Reply to What is Middle Class....Really?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]but all those kids will inherit those houses and more. that should help especially with buying their own houses.[/quote]

You just moved the kids from upper middle to upper class if the wealth transfer is large enough.

The thing people don't realize is that large inheritences are rare. They're rare because it's tough to save large amounts based on earned income.

Remember that those making $350k per year while working need to save 25x that to sustain it in retirement. If you want to pass it along, then you need to save more.  Moving your kids into the Upper Class with substantial inherited wealth is hard.

Even if you don't talk about class, it's hard for someone earning at the 1% level to achieve 1% wealth.[/quote]

I am talking about keeping the kids in the same class not moving them up. This was the issue discussed above.

Most people who live in million dollar homes will be able to give their children 500k+ (todays dolars and prices).That will help those children move close to where they were as kids. Even id they are 50 at that point that will put them roughly in the same place. It is absurd to expect that children will have the same standard as their 30 years older parents. [/quote]

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