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I spoke the other day about rich people whingeing that they don't have enough to retire in luxury. In today's news there is a 67 year old man who hates his job and wants to retire. However the poor thing only has $700K saved up. This only gives him $28K a year in interest. 
Poor old dear still hasn't paid off his mortgage so how will he manage on that?
How the other half live.
Assuming he's owned his current house for more than 5 years, it's likely the cheapest housing option available to him. Housing prices have exploded in the past ten years and rent has gone up correspondingly. If he sold his house, he might well be trading $1500/month for $2500/month.