Yes sir. I honestly don't know the answer as to how much to live and enjoy vs how much to store away. Wish l knew. Our investment guy says l need to have 1.2 mill in investments when l retire in order to maintain the same lifestyle l have now as to when l retire. I doubt I'll make that but l should be close.
Yeah, I need to talk to someone and start planning. Let's assume Social security is still there... At my current rate, my wife and I should have over $7k a month coming in from that... But that's not enough to meet our current lifestyle my any means... I think our plan is to sit on this house, and by the time we retire it is paid off. Sell it, downsize to a cheaper home further out in the country, pay cash, pay off all the vehicles or even buy our "last cars" with the leftover cash, and go into retirement with new vehicles we don't have to worry about, no debt, no mortgage, etc...
If we can do that, then $10k a month coming in from SS and 401k and things like that, should be plenty... The key will be making sure we have zero debt and reliable vehicles by that point...
If we don't have car notes, bike payments or a mortgage to worry about, our monthly income needs can get cut by 1/2 to 2/3 and we can do just fine.