8

Here's the annual income you need to fall in America's lower, middle, and upper...

 2 years ago
source link: https://finance.yahoo.com/news/heres-net-worth-fall-americas-130000535.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
neoserver,ios ssh client

Here's the annual income you need to fall in America's lower, middle, and upper class — plus 3 simple tips to boost you up the ladder

Retirement: Millennial workers should be ‘saving close to $580-600’ per month, expert says
 brought to you by 
 Fidelity Investments. 
Retirement: Millennial workers should be ‘saving close to $580-600’ per month, expert says
Scroll back up to restore default view.
Amy Legate-Wolfe
Wed, April 26, 2023, 10:00 PM GMT+9·6 min read
Here's the annual income you need to fall in America's lower, middle, and upper class — plus 3 simple tips to boost you up the ladder
Here's the annual income you need to fall in America's lower, middle, and upper class — plus 3 simple tips to boost you up the ladder

We might be well into 2023 now, but millions of Americans are still reeling from the financial strain of 2022. And perhaps that’s because many of the causes that made last year so tough — stubborn inflation, soaring interest rates and supply chain disruptions — are still hanging above our heads.

Don't miss

But once you factor in the ever-increasing consumer debt load, you’ve got the makings of class disruption, with many Americans poised to slip a run or even two in terms of their status.

So where do you fall in terms of belonging to the lower, middle or upper class? Here’s what we found, along with three ways to set yourself up to climb even higher.

Lower, middle and upper-class income

According to the U.S. Census Bureau, the median annual income for Americans in 2021 was $70,784. How this breaks down in terms of class strata can get complicated: living on $70K in rural Montana is a lot different than in downtown Manhattan: location, location, allocation, you might say.

Still, the Pew Research Center has done commendable work turning census data into meaningful benchmarks. In an April 2022 report, they found that the median income of middle-class households in 2020 was $90,131 — up 50% from $59,934 in 1970, as measured in 2020 dollars.

Using 2018 figures, Pew defined class-income breakdown in 2020 like this, based on three-person households, adjusted for the cost of living in a metropolitan area:

  • lower-income households had incomes less than $48,500;

  • upper-income households had incomes greater than $145,500;

  • middle-income households fell into a range between those two numbers.

Recommended Stories

report

Recommend

About Joyk


Aggregate valuable and interesting links.
Joyk means Joy of geeK