Find Out How Your Income Compares to Your Peers
How does your income compare to the income of others in your age group? Do you earn more or less than your peers, and does your gender affect your answer?
CNBC used data from the Bureau of Labor Statistics to create a chart detailing the average weekly earnings of U.S. wage earners by age and sex, and it’s worth looking at the full dataset .
For example, if you are between 25 and 34 years old, the average earnings in your age group are $ 837 per week or $ 43,524 per year. However, men in this age group earn an average income of $ 893 per week, or $ 46,436 per year, while women earn only $ 779 per week, or $ 40,508 per year.
I am 37 years old and my freelance income before taxes in 2018 was $ 67,700. This gives me about 43 percent more than the median income for women ages 35-44 ($ 908 per week, $ 47,216 per year). CNBC also helpful notes that women tend to peak earnings at age 44, after which our average income begins to decline steadily until retirement – which means I need to prioritize saving and investing while I I think I’m getting good ones.
It’s also a good idea to prioritize saving and investing when you’re younger, even if you haven’t reached your full earning potential yet. Compound interest is a long game that rewards early start, although it’s never too late to start.
How does your income compare to your peers, both by age and gender? (Yes, gender is greater than the male / female binary data, but we have to work with the available data.) Are your incomes going up or down in sync with your age group, or are you an exception?