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submitted 11 months ago by Grayox@lemmy.ml to c/workreform@lemmy.world
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[-] Kalkaline@leminal.space 2 points 11 months ago

https://www.cnbc.com/2023/01/02/middle-class-income-in-major-us-cities.html maybe you're defining the middle class differently than I am. $300/month is 10% of the low end of that income level. 10% of total income is a generally considered a good target for retirement savings.

[-] FlyingSquid@lemmy.world 2 points 11 months ago

Again- how many 20-year-olds have $300 a month to invest? How many middle class people in 2023 have 10% of their income to spare? It may be a good target. That doesn't make it achievable when 62% of Americans are living paycheck-to-paycheck. They don't have 10%. They don't have 1%.

As far as any spare income I have? It goes to paying down medical debt.

[-] agent_flounder@lemmy.world 2 points 11 months ago

Yeah it's unlikely. Saving 1-10% assumes you're making a livable amount of money with a bit extra, versus living paycheck to paycheck even after cutting all but the most vital expenses.

Things were a lot different when I was in my 20s compared to now. A single job at an hourly wage used to actually be almost doable.

this post was submitted on 11 Nov 2023
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