Will i be able to live on my retirement account?

Most people are idiots that's why. You are 100% correct. An 18 year old could live well on a million for the rest of their life and have many millions eventually. It's a scare thing. The media need interesting stories or no one will consume their products. (Can you say "Global Warming?) How often do you hear that you will need a ton of money to send a kid to college? Not true. You don't need to go to a private school and communtiy colleges are dirt cheap. What you said is just common sense. Anyone who thinks about it for about three seconds can figure it out. Someone smarter than me once said "The mes are a%%es." Take advantage of the fact that you are smarter than most. I share your frustration with the prevailing stupidity that's out there.