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How much money Americans think is enough to be 'financially comfortable'

Here's how much money Americans think is enough to be 'financially comfortable.' (via @CNBCMakeIt)

8/2/2020 7:15:00 AM

Here's how much money Americans think is enough to be 'financially comfortable.' (via CNBCMakeIt)

Charles Schwab asked Americans what personal net worth it would take to feel 'financially comfortable' and 'wealthy' in January 2020 and June 2020. The responses differed drastically.

3:30 PM EDTUpdated Tue, Jul 28 202011:09 AM EDT@kathleen_elkGetty ImagesIf you asked Americans how much money it would take to be considered "financially comfortable" in January 2020, before the coronavirus pandemic hit the U.S., the responses would look a lot different than they do today.

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In January, Americans said it would take a net worth of $934,000, on average, to be considered "financially comfortable." In June, that number dropped considerably, to $655,000.The numbers come fromCharles Schwab's 2020 Modern Wealth Survey, which asked 1,000 adults between 21 and 75 what personal net worth it would take to feel "financially comfortable" and "wealthy." The January wave of the survey was conducted from January 9 to January 16, 2020, while the June wave was conducted between June 25 and July 2, 2020.

The responses varied between age groups, with Gen Xers (which Schwab defines as those ages 40 to 55) needing the most to feel comfortable: $943,000 today and $1.5 million in January.Here's the breakdown of how much each age cohort needs to feel financially comfortable as of June 2020, according to Schwab. The numbers reported are averages.

Americans overallNet worth it takes to be financially comfortable:$655,000Net worth it takes to be wealthy:$2 millionMillennials (ages 24 to 39)Net worth it takes to be financially comfortable:$500,000Net worth it takes to be wealthy:$1.7 millionGen X (ages 40 to 55)

Net worth it takes to be financially comfortable:$943,000Net worth it takes to be wealthy:$2.1 millionBaby boomers (ages 56 to 74)Net worth it takes to be financially comfortable:$559,000Net worth it takes to be wealthy:$2.2 million($2.8 million in January)

The results come as most Americans (57%) said that they were financially impacted by Covid-19, with millennials most affected (69%). Millennials also feel the most financially stressed, according to the report. Read more: CNBC »

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MakeIt A dumb question for the endless greedy society. MakeIt With less stability and more uncertainty, why are the numbers lower?

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