Americans think they would need to earn $186,000 a year just to live comfortably, a Bankrate survey of 2,407 Americans in mid-May found.
To qualify as wealthy, it would take a salary of at least $520,000, up 7.6% from $483,000 last year, respondents said. To feel financially free, it would take $200,000, they add.
These goals are out of reach for most Americans, since only 6% of Americans are making $186,000 or more, and the average full-time worker earns $79,000 a year, according to the Census Bureau.
While 37% of Americans think it’s possible they’ll someday get to that income level, 49% are not holding out this hope, with 31% saying it’s unlikely and 18% saying it’s impossible.
Having weathered inflation that’s jacked prices up 21% in the past three years, Americans now dream of financial comfort more than they do being rich, the Bankrate “Financial Freedom Survey” found. They define living comfortably as being financially prepared for the future and not worrying about money.
This is no wonder, since Americans are facing a myriad of longer-term financial battles — from now needing a six-figure salary to afford a home, to an average $48,000 price tag for a new car, to college tuition now topping $100,000 a year at some schools.
