Practically what probably matters is "how many years do you have to work to take care of your basic needs after you retire, and how does this change if you (a) have medical problems (b) want kids (c) [add your other variants of ordinary life choices people should be able to make]"
Almost certainly, yes. Many people live on far less than that and retirees have their income augmented by a government pension (i.e. Social Security) which is quite generous by global standards. This is all eminently achievable by the average American living an average life with kids and whatnot, many do. Making better than average life choices provides a lot of insurance against bad luck over the long run.
An under-appreciated point that extends far beyond the financial is that Americans have an anomalously high amount of optionality in life.
More than enough. The vast majority retire on less and have comfortable retirements.
Despite the narrative, Social Security pays out quite a lot and isn’t going insolvent any time soon. The average payout ($1,900) is more than double that of Canada ($850).
A retired couple would have almost $4000/month in monthly income.
Add on top a paid off home, Medicare eligibility, and Social Security, most people retire with a few hundred thousand, which is very comfortable in most of the US.
Do you feel an $8k/month private nursing home a luxury?
What I’ve noticed is what Americans consider “bare minimum” is pretty luxurious.
“I’m not even middle class” means buying a single family home in the most expensive coastal cities, multiple international (Mexico and Canada don’t count) per year, a couple SUVs less than 5 years old, lots of toys, plus $5M when they retire at 55.
Of course most people can’t afford that. That’s upper class in the US.
The big problem is transportation. Many retired people can no longer safely drive. That means that if they don't live someplace with solid public transportation then their quality of life drops. Unfortunately, all of the places in America with decent public transportation are expensive.
Practically what probably matters is "how many years do you have to work to take care of your basic needs after you retire, and how does this change if you (a) have medical problems (b) want kids (c) [add your other variants of ordinary life choices people should be able to make]"