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September 10, 2024 at 01:51 PM
The highest-income Americans earned more in 2023 than they did a year earlier, but they’re still having trouble climbing out of the COVID-19 ditch.
For the people in the top 5% in terms of household income, inflation-adjusted post-tax income increased 3.1% between 2022 and 2023, to $316,100, according to new Census Bureau statistics posted today.
But their income was still 1% lower than it was in 2019, before the COVID-19 pandemic began. After taking price increases into consideration, they have about $3,100 less to spend on life insurance, annuities, mutual funds and other financial services products and services.
Median American income increased 4% between 2022 and 2023, to $80,610, but was still 0.7% lower than in 2019.
What it means: When high-income retirement savers wonder where their money goes, that may be because, after adjusting for taxes and inflation, they have less money.
The data: The Census Bureau based the new income figures on results from the Current Population Survey, a survey program the bureau runs for the U.S. Labor Department’s Bureau of Labor Statistics.
The program polls about 50,000 to 60,000 members per month.
It uses the Chained Consumer Price Index for all Urban Consumers statistics to adjust the income figures for inflation. The numbers are expressed in 2022 dollars.
