The fear of going broke in retirement is something that I know will plague me. This reasoning though is somewhat legit for me, I'm not someone that splurges and my living expenses are reasonable (and lower than most would expect). The reason I am concerned about going broke is due to an unforseen expense or a huge drop in the stock market, both of which are risks that I will work to mitigation well before I would plan to retire.
That said, I hate that people fear going broke yet won't do something like lower expenses, in order to avoid going broke. This reminds me of a conversation in LOTR: Return of the King
Irolas: It is as the Lord Denethor predicted. Long has he foreseen this doom.
Gandalf: Foreseen and done nothing!