There are a lot of variables to take into account but, if we are being realistic this figure will be higher than 700k because I didn't take into account contribution limit raises.

The figure I stated assumed that the limit for the 401k stays at 18k every year, which it doesn't, it raises most years as we know. The contribution limit in 2010 was only 10,500. For your IRA the limit also increases almost every year, in 2002 the limit for your IRA was only 3,000.

The 7% figure i stated is the total real return (growth+dividends-Inflation rate). 7% is the historical return rate of the S&P that includes dividends while taking into account inflation. The S&P's historical return without inflation is right above 10%. I also don't understand why we would assume to take another 1% off if one can easily argue it could be 1% higher but, thats a whole different argument, for accuracy stake I stated the historical return which is the most accurate way to gauge future returns all be it unknown to us.

http://www.simplestockinvesting.com/SP500-historical-real-total-returns.htm