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What's a good salary for a 23 year old?

The median salary of 20- to 24-year-olds is $667 per week, which translates to $34,684 per year. Many Americans start out their careers in their 20s and don't earn as much as they will once they reach their 30s.

smartasset.com - The Average Salary by Age for Americans - SmartAsset

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The answer to how your earnings compare to others in your age group largely depends on where you live and what you do. But knowing the median salary of people the same age can tell you if you’re generally keeping up, pacing ahead or lagging behind your peers. Knowing what older generations earn can also give you a sense of what to aim for and look forward to. For help growing your savings and managing your investments so that you can prepare for potential salaries at every age group, consider consulting a financial advisor.

Average Salary By Age in the U.S.

Understanding the average salary for the age group you fall into now and will fall into in the future can help you better financially prepare. It’s also a good way to measure how you’re doing financially. If you happen to find yourself below the average salary then it’s a good idea to dig deeper and see if it’s your career overall that falls below the average or if there is an opportunity to get paid more for what you’re doing right now. The Bureau of Labor Statistics (BLS) provides timely information on this topic, which we have analyzed below. In turn, the BLS data below is from the third quarter of 2022, which is the most recent information available at the time of writing. In addition, the BLS provides medians rather than averages, since an average can be skewed by very high and very low numbers. You should also keep in mind when you’re financially planning for the future that your salary isn’t your take home pay. You can use a paycheck calculator to figure out how much you’ll be taking home from your salary at every age, so you can factor that into your investing strategy.

Average Salary for Ages 16-19

As you might imagine, the age group with the lowest salary is the one comprised entirely of teenagers, many of whom typically work summer or temporary jobs. According to BLS data, the median salary of 16- to 19-year-olds is $609 per week, which comes out to $31,668 per year. That’s the median across all races, genders and education levels.

Average Salary for Ages 20-24

Earnings increase beginning in one’s 20s, as this age group includes some new college graduates. The median salary of 20- to 24-year-olds is $706 per week, which translates to $36,712 per year. Many Americans start out their careers in their 20s and don’t earn as much as they will once they reach their 30s.

Average Salary for Ages 25-34

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For Americans ages 25 to 34, the median salary is $1,003 per week or $52,156 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. Also, this set includes many people who received professional degrees from graduate schools, further bringing up salaries.

Average Salary for Ages 35-44

The median salary of 35- to 44-year-olds is $1,197 per week or $62,244 per year. That said, the number conceals considerable variation by gender. For example, male 35- to 44-year-olds earn a median salary of $1,299 per week, whereas women in the same age bracket earn a median of $1,086 per week. This illustrates a portion of the gender income gap that has been a major topic of conversation in recent years.

Average Salary for Ages 45-54

Earnings start to level out in your 40s. The median salary of 45- to 54-year-olds is $1,224 per week or $63,648 per year. That’s only slightly more than the median for 35- to 44-year-olds, though the weekly median for men aged 45 to 54 years is $1,368. Again, the gender income gap is significant in this age group. The weekly median for women in the same age bracket is $1,071.

Average Salary for Ages 55-64

The median salary for Americans aged 55 to 64 is $1,172 per week or $60,944 per year. Earnings in this age bracket are slightly lower than in the 45-54 age bracket, and there are also fewer total workers in this age bracket. According to the BLS, there are 25,359,000 full-time workers in the 45-54 age bracket, and only 20,192,000 full-time workers in the 55-64 age bracket. Many start to leave the workforce when they hit 62 and become eligible for Social Security benefits.

Average Salary for Ages 65 and Older

Americans aged 65 and older earn an average of $991 per week or $51,532 per year. This average is for full-time workers, so it doesn’t take into account the many people in this age bracket who drop out of the workforce to begin taking income from Social Security and their retirement savings. There are 5,354,000 full-time workers in the 65 and older bracket. Some workers over 65 may be in the workforce because they haven’t saved enough. Check out the chart below to see a breakdown of the average annual salary by age group:

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Average Salary by Age (3rd Quarter of 2022) Age Group Average Salary 16-19 $31,668 20-24 $36,712 25-34 $52,156 35-44 $62,244 45-54 $63,648 55-64 $60,944 65+ $51,532

Bottom Line

These BLS stats only consider full-time wage- or salary-earners. Since many Americans are unemployed or under-employed (working part-time when they would prefer to be working full time), these numbers don’t fully reflect how much your age cohort is earning. Within each age bracket, earnings vary widely by gender, race and education level, too. Some people also get income from sources other than salary and wage earnings, such as investment income. Still, knowing how much other full-time workers in your age bracket are earning can be a useful metric as you evaluate your overall financial picture.

Tips for Maximizing Your Salary

Want to build a financial plan and start growing your wealth? A financial advisor can help get you on track to meet your goals. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. For many people, the salary from their employer is only part of their income stream. If you’re looking to line your pockets a little more, consider your options for generating passive income. This could be anything from buying a vending machine, renting out a spare room or even buying a business and having someone else run it.

smartasset.com - The Average Salary by Age for Americans - SmartAsset