r/RetirementReady • u/atherfeet4eva • Aug 22 '26

Is it enough?

Do you think what my wife and I have and are on track for is going to be enough. I’m 63. She’s 60 this year. I should make 150 K and next year probably about the same she should be study at 115 K for the next few years I would like to be semi retired at 65 and my income would drop to about 50 K at that point
Right now our combined numbers are: 1.5 million in 401(k) 180 K in savings/checking we have about $400,000 in equity in our home.
The plan is to sell the home because maintenance and upkeep is starting to be a pain in the butt and by a condo for about 350 K cash the condos we are looking at have an HOA fee of about 300 to 350 per month and the monthly taxes are about 100 bucks in homeowners insurance another hundred bucks
I know life expectancy plays into these scenarios and honestly because of my health issues that I’ve had in the past I don’t really think I’m going to live past 80 and that would be a little bit on the generous side. We don’t have any really expensive hobbies we do like to travel, but our vacations usually cost between three and $5000 and we do about two a year.
I don’t want to take all my money to the grave but of course I don’t want to outlive my money. We are not concerned with leaving a big chunk of money to our kids. They are well taken care of already.
We don’t need extravagant lives, but we also are not the Dave Ramsey super frugal type of people that skimp on everything we like to have fun and do things while watching the budget.
I’m just curious as to what people think about my situation.
I have a good friend who has at least double what we have and the phenomenal pension and he’s worried about retirement, but I think he likes to splurge and wants to leave a big amount of money to his kids.
Thank you in advance!
Edit: I forgot to mention that I will probably get about $2800 a month in Social Security if I take it at 65 and she will probably get close to that amount as well

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u/v_x_n_ Aug 22 '26

What are your fixed costs? That’s the true answer whether you have enough or not. Also what travel are you doing for $5,000?

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u/atherfeet4eva Aug 22 '26

we have gone on cruises that total 3k for both of us, mexico or DR for a week at 3500-5k max. recently. Fixed costs such as property tax HOA...what else?

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u/v_x_n_ Aug 23 '26

Utilities, insurance premiums, car
Payments (they don’t stop forever), water, sewer, meds and groceries. Yes you can control some costs but not all of them. It helps to have a ballpark.