Comment on 'Global Oligarchy' Reigns as Top 1% Controls More Wealth Than Bottom 95% of Humanity
callouscomic@lemm.ee 3 months agoOnly $800k net worth? Who the hell in middle class America has that? If they did, then homeownership would be less of an issue.
grue@lemmy.world 3 months ago
Homeowners near retirement age, basically. Most of that net worth would be their home value, and the rest would be in their 401k/IRA.
(Keep in mind that in order to achieve a “modest but comfortable” $40k/year middle-class retirement, you need $1M assets (not including your residence) to achieve a 4% safe withdrawal rate. Basically, you have to be a millionaire by retirement just to avoid poverty.)
dubious@lemmy.world 3 months ago
i personally don’t know any of those people