Proper Permissions for /usr/local/pgsql/data

I'm manually replacing -8.3.3 with -9.0.1 I have the old data/ directory
and pg_dumpall files safely stored. Following the directions at:
<http://www.postgresql.org/docs/current/static/install-upgrading.html>, step
#5 I see this:

postgres(at)salmo:~$ /usr/local/pgsql/bin/initdb -D /usr/local/pgsql/data
The files belonging to this database system will be owned by user
"postgres".
This user must also own the server process.

The database cluster will be initialized with locales
COLLATE: C
CTYPE: en_US
MESSAGES: en_US
MONETARY: en_US
NUMERIC: en_US
TIME: en_US
The default database encoding has accordingly been set to LATIN1.
The default text search configuration will be set to "english".

fixing permissions on existing directory /usr/local/pgsql/data ... initdb:
could not change permissions of directory "/usr/local/pgsql/data": Operation
not permitted

The directory /usr/local/pgsql/data is owned by me; what should the
permissions be so I don't get that error message above?

TIA,

Rich