here’s what you need to know:

Average Salary in the US

The latest data from the Bureau of Labor Statistics has revealed the following salary trends for the third quarter of 2020:

The median weekly earnings of full-time workers in the USA is $994.

Women are earning just 81.7% of this median compared to men ($902 weekly compared to $1,104 weekly).

Factors that Influence Salary Growth

These are the main factors that you can expect to influence how much you earn at different stages of your working life.

Education:

A good qualification from a respected institution will help you to start at the higher end of the salary scale.

Experience:

With each year you spend in a particular role, sector or industry, you can expect to develop your skills and knowledge, increasing your salary potential alongside these.

Industry:

Salaries vary across different industries around the US, depending on the level of skill and education required for each job.

Company:

Whether the company you work for is big or small, and whether it has a traditional or progressive culture will also affect what you earn there.

Gender:

The gender pay gap among full-time employees in the USA has not noticeably decreased over the past five years. Currently, women make an average of only 81 cents for every dollar their male counterparts make.

Age:

Age and experience will increase hand-in-hand throughout your career.

Location:

Average income will also vary depending on where you’re based. For example, North Dakota and Wyoming are among the best paying states in the country currently, while Delaware and New Hampshire are listed among the worst-paying.

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What should you expect to earn at your age?

Teens and Twenties

While teenagers are in the lowest salary group, working a summer job can help you to save up towards further studies. According to BLS, the median salary of 16-19-year-olds in America (across all races, genders and education levels) is $506 per week, which adds up to $26,312 per year. Employees and job hunters in their twenties can use their skillsets and education as solid motivating factors for more money. The median salary for 20-24-year-olds in the USA is $640 per week, which works out to $33,280 per year. There’s a big jump from the early to the late twenties, with Americans aged 25-34 earning a median salary is $918 per week ($47,736 per year). Of course, your salary at this age will also depend on some of the other factors listed above.

Thirties and Forties

The median salary for US workers in the 35-44-year-old age group is $1,135 per week, or $59,020 per year. This is based on a median of $1,239 per week for men and $1,011 per week for women in the same age bracket. Earnings for 45-54-year-olds are slightly higher at $1,144 per week ($59,488 per year). The gender pay gap is still significant in this age group, with a $1,271 weekly median for men compared to a $1,005 weekly median for women.

Fifties, Sixties and Beyond

Americans aged 55-64 can expect to earn a median of $1,090 per week ($56,680 per year), slightly below the 45-54 age bracket. The workforce typically also becomes smaller as employees in this group reach their early sixties, becoming eligible for Social Security benefits. Those who are still working full-time at the age of 65 and older typically earn an average of $1,018 per week, or $52,936 per year.

Does More Pay Translate to Higher Job Satisfaction?

While earning well is an important part of overall job satisfaction, it’s not always the thing employees want the most. In the wake of the COVID-19 outbreak, however, stability and job security are top priorities for many workers. Research by SurveyMonkey showed the following: 40% of workers say that jobs and the economy matter to them most right now (over healthcare, the environment, education and more).

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38% say they are happier to have their job now than they were before.

89% are either somewhat satisfied or very satisfied with their current job.

49% say they are somewhat well paid, while 28% say they are very well paid.

How Does Office Space Contribute to Happiness at Work?

There is a definite link between employee satisfaction and the type of space we work in, especially now with social distancing and extra safety measures being crucial to a happy, productive work environment. Research has shown that open-plan offices can create a workplace with lower stress levels. Meanwhile, other statistics show that a more flexible setup can improve productivity and creativity. Ultimately, it’s all about striking the right balance.

The Road to Success

You can expect your salary and potential earnings to grow automatically as you improve your skills, but there are also a few ways you can get yourself a salary boost right now:

Motivate your need for an increase

Use your achievements at work as leverage when negotiating a salary increase. Research and compare your salary Find out how much your skills are worth and compare your salary with the average in your industry. Become an expert Take on extra online training or night classes to become more knowledgeable in your field. Keep learning and growing, and you can expect to enjoy better levels of success (and compensation) at every stage of your career.

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