For me 1 million is not even near the comfort zone. I think many of you grossly overestimate how long 1 million dollars will last , especially in light of recent economic/political events. It's all a story of risk and the more resources you have to draw on, the more flexible you can be. I myself prefer to take large risks while in the accumulation stage and enjoy a mostly risk free retirement. My goal is annual expenses no more than 2% of net worth. But hey if you guys want to live on ramen and Doritos when you are 80 that's okay with me, just don't expect any handouts.
I've noticed a few boomers pretty much have their home the way they want it, remodeling projects were finished before they retire. (roof, furnace, etc) They buy a car and time the payments to end with retirement, same with boat or whatever toys. Ditto on furniture. large ticket items are purchased before retiring. As far as paying off the mortgage, the way I see it, property and school taxes become the "replacement" mortgage payments when the house is paid. Next up in X number of years, when everything wears out or one gets tired of the maintenance, sell the house, cash out and rent. ------------------------- We been so conditioned to spend after a lifetime of working, tough habit to break, even when we don't need anything.