[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2010/images/08/10/art.money.cf6.gi.jpg caption ="How much money makes you rich?"]
FROM CNN's Jack Cafferty:
It's the American dream, get rich and retire early in the lap of luxury. But just how much money would it take for you to consider yourself rich?
You'd likely get a different answer from every person you asked. There are lots of factors involved: what part of the country you live in, how extravagant your lifestyle is, how much you save, and on and on.
CNNMoney.com takes a look at the question "how rich is rich?" Some of the experts they talked to say it takes between $2 and 12 million in savings to be rich.
One definition of "rich" is being able to live comfortably without working. By that standard, in New York it would take about $300,000 a year to cover living expenses, taxes, plus a monthly spending allowance. For someone wanting to retire at 35, that means they'd need $12 million in savings. Who retires at 35?
But in other parts of the country, about $100,000 a year should be enough to live comfortably – which means you'd need about $4 million in savings to retire at 35. Of course, retiring at 35 doesn't happen for too many people – especially in this economy.
If you're willing and able to keep working until 65, you will only need about $2 million to retire.
According to the Obama administration, $250,000 is the cut-off point that makes someone rich. The president wants to extend the Bush tax cuts for all Americans, except people making more than $250,000 a year. That's about 2 percent of the population.
Here’s my question to you: How much money makes you rich?
Interested to know which ones made it on air?
Jim says:
Enough money to live comfortably on with good health and a happy family. That's rich, Jack, and it's too bad that so many idiots out there don't realize it until it's too late. America has become an obsessively materialistic society that's spoiled and fat and lazy. Kind of reminds me of Rome. What's next?
Ray in Nashville, Tennessee says:
Just enough to buy Congress, Jack. Just enough to buy Congress.
Lewis in Tennessee says:
Enough to pay my bills each month, buy food, save some each pay day and maybe splurge on something every few weeks. I'm rich!
Steve in Guam says:
For people my age, 26, I think we've all come to terms with the fact we will work our entire lives. I will never be rich; the gap between middle class and upper class has grown so far, it's unattainable.
Mark says:
Whatever amount of money it would take to enable me to take a four-day trip to Spain and back would probably cover it.
Rodney in Little Rock, Arkansas says
I don't know about specific dollar amounts, but I consider myself very rich. I can keep up monthly payments on a house, two cars and a few credit cards. I can go out to eat if I want to. I can buy an iPod or large screen TV. I have more than I need. I should try to help out those who don't have so much.
Jane in Wisconsin says:
Rich is an arbitrary number. If you make $50,000, $100,000 is "rich" to you. If you make $20,000, $50,000 is "rich". People who I consider "rich" are Hollywood celebrities, professional athletes, news anchors, CEOs of companies, etc. Someone making $250,000 is by no means "rich".
Meena says:
Bad question, Jack. These days, you should be asking: How much money makes you poor?
Jane in California says:
Having enough money to not have to worry about having enough money.