While there are plenty of factors that make up the picture of financial success, the one that has emerged from a recent survey may surprise people: a comfortable retirement.

According to the results of a telephone survey conducted for the American Institute of CPAs by Harris Poll, a comfortable retirement was cited by more than twice as many people (28 percent) as the symbols perhaps most often thought of as indicators of having “made it” financially in America: owning one’s own home (just 11 percent said that was their definition) or having become financially better off than one’s parents (also only 11 percent citing that as their symbol of success).

The next closest answer, after retirement, was being able to give the kids a debt-free ride through college (23 percent).

So does that mean that Americans’ definition of success is changing?

Maybe, and maybe not.

Because 21 percent of respondents said they’d already achieved financial success and, of those who said they were still working toward it, 52 percent believe they can do so within their lifetimes, it’s hard to tell.

After all, one might argue that if you can’t do it in this lifetime, you’re not truly financially successful. But the goalposts have definitely moved since the financial meltdown.

Eighty-five percent of Americans have changed their financial behavior since the crisis. Of those, 58 percent follow a monthly budget, while 50 percent charge less on their credit cards.

Forty-four percent have either increased their rate of savings or have begun to save, while 35 percent started or added to an emergency fund and 32 percent started or increased contributions to a retirement account.

But considering the low percentage of people who have changed their savings behavior with regard to retirement — just about a third, after all — it could be argued that the new goal is still pretty distant, no matter how many people choose it as their symbol of success.

Instant Insights /

Comfortable retirement now seen as financial success

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