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Is $45000 a year middle class?

But that range does vary by the size of the household. A three-person household must have earned $51,962 to $155,902 to be considered middle-class while a family of four must earn about $60,000 to $180,000.

fortune.com - Are you middle class? See if your income is enough to qualify - Fortune

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What does it even mean to be middle-class in America these days?

The Pew Research Center has put a financial definition to the term “middle income.” To be considered part of that group in 2021—which is synonymous with middle-class, according to Pew—a single American must have earned $30,003 to $90,010, according to a new set of reports released Wednesday. But that range does vary by the size of the household. A three-person household must have earned $51,962 to $155,902 to be considered middle-class while a family of four must earn about $60,000 to $180,000. Why the different ranges for different sizes of families? Smaller households typically require less income to support the same lifestyle as larger households, especially if that family includes children who don’t yet earn an income. Pew tends to update its definition of middle-class on an annual basis. The research released Wednesday is based on Pew’s analysis of the 2021 Current Population Survey’s Annual Social and Economic Supplement, produced by the U.S. Census Bureau. Pew also has a calculator that’s updated periodically that lets readers enter where they live, how much they earn, and how many are in their household to get a more personalized definition of where they fall on the income spectrum. Even though incomes have continued to rise, those who can consider themselves middle-class (at least in a financial sense) have shrunk in the past five decades, according to Pew. About 61% of American adults were part of a middle-class family in 1971. Last year, it was just 50%, a level that has stayed fairly consistent since the Great Recession, according to Pew. Yet the early days of the COVID-19 pandemic hit middle- and lower-income families harder financially, says Rakesh Kochhar, a senior researcher at Pew. From 2010 to 2019, the median income for middle-class families (based on a household of three people) grew 15%, from $79,838 to $92,042. After the pandemic hit, incomes dropped about 2% in a single year, sending the median income down to $90,131 in 2020. Lower-income households experienced a similar rise and fall. Thanks to this shift, the income gap between upper-class Americans and everyone else widened slightly, stemming largely from pandemic unemployment. About 15% of Americans suffered some form of unemployment in 2020, with the biggest impact falling on lower-income households. About 14% of middle-class Americans lost their job in 2020, while about 8% of upper-income families experienced a similar income disruption. But a whopping 28% of lower-income Americans experienced joblessness at some point during the first year of the pandemic. But the effects likely would have been much worse if the federal government had not provided enhanced unemployment benefits, which nearly one in five middle-class families received, according to Pew. “That likely put sort of a floor to how much incomes fell during this time period for lower- and middle-income families,” Kochhar said. While the Great Recession had a significant impact on Americans’ finances, this latest pandemic-spurred recession was so short and government support so robust, Kochhar believes it's unlikely to lead to a significant shift in incomes. But it’s harder to tell how the recovery in 2021 will affect Americans’ standing in the various income brackets. “Yes, there was recovery, but we already have signs that incomes are not keeping pace with inflation,” Kochhar says, adding that there’s too much uncertainty to predict how Americans’ finances shifted in the second year of the pandemic.

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What is the 4 rule of retirement?

The traditional advice for retirees who need to make their money last for 30 years is to spend no more than 4% of their savings in the first year of retirement, and in subsequent years raise those withdrawals to keep pace with inflation, The Wall Street Journal reports. 2 days ago

businessreport.com - Traditional 4% rule of retirement spending returns

Retirees walloped by high inflation and volatile stock and bond markets are getting some good news: The 4% spending rule—or something close to it—is back. The traditional advice for retirees who need to make their money last for 30 years is to spend no more than 4% of their savings in the first year of retirement, and in subsequent years raise those withdrawals to keep pace with inflation, The Wall Street Journal reports. A year after researchers at Morningstar Inc. recommended a spending cut, the move back to something close to a 4% spending rate makes retirement more feasible for those considering it. “It’s counterintuitive, but when valuations are high, it is the worst time to retire,” said Morningstar personal finance director Christine Benz, a co-author of research released last year that recommended that people taking a first withdrawal in 2022 keep it to 3.3% due to expectations for lower future investment returns. In a report released Monday, Benz and her co-authors say current market conditions now allow for a 3.8% spending rate for new retirees with a 30-year horizon. The reason: Today’s lower stock and bond valuations support expectations for higher future investment returns than was the case last year. Read the full story (subscription).

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