How to Gauge Your Middle-Class Status

[RACER X]

Originally Posted by goof2

The number for retirement savings is also shitty.

yeah it is, i just saw somewhere that only 43% of the pop. has some kind of retirement plan, and if its only $2600/yr, sounds like most familys spend as much on vac. as retirement every yr.

[smileyman]

I am right there on top of the bottom, bottom of the middle and can honestly say medical costs are what kills me. could finance a nice new Mustang or Camaro on what my med ins costs or what my coverage wont pay for. Medical, vision, and dental take 20 pct of my income in a family of 3.

[EpyonXero]

Im middle class but most of that list doesnt apply to me.

[goof2]

Originally Posted by RACER X

yeah it is, i just saw somewhere that only 43% of the pop. has some kind of retirement plan, and if its only $2600/yr, sounds like most familys spend as much on vac. as retirement every yr.

I think those numbers are pretty skewed as well. Those I know who really save for retirement make the most out of it by maxing out their 401k contribution. Every person who does that makes up for a lot of those whose "retirement plan" is social security and using the "keep the change" program at their bank.

[Homeslice]

And how do we know that everyone in this survey included their automatic deductions? A lot of people probably don't even know how much goes into their 401k every month.

[Dave]

Originally Posted by EpyonXero

Im middle class but most of that list doesnt apply to me.

me either. everything gets paid for in cash 'cept the house and my only vehicle from this side of the millenium is the blade. Everything else i fix and keep driving till the body rusts off . Poverty is the mother of invention

[Homeslice]

Originally Posted by shmike

Median income of $81,000 with two cars averaging $45,000 each.

Scary.

I took that to mean 2 cars worth a TOTAL of $45,000. Especially since they said they're spending $12,400 per year on those cars, which wouldn't be enough to cover a $90,000 loan plus all the insurance and maintenance.

As for this: "About 18 percent of disposable income, on average, goes toward mortgage payments, auto loans, credit cards and other forms of household debt. "...........I am calling on that, it's got to be a lot higher.

[smileyman]

I agree homeslice. As a consumer and mtg loan officer I see debt to income ratios of 36 to 45 pct more often than not.

Another thing I wish the article would have covered is what pct of the population fits into their middle class metrics and how that has trended. That should show you something...

[goof2]

Originally Posted by Homeslice

And how do we know that everyone in this survey included their automatic deductions? A lot of people probably don't even know how much goes into their 401k every month.

I don't know what the survey includes or doesn't. I also don't know if it counts company matching as savings. I'm just working with the numbers as they stated them. Those numbers indicate the average middle class person is going to be in pretty shitty shape when it comes to retirement.

[CrazyKell]

Originally Posted by EpyonXero

Im middle class but most of that list doesnt apply to me.

Same here.

No mortgage, no kids, no college funds, etc.