Your New Retirement Number: $58,000
Posted on 08/6/2014 by Carole Fleck |Money and Work
Financial experts seem to speculate endlessly about boomers’ projected lifestyle in retirement based on their savings and spending patterns. Now a new survey that polled recent retirees about their standard of living has found that, for some, you don’t need a lot of money each year to retire comfortably and live happily.
According to the survey by Baltimore-based investment firm T. Rowe Price, recent retirees report living on 66 percent of their pre-retirement income on average — $58,000 annually — and say they’re very satisfied.
Half of the 1,507 people surveyed say they’re living as well or better than when they were working. Most say they’re better off financially than their parents were at that age.
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