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Reply to "Where do you draw the line between upper middle class and upper class?"
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[quote=Anonymous]My FIL was an engineer/engineering manager. Took early retirement at 55 and received a pension. Took another job and worked until 75. Did quite well investing, taxable income for IRS was over $300K at time of retirement. Net worth $6 million at age 80. House in-laws lived in (now in retirement community) is worth about $600,000 today; so at time of retirement HH income was about 70-80% of home value. Drove Toyotas and Hondas, lived in same 2000 square foot home in middle class neighborhood for 45 years, no sent two kids to local public schools and elite LACs (where they paid full tuition). Are my in-laws "upper middle class" or "upper class"? They are wealthy enough to be hit by estate tax, so I'm inclined to say "upper class" or "rich." [/quote]
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