Correlations between wealth and Age
income and age study
By: Dusty Burkybile
Young adults make the least out of any group
Adults over the age of 25 make significantly more, mostly due to people finishing job training.
People tend to earn the most in their late 40's and lower 50's.
People tend to retire in their later life, so the average earnings of the elderly are comparable to young adults.
Young adults make the least out of any group. Mostly due to them being unskilled, unemployed, and occupied in unpaid job training or college. they earn $42,000 a year in mean household income.
Adults make the 2nd most out of the four selected age groups mostly due to them completing education, and the fact that those young adults proved themselves in the workplace. They make around $63,500 a year in mean household income.
This age group makes the most out of any other peaking at around $76,000 a year in mean household income. This is because they continued to gather skill and value over time. Eventually reaching the peak of their careers. But, this is also when many early retirees leave the workforce leading to a decline at the later years.
The elderly make the least out of any age group, as many are living off savings and social security. with a mean household income of just a measly $20,000. This says that most have left the workforce but other data shows that those who stay in the workforce make $70,000 a year individually.