Talking Stocks 2.0

[904VT]

Originally Posted by beshannon

Agreed



Then that is very poor planning. Liquidating assets in those amounts should be planned.

1 million in income is a good starting number as it is meant to target the highest earning people.

I agree you should to plan of course (as best you can). Very easy to exceed $1m though if selling a property and downsizing as a married couple in/approaching retirement. Or have an unforeseen health emergency. Both those scenarios get penalized, even if not UHNW. That's why the $1m threshold is way too low. Especially any baby boomers that own a house and have seen massive gains over the years on paper. This just increases the gap between the upper middle class and the UHNW and comes at the worst possible time for boomers. Poor demographic planning as is. This will drive a move towards consumption today at the expense of savings tomorrow. Poor timing for that as well.