5 minEconomy
Over a Third of $500,000 Earners Live Paycheck to Paycheck, Goldman Sachs Survey Finds
A Goldman Sachs retirement survey finds 36.6% of households earning more than $500,000 say they primarily live paycheck to paycheck, a higher share than any income group except those earning under $50,000. The findings point to rising costs, stalled retirement saving, and a U-shaped pattern of financial strain across income levels.
More than a third of American households earning above $500,000 say they are primarily living paycheck to paycheck, according to Goldman Sachs Asset Management's Retirement Survey and Insights Report 2026. The finding challenges the assumption that a high salary automatically delivers financial security, and it places top earners in a category of strain usually associated with far lower incomes.
The survey, which drew on responses from 5,106 people ages 45 to 75, including 3,612 workers and 1,494 retirees, asked participants to describe their finances in one of three ways: primarily living paycheck to paycheck and struggling to make progress on long-term goals, making moderate progress, or making significant progress on both short- and long-term goals. Among households earning more than $500,000, 36.6% chose the paycheck-to-paycheck description. That is a higher share than any other income group except households earning less than $50,000, where 60.8% said the same.
The pattern across income bands forms a U-shaped curve. The paycheck-to-paycheck share falls from 60.8% in the lowest band to 22.2% among households earning $100,000 to $200,000. It then climbs back to 34.2% for the $300,000 to $500,000 band and 36.6% for the top band. Households earning $200,000 to $300,000 were most likely to report significant progress, with 42.2% saying they were making meaningful headway on both short- and long-term financial goals.
Credit card behavior follows a similar pattern. About 46% of households earning more than $500,000 say they typically pay only the minimum on their credit card balances each month, or less. That is nearly identical to the 47% of households earning under $50,000, and well above the 30% of households earning $200,000 to $300,000.
Top earners are also delaying major financial goals. Eighty percent of respondents earning more than $500,000 say they have had to postpone a significant financial objective despite being employed, the highest share of any income group. Forty-five percent say they have delayed retirement savings specifically, also the highest of any group.
Goldman Sachs attributes the strain at the top to different causes than the struggle at the bottom. Lower-income households are focused on covering essentials. Higher earners point to more complex financial lives, higher lifestyle expectations, larger fixed commitments, and a gap between the retirement they envision and what they have actually secured. In practice, that can mean a larger mortgage, pricier cars, private school tuition, and frequent travel. A Goldman Sachs spokesperson told Fortune that higher-income individuals may also serve as financial anchors for their extended families.
The broader economic backdrop helps explain why many households feel squeezed. Consumer prices have climbed roughly 22% over the past five years, according to the U.S. Bureau of Labor Statistics' Consumer Price Index. Gasoline prices were up 27.4% year over year in August. Median household income reached a record $87,460 in 2025, according to the Census Bureau, but many families say rising costs are still pressuring monthly budgets and long-term savings.
The strain is visible even as the economy appears solid. Unemployment was 4.2% in September, and consumer spending rose by $190.8 billion in August, according to the Bureau of Economic Analysis. Goldman's report notes that beneath strong employment and resilient spending lie growing financial pressures that threaten long-term retirement readiness.
Retirement saving momentum has stalled. The share of working respondents who increased their retirement savings fell from 55% in 2025 to 39% this year, a drop of more than 16 percentage points. Goldman called it the largest single-year decline since 2020.
Most top earners still feel secure in their jobs: 87% of respondents earning more than $500,000 say their work provides a stable path toward long-term financial security. But the survey results challenge a common assumption. As Goldman wrote, more income does not automatically buy more financial security.
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