Goldman Sachs Survey: 36.6% of Households Earning Over $500,000 Say They Live Paycheck to Paycheck

A household pulling in more than $500,000 a year is roughly 5.7 times the national median. More than a third of them say they are barely keeping up.

That is the finding in Goldman Sachs Asset Management's Retirement Survey and Insights Report 2026. Of respondents with household income above $500,000, 36.6% said they primarily live paycheck to paycheck and struggle to make progress on long-term goals. Only the under-$50,000 group scored higher, at 60.8%.

A U-shaped curve, not a straight line

Goldman surveyed 5,106 people in July 2026: 3,612 workers and 1,494 retirees ages 45 to 75. Respondents picked one of three descriptions of their finances: living paycheck to paycheck, making moderate progress, or making significant progress on short- and long-term goals.

Strain does not fall steadily as income rises. It drops from 60.8% in the lowest band to 22.2% for households earning $100,000 to $200,000. Then it climbs again, to 34.2% for the $300,000 to $500,000 band and 36.6% above that.

Goldman's broader groupings show the same shape. About 42% of households under $100,000 said they live paycheck to paycheck. Among those earning $100,000 to $300,000 it was 23%. Above $300,000 it was 36%.

The $200,000 to $300,000 band looks the healthiest. In that group, 42.2% said they were making significant progress on both short- and long-term goals.

"One of the more remarkable findings is whether or not financial security improves linearly with income," said Chris Ceder, a senior retirement strategist at Goldman Sachs Asset Management, in an interview with Yahoo Finance.

Credit cards and delayed goals

The credit card numbers follow the same curve. About 40% of workers under $100,000 said they paid only the minimum on a card, or less. That fell to 35% for those earning $100,000 to $300,000, then rose to 42% above $300,000.

Nearly half of respondents earning at least $500,000 said they made only the minimum payment on a credit card this year. A year earlier the figure was 39%.

Across all income groups, nearly 70% of those surveyed said they had recently put off a major financial goal. In the over-$300,000 group, more than two-thirds had delayed one.

What Goldman says is driving it

Goldman attributes the top-tier strain to lifestyle inflation, larger fixed commitments and family obligations, rather than trouble covering essentials. The report's own framing is about competing demands on money: "The challenge is no longer participation. It is competing needs."

Goldman also says housing, health care, education, caregiving and everyday costs have outpaced wage growth for decades. Its report says that beneath strong employment and resilient spending lie "growing financial pressures that threaten long-term retirement readiness."

The survey does not claim a $500,000 household faces the same hardship as a $50,000 one. Ceder drew the distinction himself. "There's obviously a big difference between what it means to have an income of $50,000 and below versus $300,000-plus," he said. "But in terms of how it is manifesting in financial strain, there certainly are some parallels."

The measure is also self-reported. Respondents chose how to describe their own finances. The survey records perception, not audited budgets, and it does not break out how much of the spending at higher incomes is discretionary.

The backdrop

The survey lands against a mixed economic picture. Unemployment was 4.2% in September. Consumer spending rose by $190.8 billion in August, according to the Bureau of Economic Analysis. Median household income hit a record $87,460 in 2025, per the Census Bureau.

Prices have moved faster than many budgets. The Bureau of Labor Statistics' consumer price index is up roughly 22% over five years. Gasoline was up 27.4% year over year in August.

Retirement saving slipping

The sharpest number in the report may be the retirement one. The share of working respondents who increased their retirement savings fell from 55% in 2025 to 39% this year. Goldman called it the largest single-year decline since 2020.

Goldman's report describes workers who look stable from the outside while "working more, delaying major goals and supplementing their income." Whether the 2026 drop proves a one-year dip or the start of a trend will depend on next year's survey. That survey would have to show whether the 39% holds, and whether the top income bands keep leaning on minimum credit card payments.