Reply to Study shows that 350k/year is barely scrapping by as middle class

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[quote=Anonymous]Agree atrongly with the above. The median HHi in the US is $65K and the median retirement balance is disgustingly low (like less than $200K for people in their 60s)

The difference between relatively wealthy DCUM’ers (myself included) who make great money but don’t live a “rich person” type of lifestyle is that for the most part those who don’t feel rich are saving much more than the rest of America which is just plain poor and undrrsaved for retirement. DCUMers are saving for their kids college. Many Americans buy a degree of little real value and it sends them into lots of debt.

Fully funding college and retirement feel like “necessities” but are actually luxuries that few people do. The value of making $300K isn’t to drive a new Benz, it’s the fact that with 401k, match, and mortgage amortization most are saving more in a year than the masses save in a decade. You don’t really feel the benefit of that now (other than the joy of watching the balances go higher).

Avoidance of disaster and decrepitude is rich in a US and global context, both today and historically. If you’re throwing $38K in the 401k getting $20K of match, servicing an $800K low interest mortgage, and have dough left over to save beyond that l, you’re going to be better off than almost everyone in the world and the US.

https://www.google.com/amp/s/www.thestreet.com/amp/retirement/average-retirement-savings-14881067
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