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By Esther Taunton of 
The median weekly wage is in the vicinity of $1250, but varies significantly by age. (file image)
Photo: 123RF
Most people will have heard talk about the median wage and some might even be able to put their finger on it – if you’re not one of them, it’s in the vicinity of $1250 a week.
But that figure is based on incomes for the entire workforce, including school leavers, apprentices, new graduates, experienced professionals, and the semi-retired, to name just a few.
So, what are the numbers relevant to your demographic and how does your income stack up?
Here’s what the Stats NZ data shows.
In your teens
Getting a part-time job is a rite of passage for a lot of New Zealand teens and can be a lucrative way to spend a few hours after school or at the weekend.
Those aged 15 to 19 had a median weekly income of $390 and median hourly rate of $23 an hour.
While that is shy of the adult minimum wage ($23.15), it is quite a bit better than than the starting out and training minimum wages ($18.52), both of which can apply to teens (whether that is fair is an issue for another day).
In your 20s
Your earnings should pick up once your teens and education (or most of it) are behind you.
Workers aged 20 to 24 have a median hourly rate of $26 (in line with the current living wage) and median weekly income of $1008. That works out to $52,416 a year.
Those in their late twenties earn a median weekly income of $1247 at a rate of $30 an hour.
In your 30s
Incomes continue to climb as workers hit their early thirties and rack up some experience.
The median weekly income for those aged 30-34 is $1360 ($70,720 a year) at a median hourly rate of $33.56.
Things are not vastly different for workers in their late thirties, with the median hourly rate of $36.23 and weekly earnings of $1440.
In your 40s
Although you will probably start to notice a few physical changes in your forties (can I interest you in a few more grey hairs, wrinkles, aches and pains?), there is little change in median incomes across this decade.
Those aged 40 to 44 earn a median weekly income of $1400, while those in their late forties are only marginally better off at $1419 per week.
In your 50s
Things start to slide in the final full decade before retirement, with the median weekly income falling to $1396 in the first half and to $1343 ($69,836 a year) in the second half.
Meanwhile, the median hourly rate falls by $1 from $34 to $33 between 50 and 59.
In your 60s
The end is in sight! But as workers count down to putting their feet up, incomes are also on a downward slide.
The median weekly income for those aged 60 to 64 is $1280 at an hourly rate of $34.14.
Post-pension age, median weekly income from salary and wages falls to $959, while the median hourly rate is $30.
– This story was originally published by Stuff.
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Copyright for syndicated content belongs to the linked Source : RNZ – https://www.rnz.co.nz/news/business/516290/here-s-what-you-should-be-earning-at-any-age
