How Much Do You Need to Earn to Feel Financially Secure? For Many Americans, $150,000 Is the Minimum

In a challenging economic environment, nearly half of Americans believe they would need an annual income of at least $100,000 to feel financially secure, according to a recent Bankrate survey.

Expectations Outpace Reality

The study, conducted by YouGov in mid-May with 2,260 adults, revealed that 45% of respondents believe earning six figures annually is necessary to feel financially comfortable. Within that group, one-quarter (26%) raised that figure to $150,000 or more, while 8% said they would need between $200,000 and $499,999. Another 8% went even further, saying financial security would require earning more than $500,000.

In contrast, another 45% stated they could feel financially stable with less than $100,000 a year. Specifically, 34% said they would be satisfied with an income between $50,000 and $99,999.

What Does It Mean to Be “Wealthy”?

When it comes to achieving financial freedom or being considered “rich,” over half of respondents (55%) believe that would require an income of $200,000 or more annually. Around 26% set that number at a minimum of $1 million, and 13% consider the range of $500,000 to $999,999 as wealthy.

The Reality of U.S. Incomes

According to the latest Census data, the median household income in the U.S. in 2023 was $80,610. For households with two or more people, that number rises to $102,800, and for married couples, it reaches $119,400. On an individual level, full-time workers earned a median income of $60,070 last year.

This points to a significant gap between what people believe they need and what they actually earn.

What Does “Financially Secure” Mean?

Neither the survey nor respondents provided a specific definition for feeling financially secure or achieving financial freedom. These concepts vary greatly depending on personal context: current income, age, location, number of children, level of debt, and monthly expenses.

Factors such as retirement savings, homeownership, or owning a business also play a role, though they were not considered in the study.

Generational and Family Differences

Among those already earning over $100,000 a year, 54% said they would need $150,000 or more to feel financially secure.

Generation X (ages 45–60) is the most demanding group: 35% believe they need at least $150,000 to live comfortably.

They are followed by millennials (ages 29–44) at 26%, and Gen Z (ages 18–28) at 20%.

Among parents with children under 18, 35% believe they need at least $150,000 a year to achieve financial security.

Parents of adult children have the highest aspirations: 33% said they would need $1 million or more to feel financially free.

Who Actually Feels Secure?

Despite these aspirations, 77% of respondents said they do not feel completely financially secure. A concerning 32% believe they may never reach that point.

Financial security appears to be closely linked to income level:

• 42% of those earning at least $100,000 feel secure

• Only 25% of those earning between $50,000 and $79,999 feel the same

• Just 12% of those earning less than $50,000 say they feel secure

Across generations, the majority of each group reported feeling financially insecure:

• 84% of Generation X

• 80% of Gen Z

• 79% of millennials

• 69% of baby boomers

  
  

The New American Dream: Living Comfortably

“Previously, wealth was the dream for many. Today, simply living comfortably has become an aspiration in itself,” says Sarah Foster, economic analyst at Bankrate. And in a climate where financial stability feels increasingly out of reach, that dream remains elusive for many.