The Cost of Retirement

From Kiplinger

Considering that saving $1 million will only amount to about $40,000 per year for the average retiree (assuming you stick to a widely accepted rule of thumb that says you should limit your withdrawals to 4% of your savings during your first year in retirement), it’s easy to understand why retirement has become almost a luxury.

Another issue that wasn't discussed in the article is the 4% withdrawal rule. Is that too optimistic these days?