Monday, September 04, 2017

Boomer Earnings Over a Lifetime

How much have earnings climbed for baby boomers over their lifetime? The Bureau of Labor Statistics has captured the data with its National Longitudinal Survey of Youth 1979, which is tracking a nationally representative sample of Americans born between 1957 and 1964. The panel was first interviewed in 1979 when they were aged 14 to 22. By the time the latest findings were collected in 2014–15, these "youth" were 49-to-58-years-old and approaching the end of their work life. This is how their earnings grew as they passed through each age group...

Average annual percent change in inflation-adjusted hourly earnings
From age 18 to 24: 6.4%
From age 25 to 34: 3.3%
From age 35 to 44: 1.8%
From age 45 to 50: –0.1%

College graduates fared much better than those with less education over the years, with their average annual earnings growing twice as fast as those with no more than a high school diploma through age 34, and then about one-third faster between ages 35 and 44. From age 45 to 50, the hourly earnings of college graduate grew by just 0.4 percent per year, but that was better than what happened to those with no more than a high school diploma—from age 45 to 50, their earnings fell 0.2 percent per year.

Source: Bureau of Labor Statistics, Number of Jobs, Labor Market Experience, and Earnings Growth among Americans at 50: Results from a Longitudinal Survey

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