From the Executive Summary: "However, perhaps the biggest caveat to the hierarchy of retirement needs is that if retirees must satisfy a desire for current income, and future income, and have liquid current assets available, they may actually feel compelled to save more for retirement than they actually need (even if there is no desire to leave a legacy behind)"
https://www.kitces.com/blog/hierarchy-retirement-income-needs-and-mental-accounting/Interesting, in my opinion, to see some analysis around the psychology that is debated here and elsewhere about appropriate savings/withdrawal rates.
