The Average American in Their 50s Makes This Much Money: How Do You Compare?

Upon reaching your 50s, it's natural to wonder how your paycheck stacks up against others in your age group — and to begin to fret if you are not earning enough to keep up.

Discover the average income of workers in their 50s, and learn how to improve your financial footing so you can lower your financial stress.

Forbes divides workers in their 50s into two income ranges.

Workers between the ages of 45 and 54 earn a median of about $64,428 per year. The median falls right in the middle of a data set. So, half of workers in this age range earn more than the above amount, and half earn below it.

Meanwhile, those who are 55 to 64 earn a median of $63,336.

These medians can be useful benchmarks, but they don't tell the whole story. There are many factors that determine your income, such as your job, education, experience, and where you work. So, don't be too discouraged if your salary falls below these numbers.

If your earnings are lower than median — or you're simply ready for the next step — there are several proven ways to increase your income.

Even small changes can lead to big progress. Here are some of the best ways to boost your income in your 50s.

One of the most effective ways to increase earnings is to be clear about what you want. If you don't know what you're aiming for, it is very hard to get anywhere.

Start by setting specific career and income goals. Then, track your progress toward those goals.

Whether you want a raise at your current job or plan to pivot to a completely different field, figuring out exactly what you want can give you the roadmap to move ahead.

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Understanding your market value is the key to setting realistic, achievable goals.

Look at salary data for your role by visiting websites such as Glassdoor or the U.S. Bureau of Labor Statistics. If your earnings are significantly below what others in your field typically earn, it might be time to negotiate a raise or explore other opportunities.

If you are earning more than the top workers in your field and still feel that you can't get ahead financially, it might be time to consider a career change.

Many workers in their 50s have decades of valuable experience, but they still may hesitate to ask for higher pay.

If you've taken on more responsibilities or delivered strong results, you probably have a strong case for a raise. Before making this request, arm yourself with clear examples of your impact and make sure you have the data to back up your claims.

You don't need to go back to school full time and earn another degree to grow your income. Upskilling through short courses and certifications can boost your value to employers.

Focus specifically on high-demand skills in your field, whether that means becoming proficient in data analysis or mastering a new tech tool. Even small steps can make you more competitive, possibly leading to higher pay.

Asking for more responsibility can show your employer you're ready for the next step. So, volunteer to take on new projects or leadership roles, which can lead to higher pay over time.

Be strategic and look for tasks that align with your strengths. If you consistently go above and beyond, your value will stand out more.

Managers can't read minds: If you're aiming for a raise or promotion, say so.

Communicating exactly what you're looking for signals initiative and can open up the door to career development conversations. Let your supervisor know what you're working toward and ask what steps you can take to get there.

Regular feedback can help move you toward career growth — and salary progression.

Asking for input shows that you're invested in improving, and the insights you gain can reveal blind spots and help guide your skill development. Over time, small adjustments can position you for raises and new opportunities.

Promotions are one of the most direct paths to a higher salary. Many companies prioritize current employees when filling leadership roles, which means that you might have a better chance of getting a promotion if you apply internally.

Promotions not only come with better pay, but they also give you more influence and a clearer path to long-term career growth.

Expanding your professional network can open doors that might otherwise stay closed. There is a lot of value in staying connected to peers and industry leaders.

A strong network can help you discover job leads or even an inside track to a promotion. Relationships don't have to be transactional. Instead, they often start with simply offering support or staying in touch.

A trusted mentor can help guide your career in the right direction. Mentors provide expertise and accountability, which can help you grow your income.

Whether they help you navigate a tricky salary negotiation or steer you toward smarter career moves, the right mentor can make a long-term difference in your financial future.

Sometimes, all you have to do is ask! Of course, it does help to prepare a clear case that highlights your accomplishments and market value, which can help you achieve the raise you want.

Timing also matters. Aim for a moment when your work is especially visible, or after you have had a major success at work.

Sometimes, the best way to increase your salary is to make a move. A recent report from ADP found that pay increases for job changers average around 7%.

However, switching jobs isn't always a sure way to get a pay raise. So, if you are thinking of moving on, explore workplaces where your skills might be in higher demand or better rewarded.

If you simply can't find the role you want at a salary that helps you move beyond living paycheck to paycheck, it might be time to look into a new career.

The median income for workers in their 50s hovers around $65,000. But whether you make more than this amount or less, know that there is plenty you can do to increase your earning potential and build wealth.

Start by forming clear goals. Then, work on improving your skills and taking some of the other steps on this list. In your 50s, you still have a lot of time to aim high and hit your target.