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Reply to "PSA: $250K family of 4 in the DMV area is not middle class"
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[quote=Anonymous][quote=Anonymous]I think some upper middle class people feel only middle class because they are saving a butt ton of money for retirement and college. But don’t realize that the vast majority of people can’t and don’t do that. Then they compare themselves to actual middle class folks around them that have a Honda Odyssey with a check engine light, average 401k balance, no 6 month emergency fund and are still paying off last years vacation. A previous poster put it aptly. If you’re able to max out retirement and save for your kids college, you’re likely upper middle class. Using some napkin math, maxing out two 401k’s is like the after tax equivalent of saving an entire $72,000 a year income. [/quote] And this is what's wrong with the present. My FIL retired with a 6 figure pension and 3 paid in full, nice properties, after working for the same company for 25 years. His parents were poor. This upward mobility is close to impossible now. [/quote]
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