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

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If 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.

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 from Charles 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 overall

  • Net worth it takes to be financially comfortable: $655,000 ($934,000 in January) 
  • Net worth it takes to be wealthy: $2 million ($2.6 million in January)

Millennials (ages 24 to 39)

  • Net worth it takes to be financially comfortable: $500,000 ($764,000 in January)  
  • Net worth it takes to be wealthy: $1.7 million ($2.2 million in January)

Gen X (ages 40 to 55)

  • Net worth it takes to be financially comfortable: $943,000 ($1.5 million in January)
  • Net worth it takes to be wealthy: $2.1 million ($3.1 million in January)

Baby boomers (ages 56 to 74)

  • Net worth it takes to be financially comfortable: $559,000 ($716,000 in January)
  • Net 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.

Don't miss: This calculator tells you whether or not you're middle class

Check out: The best credit cards of 2020 could earn you over $1,000 in 5 years

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