Ridiculous. I was living in Midtown Atlanta making $70k and reliably maxing out my Roth, plus contributing to an HSA and 401(k).
Saving money doesn't require you to be in the top 10%. It certainly does require disposable income above and beyond what can buy the bare necessities, but as you pass that level it increasingly requires restraint and discipline.
I don't understand. Anyone can invest in the market. There's no minimum income barrier. In fact, the bottom 90% should be investing in the market for the long term through 401k and IRA plans. Putting your savings into a relatively safe index fund is a responsible way to save for retirement.
The problem arises when you don't have any money to save. Also there is often a barrier to getting an account for an IRA. Scottrade is $500. That's a lot of money for a welfare recipient. Also at least in the US, we test total assets for access to social programs (http://www.heritage.org/welfare/commentary/passing-the-asset...). If you have too much money, the state expects you to deplete those retirement funds, with the various fees and taxes, before you're eligible. If all of your savings is in the IRA, well, I guess starve or steal?
The comment I replied to specifically referred to the top 10%. The bottom 90% definitely aren't all receiving welfare. A $500 minimum for a Scottrade IRA account should be easily achievable for most in the bottom 90%.
By income or by wealth? If you make more than six figures you are in the upper income bracket regardless of how much you save or what your regional cost of living bracket is.
