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New survey says $750k is what people need to retire comfortably in Phoenix

In Arizona, the definition of wealth is greater than in many parts of the country.

ARIZONA, USA — For a sixth year, personal investment firm Charles Schwab's Modern Wealth Survey provides a snapshot of Americans' thinking about saving, spending, investing, and wealth.

In Arizona, the definition of wealth is greater than in many parts of the country.

How much money do you think you would need to live comfortably in Phoenix? According to the survey, it's nearly $750,000 for each individual retiree.

The survey also found that Phoenicians defined wealth in retirement as having at least $2.2 million.

"That's a pretty daunting number, $750,000, just in order to be able to make it," said Brian Bowen with Charles Schwab in North Scottsdale

Bowen said as Americans struggle with record inflation and gas prices, he said it's an opportunity for many to think about the long-term future of their finances.

RELATED: Maricopa County's gas price average now more than $5 per gallon

His solution is to make a budget and start small.

"While you're addressing your financial plan, make sure it aligns with who you are as a person. I don't think it's something we said ten years ago," said Bowen.

The survey also found that 44% of Phoenicians would consider changing jobs next year.

Sixty percent of Americans said they would work for less money if they found a company that matched their personal beliefs.

Read the full survey here.

What is the Valley?: 

“The Valley” is what locals call the Phoenix Metropolitan Area. It is considered the largest metropolitan area in the Southwest.  

The Valley is made up of various major cities other than Phoenix, including:  

  • Mesa  
  • Chandler  
  • Scottsdale  
  • Tempe  
  • Glendale  
  • Surprise  
  • Peoria  
  • Gilbert  
  • El Mirage 
  • Avondale 
  • Litchfield Park 
  • Goodyear 
  • Buckeye 

Whether a city is in the “East Valley” or “West Valley” depends on where it is in relation to Phoenix.  

The cities of the Valley have a combined population of 4,845,832 people, according to the 2020 United States Census. This makes it the 11th largest metropolitan area in the country right behind the Boston and Atlanta areas.

VERSIÓN EN ESPAÑOL: Una nueva encuesta dice que $750mil es lo que la gente necesita para vivir cómodamente en Phoenix

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