How much you need to retire really has nothing to do with how much someone else needs to retire. The person who is 45, married with 2 kids at home, and who wants to spend $100,000 a year for 50 years and who doesn't want to include SS is going to need a very different amount that the 60 year old couple, with no kids at home, who is living happily on $40k a year with a paid for home with each person in the couple able to collect $20k each in SS even if taken at age 62. The first person needs a whole lot larger portfolio than the second person.
I'm the first person and I'm a bit of a worrier. The headlines, potential long-term high inflation, and QE Infinity aren't helping me relax any. I was thinking 40x would be safe, but I'm not so sure now.
I know most of my fears are irrational and not likely to occur. It's more likely that our whole system will collapse than 40x not survive a 40-50 year retirement.