People should be taking their potential retirement and reviewing it every year or so.
Take private pensions (some of us still have them.) Take your social security and your 401(k)S.
Add them all up and subtract your expenses. Will you have car payments or mortgage payments? Will you still be spending as much on insurance, or healthcare (we know the answer to THAT!)
I have been doing that every quarter since I started working. To date, my wife and I will be in good shape when we get to 62 years old.
Getting there, 11 years for us, is going to be the problem!
I guess my point, is that if you have NO OTHER retirment you need far less than $2 million in cash. You need $2 million worth of retirement.
Of course, you need to adjust for inflation and what not.
But if you have been moderately prudent, you will be better off than our parents.
The key is to keep your eye on the ball. You do NOT need that third TV in the house. You do NOT need pizza a second night of the week.