I've read the AAdvantage website and scrolled through many posts on Flyer Talk. I still don't get it - so I'll ask my naive question.

I'm not much of a flyer. I've been saving miles for many years in hopes of one day being able taking a trip of a lifetime. (To Europe, that may happen next year.) I kind of get the dynamic pricing when it comes to miles. But one also has to, in addition to miles, pay cash for the award flight?

Last flight I looked appeared to be 60k miles plus (?) $600. Can that be correct?? If so, I spent decades collecting miles which now appear to have not much value. TIA