2 things.
1. That 4% rule is garbage. It’s designed for someone entering a 30 year retirement and expecting a low rate of return. Are you really planning to retire at age 55 and live to 95? Then yeah. 4% is your withdrawal rate. Me? I’m 68 and have been withdrawing at 6% for 5 years at a 17% growth return and I’m worried about all the money still left over if I kick off in my 80’s. I should probably withdraw even more.
2. Only 2% of American have or will have $1,000,000 at retirement. Basically this conversation is DOA for most of us.
According to this source, there are 40 million American individuals ages 60-69.
Of the 40 million, 8.6 million have investable net worth of more than a million dollars. That is 21.5% of the total. Another 10% have between 500k and 1 million dollars in investable net worth. Investable net worth does not include equity in homes.
https://wealthtender.com/insights/how-many-americans-retire-wealthy/