Have you done your homework?
I have met with many folks who have some general idea of how much money they'll have in retirement. One of my roles as a planner is to try to determine exactly where your income will be coming from, and in what amounts. Wouldn't you like to know these things before you retire?
For some reason the Wall Street system has educated consumers on the idea that you should have everything in the stock market, leave it there forever, and assume you'll draw some magical percentage (such as 4%) for the rest of your life. Hopefully you'll be alright.
That plan scares me to death!
Let's take an example. Suppose you had accumulated $1 million dollars by the summer of 2007. Your plans were to retire at the end of August. Taking 4% would give you an annual income of $40,000 a year, which is fine with you, and you call it quits on schedule.
By the fall of 2009 you would have been in a panic situation. The value of the S&P 500 declined by more than 50% over that time period. Now your million dollar portfolio is worh only $475,000. In order to keep taking a $40,000 a year distribution you'll now need to take nearly 8.5%! At this rate of drawdown your nest egg is not long for this world. Of course, the market came back, but on average it took 5 years to do it. Are you going to have to take a job at Wendys?
Instead, you should analyze all of your sources of potential retirement income, look at alternatives, tax scenarios, etc. and not put all of your eggs in one basket.