This is the age when women and men make the most money

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The Bureau of Labor Statistics released data showing that in the U.S., women earn 81 cents for every one dollar that men make in 2020. The gender pay gap looks at the median salary for men and women regardless of their job type or seniority within their organization. An analysis […]

The Bureau of Labor Statistics released data showing that in the U.S., women earn 81 cents for every one dollar that men make in 2020. The gender pay gap looks at the median salary for men and women regardless of their job type or seniority within their organization.

An analysis of the data shows that the pay gap forms early, meaning that men earn more from the start. Women not only earn less money than men, but their peak earning age is lower than the average peak earning age of men.

Median annual income of men and women

Below is the median annual income of men (as of the second quarter of 2020) divided by age group:

  • 16 to 19 years old: $26,936 annually

  • 20 to 24 years: $34,424 annually

  • 25 to 34 years: $50,076 annually

  • 35 to 44 years: $64,428 annually

  • 45 to 54 years: $66,092 annually

  • 55 to 64 years: $63,440 annually

  • 65 years and older: $53,768 annually

Below is the median annual income of women (as of the second quarter of 2020) divided by age group:

  • 16 to 19 years old: $25,012 annually

  • 20 to 24 years: $31,720 annually

  • 25 to 34 years: $45,084 annually

  • 35 to 44 years: $52,572 annually

  • 45 to 54 years: $52,260 annually

  • 55 to 64 years: $50,544 annually

  • 65 years and older: $51,896 annually

The pandemic may affect women’s earning more than men’s earnings

Women have a higher risk of suffering greater penalties in earnings due to the coronavirus pandemic, according to a 2020 Payscale report. Women make up a larger percentage of occupations in fields like social services, education, and office administrative support, which are all jobs that are more likely to be cut or given reduced hours.

Women are also more likely to take time off of work in order to care for children who are now home due to school being online and summer camps being canceled. The United Nations estimates that even before the coronavirus pandemic, women were doing three times as much unpaid care work than men. The organization expects this number has skyrocketed now that children, and entire families, are at home much more often.

The pay gap widens for women of color

As mentioned, women overall earn less money than men in the U.S., but the pay gap for women of color is much wider than for White women. While the average pay gap for women in the U.S. is 81 cents on the dollar compared to men, that figure for Black American women is 61 cents on the dollar compared to what their White male counterparts are paid.

American Black men are also paid less than American White men. Take a look at the median annual incomes below.

Below is the median annual income of American White men (as of the second quarter of 2020) divided by age group:

  • 16 to 24 years old: $33,228 annually

  • 25 to 54 years old: $60,008 annually

  • 55 years old and older: $64,584 annually

Below is the median annual income of American Black men (as of the second quarter of 2020) divided by age group:

  • 16 to 24 years old: $31,512 annually

  • 25 to 54 years old: $44,980 annually

  • 55 years old and older: $47,060 annually

Below is the median annual income of American White women (as of the second quarter of 2020) divided by age group:

  • 16 to 24 years old: $30,836 annually

  • 25 to 54 years old: $50,336 annually

  • 55 years old and older: $51,012 annually

Below is the median annual income of American Black women (as of the second quarter of 2020) divided by age group:

  • 16 to 24 years old: $28,704 annually

  • 25 to 54 years old: $40,404 annually

  • 55 years old and older: $50,388 annually

Jennifer Fabiano is an SEO reporter at Ladders.

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