If your household has $250,000, you’re in the top 5%.
The headline from this year’s Census Bureau’s publications on Income, Poverty, and Health Insurance Coverage in the United States is that fewer Americans are living in poverty but fewer also have health insurance. Both of these developments are newsworthy. The reduction in the poverty rate is good news and reflects several years of a strong economy. The reduction in health care coverage is startling given that the unemployment rate is at an all-time low.
If you hang out in the Northeast and talk to financial types and academics who worry about pensions and retirement income, it is easy to get lulled into the notion that the mass affluent — the upper middle of the income distribution — have incomes of about $250,000. The truth is that if your household has $250,000, you’re in the top 5%. That’s evident in the table below, which shows the thresholds for being in different parts of the income distribution.
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