Exactly. I think people don't realize just how much they're going to need in order to live an arbitrarily long retirement. Retiring with only $200K is pretty much a retirement into severe poverty. $200K at a 3% draw-down is $6,000 a year. If you want to eat into your principal, do a 4% draw-down and you can live on a whopping $8,000 a year. And that's not today's dollars, that's the value of the dollar in the future.
US Poverty level for a couple retiring today is $20K/yr. You need $500K saved up to get that kind of income in retirement. And next year, inflation means you need even more.
US Poverty level for a couple retiring today is $20K/yr. You need $500K saved up to get that kind of income in retirement. And next year, inflation means you need even more.