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Things the Middle Class Won’t Be Able To Afford in the Next 5 Years

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Extended Family Trips

But with middle class income not going as far as it used to, he said vacations may be replaced by housing and other essentials.

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New Cars

Melanie Musson, finance expert with Clearsurance, said the middle class won’t be able to afford a new car in the not-so-distant future.

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Private School Tuition

“Tuition rates have been steadily climbing for years,” he said, “and it’s highly likely they’ll outpace a middle-class income in the near future.”

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Homeownership and Real Estate

“I can certainly see owning a home becoming something that’s more and more out of reach for your average middle-class citizen.”

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Healthcare Costs

Other critical areas to watch, according to experts, are long-term care and healthcare costs.

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Leisure and Travel in Retirement

For those looking to retire in the next five years, Kojonen said another aspect to consider is leisure and travel in retirement.

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‘Safe’ Investments for Retirees

“Traditionally,” he said, “bonds and fixed income have been seen as cornerstones of a retiree’s portfolio, providing both income and stability.”

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