That depends on your expected standard of living and your pay. In Utah, the median wage is $15.8/he, which puts you around $32k/year (assuming 250 work days @

That depends on your expected standard of living and your pay. In Utah, the median wage is $15.8/he, which puts you around $32k/year (assuming 250 work days @ 8 hours/day), and the median salary with a bachelor's degree is ~$57k[1]. I'll be looking at the lower figure. Let's make a few assumptions: - $15/hr is take home, not gross, and we'll ignore all government programs - single, and living with roommates is acceptable - within range of mass transit, so no car needed - goal is to maintain minimal lifestyle w/o work It looks like $1200 is a reasonable rent for a 2BR apartment, so $600/month should be doable with one roommate, less with two. So, here are some expenses: - rent - $600 - transportation - $85 (unlimited pass for light rail & bus, $200 for commuter rail, but I'm looking within range of the light rail) - food - $300/month (very generous $10/day, cooking for one could cut this in half) - utilities - $100/month (shared utilities) So, $1100/month for basic expenses. $15/hr would get ~$2500/month. If we increase expenses to $1500, that still means ~$1000/month can go toward retirement. If our aim is $1500/month spending, we can estimate the amount we need to stop working using the 4% rule [2], and I'll include a range to go from 3-4% to account for a longer "retirement" (4% is for 30-year retirement, but expenses could be reduced as well). Amount needed (today's dollars, 4% rule accounts for inflation): - 3% - $600k - 4% - $450k Saving $1k/month for 20 years puts you at ~$500k assuming 7% growth (average growth of stock market after taking inflation into account). This number is approximately in the middle of our range, and 22 years is $600k; monthly investment and return can vary, so 20-25 years seems like a reasonable estimate. If you start at 25, you'd be done by 50, which is way better than the average person, and you can make this less by reducing expenses, increasing income, or utilizing public services. To make this process easy, we could also use this chart [3], which is based on savings rate. $1k/2.5k = 40% savings rate, which is 22 years according to the chart, which is in line with what I put down here. The actual story is obviously more complex since I hand-waved medical costs, simplified assumptions, etc, but the general story is valuable. Maybe retiring at 45 isn't practical for everyone, but perhaps working significantly fewer hours is practical. If we simplify our lifestyle, we can be much more financially secure much earlier. I'm sure a savvy individual could earn a bit more (side hustles) and spend a bit less (decrease food expenses, bike instead of taking the bus, etc). I'm sure the figures look a bit different in various areas, but the root of the matter is that the average person should have a much better outlook than we see on average. I think the solution lies in better education (I doubt the average person understands compound interest), better housing availability (reduce costs), better mass transit, etc. - [1] https://slchamber.com/median-wage-in-utah/ https://slchamber.com/median-wage-in-utah/ - [2] https://www.investopedia.com/terms/f/four-percent-rule.asp https://www.investopedia.com/terms/f/four-percent-rule.asp - [3] https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/ https://www.mrmoneymustache.com/2012/01/13/the-shockingly-si...