That 300K of which you speak is part of the 1M net worth, correct? I think that's a fine plan, as long as you aren't stretched too thin in retirement, needing 4% of whatever your NW is on retirement day. 4% is, IMO too high for a 50 something, and if you have a correction, with a slow recovery, that 4% might look more like 6%, which would scare me even more.
I'm probably a lot more conservative than the ERs ,which is why I waited until I was 62 before I retired. This afforded me a lower WR (more like 3%), and fewer years to live (hopefully not a whole bunch fewer, but who knows?)
When I was in my 50s I was probably not as far along in my NW as you are now. I was far enough along, with kid gone, etc to ease back on my work, and put it into a more palatable "Work-Play" balance. I made less, saved more because of fewer expenses. Didn't have to touch the nut, actually still added to it.
But for me, work wasn't THAT horrible. The idea of running out of money, or worrying about it due to factors I couldn't control (i.e. the markets) was much more horrible to me.
