Your financial situation is ever-evolving just like your happiness.

But like your state of mind, your finances are bound to peak at certain time in your life, in fact, it may be just around the corner!

To find out what that timeline looks like for the average person, Business Insider has gathered some research on how Americans spend, save, and earn money.

The graph below shows the age at which you peak at everything in terms of your finances.

Age 25: You spend the most money you don’t have

Anyone, regardless of age, can be guilty of overspending. But for the average American 20-something, the propensity to do so is often the greatest.

According to data from the Bureau of Labor Statistics, a 25-year-old’s average pre-tax income is $31,000, while their annual spending is about $33,000.

That means they’re most likely racking up debt – or getting financial help from their parents – to cover their expenses.

Living beyond your means is a bad financial habit to adopt, but entry-level salaries, expensive rent, car loan and student loan debt aren’t helping Millennials spend less and save more either.

Age 40: You purchase a home

The average age of homebuyers in the US is 40, according to Zillow Group’s 2017 housing report.

While the typical buyer is 40 years old, it’s the Millennial generation  – people age between 18-37 – that makes up the largest segment of home buyers today (42%).

Nearly 70% of home buyers are married or living with a partner, almost half (45%) are college-educated, and they earn a median annual household income of $87,500.

Age 40: Women make the most money of their careers

Women’s salary growth outpaces men’s up until about 30, when they start having children, then slows down considerably within the next decade, according to research from PayScale cited by CNBC.

College-educated women hit their peak earnings around 40, when their average salary is about $60,000.

The most common jobs held by American women were registered nurse, elementary school teacher, and human-resources administrator, according to PayScale.

Age 49: Men make the most money of their careers

College-educated men, on the other hand, experience pay growth for almost a decade longer than women, peaking around 49 with a typical salary of about $90,000.

The most common jobs held by American men are software developer, project manager in construction, and computer-systems administrator.

Age 59: Your retirement account hits $1 million

Reaching millionaire status is usually a dedication to saving. But it’s easier to save more money when you have a high-paid salary.

On average, women hit the milestone at 58.5, while the average man does so at 59.3, according to a Fidelity Investments report quoted by The New York Times. The typical “401(k) millionaire” was an American with a 6-figure income – $287,700 for women and $354,600 for men.

But you don’t have to be a high earner to become a 401(k) millionaire. In fact, according to the report,  saving consistently and investing in the stock market were the key factors to becoming a millionaire status while earning less than $150,000.

Ages 65-70: Your net worth is the highest it’s ever been

Your net worth tends to peak around your mid-to-late 60s – or typical retirement age.

Wallet Hacks found that the median net worth, including home equity, of an American aged 65 to 69 was $194,226 – and that’s not very impressive.

To avoid depleting your savings account, the maximum amount you should withdraw each year during retirement is 4%. Multiply $194,226 by 0.04, and you’re left with $7,769 a year, or less than $650 a month.

Even with the average monthly Social Security benefit, the median American is living on $2,000 a month in retirement income.

Source: Business Insider

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