Two people can retire with the same balance and live completely different retirements. The difference is usually income. How much reliably shows up every month, in up years and down years, and how much of it the IRS gets. Between the two of them, the one with dependable income is generally the one who doesn't worry about money in their free time.
The downsides and restrictions matter too. Money in traditional accounts is generally taxed on the way out, RMDs force withdrawals on the government's schedule whether the timing suits you or not, and a market drop early in retirement hurts far more than the same drop ten years before it. Managing that sequence is a big part of the job.
Dependable income generally comes from three places. Social Security is the floor: inflation-adjusted, guaranteed, and heavily shaped by when you claim it. Annuities can turn part of the pile into another paycheck that fills the gap between that floor and what your life costs. And cash value life insurance is the pool you draw from in down years, so the investments get time to recover instead of being sold at the bottom. Each carries trade-offs, and each should be sized to your plan. That sizing is exactly what a needs analysis is for.
And if you're behind, start anyway. The best time to begin was twenty years ago. The second best time is today.
Annuities