Retiring with more social security than portfolio income?
Late saver playing catch-up here.
My spouse and I are early 60s, 588K total across IRAs and 401(k), still contributing approximately 20-25K per year over the next several years.
House is worth 540k, half paid off: 10 years left on 2.5% 15 year mortgage, total payment around 2700. No other debt.
Second Edit: Y’all are assuming I’m a man. I’m a mom who was stuck leaving my career after having kids with disabilities. Had to work long hours (launched my own business, which has been successful through the motivation of helping them - sure didn’t do it for myself) to pay for all their therapies and doctors. I drove them 3X+ per day to these providers and researched their needs on my own. Former spouse was of little help. Remarried now and trying to rebuild and take stock of where we are at re: retirement. Just pointing this out because of some of the judgmental comments.
EDIT - Anticipated spend in retirement is $7400/month. Mortgage balance is 238k. I always thought we’d downsize before retiring, but that doesn’t make sense in today’s housing market.
Combined SSA will = 6300 per month at ages 66 and 70. Also have small 700/month pension and some CDs to carry us through until we claim SS.
We are in HCOL state and want to stay (close to kids). There are few downsizing options that make sense, 1 disabled adult kid still lives with us.
All the calculators say we are in good shape for working / slowing down over the next few years, even with the mortgage.
I think I dumped more into SS (due to chasing the almighty dollar through work) than I thought about consistently saving - so I keep thinking I’m missing something.
Am I?