How much money do you need? The old adage is “Just a little bit more than I currently have.” For millennials, however, make that 480% more., Millennials reported needing to earn $525,000 a year to be happy. Notably, this is significantly more than the national median income of that age group, which is approximately $81,000 a year according to a study by
In Massachusetts, the state with the highest median income for Millennials, median income is $108,000. Still a far cry away from $525,000.found that Americans think that a full 20% of earners make over $500,000, but this is starkly different from reality. The actual percentage of the U.S. population who earn more than $500,000 per year is less than 1%.I want to make it clear that I am not attempting to disparage individuals with high incomes.
And by the way, this assumes that $525,000 is the total household income, whereas the Empower study reflects what Millennials stated they would need to earn individually. Substituting it as household income still makes the point, which is that $525,000 is a lot of money.Inevitably, exact details will vary from household to household. However, while an income of $525,000 could be a genuine necessity for some, it’s certainly not needed for most.