This assumes all of your income comes from a traditional 401(k). As an early retiree that's unlikely. It's likely that a significant portion of your income will

This assumes all of your income comes from a traditional 401(k). As an early retiree that's unlikely. It's likely that a significant portion of your income will come from a taxable brokerage account. A significant portion of that income is your basis (what you paid for the investment) which is not taxable. There's a lot you can do to "engineer" your taxable income in early retirement.