The middle class. Marketers target it. Politicians champion it. Economists talk about it. Most of us consider ourselves part of it.
Yet, when I’ve asked for a clear definition, I have not found anybody yet that really can tell me what “middle class” is.
I recently posted on Twitter that $90,000 was a middle-class household income and that it would take a nest egg of $3 million to generate that income in retirement.
A couple of my colleagues responded that my figures were way too high and accused me of being out of touch. As a lifelong South Dakotan, I’m used to being seen as “out of touch,” but the idea that $90,000 was beyond a middle-class income intrigued me.
I figured a few minutes with Google would point me to a definition of “middle class.” It wasn’t that simple. I soon discovered that neither politicians, economists, sociologists, nor financial advisors can agree on what makes someone middle class. It is a little easier to define a middle class income.