You'll need at least $500,000 to be happy in retirement, say retired respondents to a recent Consumer Reports Retirement Survey of over 24,000 respondents.
Survey respondents' satisfaction with their retirement peaked when their net worth was between $500,000 and $1 million. Having a much higher net worth didn't translate into an extremely happy retirement.
% of retirees who said they were "very satisfied" or "completely satisfied" with retirement, based on net worth:
Less than $250,000 = 51% said they were happy.
$250,000 - $499,999 = 64% said they were happy.
$500,000 - $999,999 = 74% said they were happy.
$1 million - $1.499 million = 77% said they were happy.
$1.5 million to $1.99 million = 79% said they were happy.
$2 million + = 78% said they were happy.
What's your magic number for retirement?
The Magic Number for Retirement is....
January 18th, 2010 at 01:13 pm