I had been wondering about the phrase "fixed income" for sometime. Many times this phrase is used to indicate a retired person's income or an income of person who earns less. For example, I heard some story on radio and someone said I can not afford proposed tax because I am on fixed income. While I understand meaning of not able to afford, as it might strain/change your budget, why the words fixed income?Almost all the salaried people are also on "fixed income" - that is their income does not change from pay check to pay check or at least not significantly. Are these people not on fixed income? Any change in above cases is also going to impact them, but if we assume that those who have jobs are earning better impact of change will be less. Still they are also on fixed income. Is this just a convention to indicate low levels of income or it has other basis?
I did not find the right solution from the internet.
https: //www.bogleheads.org/for ...