Yes you can. If you're actually going to go broke when you're 60, I'd HIGHLY recommend touching at least a bit of that cash at the cost of federal income tax.
Edit: Am not financial advisor
This is so true it hurts.
“The mass of men lead lives of quiet desperation.”
- Henry David Thoreau, Walden
“The mass of men lead lives of quiet desperation. What is called resignation is confirmed desperation. From the desperate city you go into the desperate country, and have to console yourself with the bravery of minks and muskrats. A stereotyped but unconscious despair is concealed even under what are called the games and amusements of mankind. There is no play in them, for this comes after work. But it is a characteristic of wisdom not to do desperate things.”
So many of us exist in quiet desperation.
People struggling to survive are focused on their next meal or rent payment and while not destroying the world tomorrow sounds good, they are more concerned with what they have to deal with today.
The environment is a side effect of civilizations profit at all costs mentality. Unfortunately this outlook will continue to do as it has always done, reward the few at the top and punish everyone else.