I’m 53 years old, a registered nurse and planning to retire at 58. I am married, my wife is two years older than I am and she plans to retire at 62. We have a good marriage and friendship. We have three grown up kids. I only have $300,000 in my 401(k), and not on aggressive mode.
My work at a prestigious hospital will give me more or less a $700,000 pension from 26 years in service. I plan to get Social Security at age 62. When I was younger in my 20s and 40s, I never had planned on retiring, but sickness got in the way (my knee is giving me problems that I’m unable to walk for longer hours. I had two minor surgeries and it didn’t fix it).
In my situation, I think it’s doable. I plan to live a simple life. I plan to add an extra $1,000-$2,000 yearly to my mortgage.
Do you think my money will be sufficient? I’m so embarrassed that I did not prepare well enough. I have no savings at all or cash on hand. I lived paycheck to paycheck because my wife and I were careless with our expenses. We don’t have debt. I have six cars and I’m planning to limit it to two cars in the future. And sometimes it bugs me that 5-6 years until retirement is so close and I’m still young. I started working when I was 22 years old.
What is the best plan for the coming years? In the next 5-6 years, I don’t want to open my eyes, because I think I’m not ready for the next chapter of my life. Thank you.
See: We’re 58, have $1.3 million saved and…
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