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Getting an extra $500k would put you ~38% closer to your goal of $1.3M. So to say it wouldn't give you any peace of mind or security that you don't already have seems odd as it would put you SIGNIFICANTLY closer to your goal of FYM, which presumably would bring you peace of mind and security that you don't have now, and reduce the risk you would not eventually get there.

That's all relative. For me, I could go home and retire off of 500K, just drawing off the dividends, but I'm from an area that is exceptionally cheap in the US.

This is a rather precise number - why $1.3M?

I can't speak for the parent, but that's about my target too. $1.3M / 300 (safe draw-down rate) = $4333/mo. Our family spends $4500 / mo in Salt Lake City to live comfortably. That doesn't include travel or expensive toys, but it would be enough to make it much easier for me to go off income for long periods to take bigger risks.