Not if they owe $700k in their $900k house. Your point is valid
I'm just nitpicking you. I'll bet a lot of the posters here have a net worth of over a million.
If you're over 50 and don't have close to a million in your 401k (or other retirement account), you need to get to saving. Even a retired teacher like Newt may qualify if you annuitize his pension.