That’s hard to answer because the answer is different for everyone. All that I can tell you is to physically put it on paper. monthly Expenses, health care cost, taxes, travel and vacation money, emergency money, money for potential long term care late in life and that’s expensive, etc, etc, etc. try to think of everything. Then list your savings and any income. Social Security, pension, interest, dividends, etc. Assume that you will live to be 100 because you don’t want to end up with your children funding you and do the math. That’s what I always told my kids, do the math. Put it on paper. If you retire at 65 you Have to Be able to fund yourself for 35 years. You probably won’t have to fund it that long but that is what I think you have to base your numbers on out of respect for your family. I can’t tell you how many times my Dad said that I never expected to live this long. My Parents did not run out of money, but they sure came close. Literally 6 more months and it would have all been on me and my sister. No one wants to create that type situation for their kids. Also you have to estimate future inflation in your cost and also anticipate the normal ebb and flow of the financial markets and interest rates. It’s not an easy process to make a good decision but you need to be sure. If you have lingering doubts about being ready it’s best to hang in there a little longer. I am rambling a bit but I hope this helps. Good luck to you. I do love retirement and strongly recommend it.
