I am 61 years old and retiring around 63.5 years old. I have a spreadsheet with my 401k, social security and my wife's pension as income. The default return on the 401k is 4%. The social security and pension cover our needs, the 401k anything else (entertainment, gift, traveling, eating out, etc) My wife will have 200k in her Roth equivalent and we have a small investment in a distillery that I reserve as backup funds. The mortgage will be retired next May. I may get an inheritance from my 91 year old mother or, hopefully, she'll live to 101 like her sister.
My spreadsheet has us down to $0 in the 401k when we reach 99 years old. If we die earlier our children will have something.
So, we may die w/o wealth but not broke due to the income stream.