Because of your age, $3 million isn't enough to support you the rest of your lives. You'd both still have to work.
I disagree. Here's my assumptions:
$2,500,000 nest egg (after paying off home and funding college)
$75,000 annual spending (3% withdrawal rate)
less $12,000 healthcare spending (plus or minus, but it's a ballpark)
less $18,750 taxes (using 25% effective tax rate; for what it's worth, the current rates are half that in reality)
leaves $44,250 to "survive" even using these VERY conservative assumptions.
That $44k to live on is positively luxurious when you're not commuting to work and when you're not making a house payment. If you squander $4k a month in addition to housing, transportation, and healthcare, you're living better than probably 95% of Americans and 99.9% of the world.
Per firecalc.com, a portfolio of $2,500,000 with $75,000 annual spending, invested 75% equities and 25% fixed income, over a period of 70 years (assuming I live to 100) has a 100% success rate. That's accounting for the Great Depression, multiple world wars, multiple stock market bubbles, and various other scary things.
FIRECalc looked at the 78 possible 70 year periods in the available data, starting with a portfolio of $2,500,000 and spending your specified amounts each year thereafter.
Here is how your portfolio would have fared in each of the 78 cycles. The lowest and highest portfolio balance at the end of your retirement was $2,500,000 to $104,285,880, with an average at the end of $41,862,843. (Note: this is looking at all the possible periods; values are in terms of the dollars as of the beginning of the retirement period for each cycle.)
For our purposes, failure means the portfolio was depleted before the end of the 70 years. FIRECalc found that 0 cycles failed, for a success rate of 100.0%.
So using actual back tested data, in the WORST 70 year period ever in stock market history, I would die, at age 100 with $2,500,000 in the bank. In the BEST, I'd have $100 million in the bank.
Let's not forget that Medicare will probably still be a thing when I'm older and even if I only get 50% of expected Social Security, that's even more safety margin.
And this is assuming that I never make a single additional dollar from a job, ever.
So yeah, I'm still good with $3 million