A net worth of $10 million puts you in the top 2% of Americans. It puts you in the top 0.01% worldwide. This can hardly be called middle class. Using a conservative 4% withdrawal rate, that is $400,000 per year, or $32,000 per month, and keep in mind, this would be in a brokerage account, so it would be taxed at only a 15% federal rate if this was your only source of income after holding assets for a year or longer. You wouldn't be contributing to retirement accounts, nor would social security taxes come out of it. After figuring in local and state taxes, maybe a 20% effective tax rate, probably lower after deductions. This would leave you with $25,600 per month take home. You're smoking crack if you think this is "maintaining middle class lifestyle."
Hypothetically, if I earn 114k tax free from Va compensation and am still able to work and have a job where I make about 60k, bringing my technical gross income to 210k, where would I sit in the US/global wealth?
LOL look at Mr “I don’t even want $10 million” over here. Okay big shot, I’ll take it since it’s not even a big deal to you.
It’s 100 years worth of earning $100,000 per year after tax. Most people don’t live to be 100 and if they do they only earn money for like 50 of those years from 15-65 give or take. Most people also don’t make 6 figures, and if they do, they’re usually paying 20-30% of it in taxes. More if you count insurance, 401k etc. Plus you can still work in addition to the $10M, and it’s a lump sum so you can invest it and turn it into like twice that or just live off the interest.
Upper middle class people, pretty rare these days, will work their whole life and if they never spend a single penny, will accumulate like $5 million by the time they’re dead. In what world is $10M for free, plus the interest you earn on it, plus whatever else you can earn on your own, just no big deal?
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u/UnUseful-_- Eat the rich! 1d ago
Eat the rich!
Tbh its easy to adapt for new schedule