Only you can decide that, but I'm not really talking about retirement.
Think of it this way-- for most people, saving 100k is hard. Let's say a person that's 23 understands the basic principles of making money (saving, investing, compound interest, diversification etc) & manages to put together 100k in savings, & 100k in their retirement fund by their late 20's.
They're in a decent situation. They have no debt, & they have 200k sitting there which is making them money while they sit on their ass. A 7% return is giving them 14k a year for nothing. If they want to spend $10,000 on a couple of holidays throughout the year, it's not a big deal. They're only spending 5% of their total worth to do it, & they will make it back quickly. The same logic goes for buying nice clothing, going out to nice restaurants, & having nice experiences in general. Obviously this person will not overspend because they are sensible, but they can easily afford to do these kinds of things (within reason), while continuing to build even more wealth from their investments, & having the peace of mind that money brings.
Lets say that 23 year old does LL instead. The debt they've taken out is accruing interest, they're missing out on work ... if all goes reasonably well, by their late 20's I think a decent result would just be not having debt. So, they're close to 30 and have nothing. Let's say after getting rid of that debt, they save pretty hard, & manage to put together 50k in a few years.
So this person is already older than our first example, they're 32. A 7% return is making them just 3500 a year. If they want to spend 10,000 on a holiday, it's a *big* chunk of their net worth at 20%. They have far less freedom, and I imagine for more stress. And this is a *good* result. I'm assuming they have been employed and able to pay off the debt, that they haven't had any extra medical expenses, that they use their money wisely etc etc.
So it's less about retirement and more about what kind of lifestyle you're able to realistically afford both right now and in the near future (5-10 years)