Here's how much Americans say they need to live comfortably

When it comes to making the kind of money they need to live comfortably, few Americans are rolling in the dough and most think it's unlikely that they ever will.

According to a new report from Bankrate , the average American says they would need to make $186,000 a year in order to feel "financially secure" and live comfortably. That's more than two times what the average full-time, year-round worker made in 2022 -- $79,209, per Census Bureau data.

According to the survey, 43% of Americans say they would need to earn at least $100,000 a year to feel financially secure. That includes 1 in 4 (25%) who say they would need to earn $150,000 or more, 14% who say $200,000 or more, and 7% who say $500,000 or more.

Comparing generations, Gen Zers say they need to earn roughly $200,000 per year on average to feel financially secure, while millennials need $199,000, Gen Xers need $183,000, and baby boomers need $171,000, the report shows.

"Life always seems like it'd be better with just a little bit more money to spare," Bankrate Analyst Sarah Foster said in a statement. "That's even more true when the items Americans both need and want have been climbing in price. In the four years since the pandemic, comfort is no longer a commodity but a financial privilege, appearing to only be afforded to those wealthy enough to ‘eat’ the impact of inflation.”

While 37% of survey respondents say they are likely to earn the salary needed to feel financially secure in their lifetime, nearly one-third (31%) feel that it's unlikely, including 17% who say it is highly unlikely. Nearly 1 in 5 (18%) think they will never be able to make that amount, while just 6% say they are already earning the annual income they need to feel financially secure.

Based on their current personal financial situation, 3 in 4 Americans (75%) say they are not completely financially secure. This includes 45% who are not completely financially secure but believe they will be someday and 30% who expect they never will be. Just 1 in 4 Americans (25%) say they are completely financially secure.

To feel "rich" or financially free, Americans say they would need to earn about $520,000 -- up 8% from $483,000 last year, according to Bankrate. Almost half of Americans (49%) say they would need to earn $200,000 or
more to feel this way, while one-third (33%) say they would need to earn $500,000 or more, and over 1 in 5 (23%) say they would need to earn $1 million or more per year.