A new study by Consumer Affairs has figured out the minimum annual income required for a family of four to be considered middle class in each state.
The middle class is capturing a lower share of income than in the 1960s, 1970s, and 1980s, according to Oliver Rust, head of product at independent inflation data aggregator Truflation. Rust said during anthat in the two decades since the mid-2000s, the portion of the country that is middle class has shrunk from roughly 60%. Instead, there has been a steep increase at the extreme bottom and top of the economic spectrum.
Inflation has surged in the past few years, peaking at 9% in June 2022. That means some families who were middle class in 2020 may no longer be in that category. TheRelatedFidelity gives guidance to 'encourage people to save for retirement.'
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