@Brian - Yeah, that's what I meant. It's a more conservative assumption to assume a lower stock allocation in the long term. I do it to hedge my bets - both as a factor of my personal risk threshold, and the fact that I don't believe the future will reflect the past - especially in regard to long term growth in the market.
I'm definitely more of the 'live on less money' category, although I have a decent saving. My spending is quite low in the general population, but not even close on this forum. My savings is far less than most (non ERE'ers) would retire on, but more than a lot of ERE's would think I'd need.
There are just so many huge uncontrollable risks, that I tend play it overly conservative, because I'm sure some risks will play out negatively. Unknown future returns, health care increasing WAY faster than inflation, personal health, etc.