So when you retire you should have over $700k in the bank to survive from retirement at 65 to the average American lifespan of 79 years. That doesn't include the hundreds of thousands you might need for medical expenses like many have. Heart surgeries and other, now expensive, surgeries may have to be prepared for. Roll that in with trying to pay off student debt, and you really have nothing. Most of us barely make enough to get by, much less save up $1.5 million for retirement.