Is your salary age-appropriate?
Generally, income increases with age. How does your current income compare to that of others your age?
It’s a no-brainer that a person’s salary will increase the longer they’re in the workforce, and that a 22-year-old will earn less than a 55-year-old in the same profession. How much more, though?
Utilizing data from the Minnesota Population Center’s 2016 ACS Integrated Public Use Microdata Series, Business insider recently calculated the median income by age for full-time, year-round employees, starting at age 18 and going to age 70.
Related: 7 jobs with the highest potential for salary growth
As expected, incomes increased gradually with age for those in their 20s and 30s–in 2016, a 30-year-old made twice as much as a 20-year-old. But after age 30, the increases are less stark. The analysis offers no insight into why this might be, and as it’s just a snapshot of wages for a single year does not indicate whether this will be a trend over one individual’s lifetime or is reflective of time-specific trends or economic factors.
So how does your income compare to the median for your age? Take a look:
