According to a recent report from US News & World Report, in 2008 the 50% of Americans who are considered middle class had a median household income for a family of four of about $81,000.  The range was from $51,000 t o$123,000.  The report estimates these figures may have fallen 5 to 7 percent since then due to the recession.

Achieving and maintaining a middle class status used to be a symbol of success.  In the good old days, being middle class meant that you were living the American dream.  But these days middle class status may not have the same cachet as it once did.  In fact, some might argue that at the lower end of the middle class income range a family of four would barely get by.

So what exactly does it mean do be middle class?  The figures below depict what a typical middle class family looks like:

• Typical home value: $231,000
• Median housing costs: $17,000 per year
• Average home size: 2,300 square feet
• Median healthcare expenses: $5,100
• Typical car expenses: $12,400 per year for 2 cars
• Typical college savings: $4,100
• Typical vacation: one week per year at a cost of $3,000
• Median retirement savings: $2,600 per year
• Median everyday spending (food, clothes, utilities, entertainment, etc.): $14,200 per year
• Typical net worth: $84,000
• Average debt: 18% of disposable income

With such a heavy debt load, little retirement savings, and an average net worth that represents less than 2 years of income, the picture of the typical American middle class does not look so pretty.  When you consider that, according to the experts, you need more than $1 million dollars to retire, being middle class can easily translate to having an uncertain future that will most likely require working through the senior years.

There was a time when people proudly stated that they were part of the middle class.  Being part of this section of society meant that through hard work and dedication you were living a good life, the kind that the average person would define as successful.  Today, that may no longer the case, at least from a financial perspective.