Right up until another 2008 hits. Most financial advisors recommend to move your assets into stable vehicles such as bonds once you retire and are counting on that money for your income.
If you assume the worse that SS won't be there, and you also follow the above strategy, $1 million will let you live on $50K/year for 20 years. And that includes nursing home care if you don't have that specific insurance.
I have been an investor in individual stocks for more than 30 years, and I have far more than just $1 million. I cleaned up in 2008-9, but it looks like I’ll never get an opportunity to buy stocks that cheap again - although you never know!
I amassed considerable real estate holdings by age 30 (1980) and continued to grow it til 2008. (got my A$$kicked bad)
Was able to hold all the properties but am selling many now and DIVERSIFYING my investments. And I've learned to live moderately
A nursing home will run you $7k+ per month in typical cases.
Direct experience w/ my Dad, in a fairly low cost area part of the country.