Sure $3M would be a nice 'problem'.

But I'm more concerned about poor suckers like me and maybe you.

Your key assumption is that the asset value never goes down. And you are ignoring the impact of inflation.

We are looking at long terms here, and when and where things happen matters.

So, in the case of a 'comfortable' $800K (lol i wish). Well, if the market tanks, that could easily be 400K. Not so comfortable now? And the $50K a year you were taking out, maybe you have to halve that to make it last. Oh, and whatever you were drawing out? $50K in 10 years time, assuming 4% inflation, is only worth 2/3 of whatever you take out today. And if you start budgetting for increased health care and aged care as you grow older, well....

Even this has a large dose of 'assumes the status quo' in it