Not exactly. It took 70 years for that dollar to become today's 9 cents. Anybody retiring today with a million dollars will be long dead before they need to worry about that.
Also, you are not taking into consideration the earnings on that million dollars (if invested wisely).
A million dollars is actually not terrible for a typical new retiree collecting social security at age 67. Taking 4% of that in the first year of retirement is about $40,000. If the person is making about $2,000/mo in social security (conservative), the total income is now $64,000. Not counting any extra money a retiree can pull in doing side work. That is more than adequate for most people. Especially if you retire debt free (which you should).
That brings the balance down to $960,000 after the first year but even if invested conservatively, you will likely get at least a 3-5% return, putting you right back to about where you started.
If you stick to the 4% rule, you will not run out of money for at least 30 years, but which time you will be 95 and probably content to just sit in your rocking chair and collect what's left of social security. Most retirees will never see 90, never mind 95.
But I just described worse case scenario (for one with a million dollars in retirement savings). If the past 30 years are any guide, and you stick to the 4% rule, you will see much better than 3-5% annual returns. In that case, your nest egg will continue to grow as you age and you'll be leaving your kids with a million bucks or more.
I think people worry too much about retirement. Work as long as you can, save as much as you can, and you will find a way. But a million dollars in a 401k makes a comfortable retirement very doable (despite many saying it's not enough).