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Money and Finances
Reply to "Study shows that 350k/year is barely scrapping by as middle class"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]That's one family's budget, not a study. They're doing quite well for themselves. They save for retirement, own a house, pay for private schools, and take multiple vacations per year. That's well into the UMC at a minimum. [/quote] They are doing fine but all of their savings is in retirement accounts or 529 for kids. That will not be sufficient for them to retire by 60 which was the point of the article. A UMC family should have plenty of savings for emergency fund, home repairs and improvements, investments, etc....[/quote] That's not because they're not UMC. That's because they are making the choice to take multiple vacations in a year. If they cut one of those vacations, they could have savings. And since when is the definition of middle class "able to retire at 60." Middle class means you retire at your SS retirement age which is 65-67.[/quote]
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