Wealth Perception in America: Here’s What It Takes To Feel Rich in 2025

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The amount of money needed to feel rich is a constantly moving target. As the cost of living rises, the amount needed to live a rich life today is vastly greater than it was just a decade ago. But have Americans’ expectations kept up with reality? Or have they actually gone too far?

A new GOBankingRates survey explored Americans’ perceptions about what it takes to be and feel rich, including how much total money they would need in savings and investments to feel financially secure, whether or not they believe they will achieve millionaire status, and whether or not they believe they have saved enough for retirement.

Here’s a look at the results.

Key Findings

• Over 1 in 3 Americans (34%) believe you need more than $500,000 in savings and investments to be financially secure. The next most-popular response was between $100,000 and $150,000, with 10% selecting this range.
• Gen Z was the most confident that they would become millionaires in their lifetimes. Gen X and boomers were the most sure they would not.
• Among Americans who are pre-retirement age (45 to 64), only about one-quarter believe they will have enough savings to retire at 65.

How Much Money Americans Say You Need To Be Financially Secure

The largest proportion of Americans surveyed (34%) believe that you need to have $500,000 or more in savings and investments to be financially secure — and experts say this is a realistic benchmark.

“This sentiment rings true,” said Tyler Rayman, wealth management associate with Greenleaf Trust.

In fact, if they want to retire on that amount, they will likely need more than $500,000.

“A portfolio of that size, assuming a modest 4% annual withdrawal rate, would produce only $20,000 per year — an amount that often falls short of covering basic living expenses,” Rayman said.

However, if you are still working, you don’t necessarily need a large sum of money stashed away to be financially secure.

“True financial security could be defined by having a stable income, manageable debt and adequate savings to handle emergencies and support retirement — not by reaching a specific net worth,” Rayman said. “Many individuals attain a sense of security through disciplined saving, low expenses and intentional financial planning.

“In essence, living within or below your means is often more impactful than accumulating a particular dollar figure,” he continued. “Financial security is not about how much you have — it is the confidence that you can meet your obligations, weather unexpected challenges and pursue your goals without undue financial stress.”

Who’s Going To Be a Millionaire?

Although you don’t need to have a million dollars in the bank to be secure during most phases of life, it is a good goal to aim for $1 million as a retirement nest egg.

“If you consider having a million dollars to be a millionaire, then I’d argue that would probably be the coveted amount to retire with for financial security,” said John Gillet, CEO and founder of Gillet Agency, a financial planning firm in Hollywood, Florida.

“With this number, financial levers can be utilized to guarantee adequate levels of income to weather the storms of retirement,” he continued. “This amount of money would work effectively in conjunction with having no major debt and good Social Security benefits.”

While $1 million may be the ideal goal, most Americans (66%) don’t think they’ll achieve it. However, confidence in achieving millionaire status varies by age. Americans ages 18 to 24 are the most likely to believe they will be millionaires (52%), followed by Americans ages 25 to 34 (46%), Americans ages 35 to 44 (39%), Americans ages 45 to 54 (31%), Americans ages 65 and older (26%), and Americans ages 55 to 64 (22%).

Young Americans’ optimism may be warranted.

“Gen Z holds significant potential for long-term wealth accumulation, driven partially by their technological fluency and early adoption of AI,” Rayman said. “Their comfort with digital platforms grants them access to sophisticated tools for investing, budgeting and entrepreneurship — resources that were far less accessible to previous generations.”

Rayman also noted that Gen Z is most likely to take on side hustles in addition to traditional 9-to-5 jobs.

“The traditional model of working a single job and relying on a pension for retirement has evolved,” he said. “Today, it is increasingly common to see Americans balancing a full-time role with additional income-generating pursuits in the evenings. Growing up in the digital age, Gen Z is uniquely positioned to leverage technology across multiple channels, such as e-commerce, freelancing and content creation, to diversify and accelerate wealth-building opportunities.”

Perception vs. Reality

Although Americans know they’ll need at least $500,000 to retire comfortably, very few are on track to achieve this goal.

“In reality, many individuals fall short of the $500,000 savings benchmark, revealing a significant gap between perceived financial needs and actual savings behavior,” Rayman said. “As the cost of living, healthcare and housing continue to rise, what once seemed like a reasonable savings target now feels increasingly out of reach for many Americans.”

The lack of savings explains why so few Americans of pre-retirement age believe they will be able to retire on time. Just over one-quarter of Americans ages 44 to 54 (27%) and 25% of Americans ages 55 to 64 said they believe their savings are on track to fund their retirement. An additional 15% of Americans ages 44 to 54 and 13% of Americans ages 55 to 64 say they are on track, but they will have to retire after age 65.

A significant portion of these age groups — 20% of Americans ages 45 to 54 and 30% of Americans ages 55 to 64 — believes they will have to work part-time throughout their retirement. And, concerningly, 24% of Americans ages 45 to 54 and 16% of Americans ages 55 to 64 don’t believe they will ever be able to retire.

“Many Americans find themselves unprepared for retirement due to a combination of behavioral, economic and informational challenges,” Rayman said. “A common issue is the prioritization of immediate financial obligations over long-term planning, which can delay or derail consistent saving. Procrastination also plays a role, as many assume they will have time to ‘catch up’ on savings later, often underestimating the impact of lost compounding.”

He recommended that anyone who feels their savings are not on track seek the advice of a financial professional.

“In this evolving environment, seeking professional financial guidance has become more important than ever,” Rayman said. “A personalized plan, grounded in current realities and tailored to individual goals, is essential to charting a clear and confident path toward a secure and comfortable retirement.”

Methodology: GOBankingRates surveyed 1,000 Americans ages 18 and older from across the country between April 23 and April 28, 2025, asking 13 different questions: (1) Which range best describes your total household income before taxes?; (2) How much do you currently have in savings?; (3) Do you believe you will be a millionaire in your lifetime?; (4) Which socioeconomic class do you believe you belong to?; (5) What annual income would you need to feel personally wealthy?; (6) How do you define “wealth”? (Select all that apply); (7) Do you believe you need to own a home to be wealthy?; (8) How much money would you need in savings/investments to feel financially secure?; (9) Do you believe you will have enough in savings to fund your retirement?; (10) If you lost your job today, how many months worth of expenses could your savings cover?; (11) If you have student loan debt, do you believe you’ll be able to pay off the balance in full?; (12) If you have credit card debt, do you believe you’ll be able to pay off the balance in full?; and (13) When did you start to learn about financial wellness/literacy? GOBankingRates used PureSpectrum’s survey platform to conduct the poll.

Sources

• Tyler Rayman, Greenleaf Trust
• John Gillet, Gillet Agency

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