Nowhere in the world does $55K a year before tax provide anywhere like 'good life'. It means endless misery and generational psychological poverty passed on to your children. Only reason of doing it is if your desire to exert psychological pressure on your wife is greater than even desire to consume. It simply doesn't sound healthy, and it is almost a crime against children, because they will grow dirt poor and view this crap as normal.
Background: i earned just $45K a year after tax one year in my life, 10 years ago. I had no children back then. I still spent $60K eating out some of my savings, having to cut on anything including some food, and it felt so crappy i don't advise anyone to repeat my experience.
Sure, $102K isn't too much either. But it puts you into a totally different league anyway. I can imagine how to survive on $102K with a kid in a cheap place, if your house is fully paid and you are an introvert, but not $55K.