That or something close to it is what comes up if you search average cost to raise a child. So clearly some popular opinion holds this to be true. If you would like to offer some other number you feel you can defend, I'll be happy to talk about it some more. Let's say you come up with a number like 500k. That will not last you a year at a luxury assisted living facility.

Forgoing children is no guarantee of a luxury lifestyle nor grant you a luxury stay during your twilight years.