Only $800k net worth? Who the hell in middle class America has that?

Homeowners near retirement age, basically. Much of that net worth would be their home value, and the rest would be in their 401k/IRA.

(Keep in mind that in order to achieve a “modest but comfortable” $40k/year middle-class retirement, you need $1M assets (not including your residence) to achieve a 4% safe withdrawal rate. Basically, you have to be a millionaire by retirement just to avoid poverty.)