Here's why some families earning $500,000 still don't have any savings. via CNBCMakeIt
If you're making $500,000 a year, you're among the top 1 percent of earners in America. But that doesn't guarantee you'll feel wealthy.
As financial adviser Lori Atwood, who sees 400 clients in the affluent Northwest Washington, D.C., region, tells The Washington Post, some families earning $500,000 a year still end up with little to no savings."It is true but ridiculous," she says. And it's mostly thanks to one phenomenon: lifestyle inflation.
One New York City-based family of four profiled on the blog Financial Samurai brings home $500,000 a year and still ends up with very little besides 401 money. Even though they easily qualify as"upper class," after taxes, fixed costs, childcare and discretionary expenses, there's only $7,300 left each year to go towards other savings goals, investment accounts or retirement funds.
These situations may be anomalies. According to the Economic Policy Institute , which looked at the state of American retirement in a 2016 report, the top 1 percent of families had $1.08 million or more saved in 2013. The 90th percentile family had $274,000 saved, the 80th percentile family had $116,000 and the median working-age family had only $5,000 saved.
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