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What sort of lifestyle do people making $65000 have? In the US if you taxed $65,000 at 42% there would be almost no cities where you could live comfortably and
by harimau777 8y ago
What sort of lifestyle do people making $65000 have? In the US if you taxed $65,000 at 42% there would be almost no cities where you could live comfortably and securely. As a conservative estimate for a small city I would say:
mortgage: $6,000
car payment: $2,400
gas: $1,560
food: $1,560
retirement: $10,000
That leaves about $11,500 for clothing, entertainment, emergency savings, vacation, education, etc.
- rayiner 8y agoTheir tax system is progressive too, so just the money above $65,000 is taxed at 42%.
- filmgirlcw 8y agoIn this scenario, you're way overestimating with $10k for retirement. Put that figure at $5k or maybe even $3k. Long-term, is that ideal? Not really -- but as you say, you need to budget for clothing, entertainment, emergencies, vet bills, etc. Regardless, people and families do it all the time and do it on less.