Is 62 realistic for me
Age 58.5
-IRA 308k not contributing
-Roth 26k maxing annually now
-401k 316k contributing 714.00 a month with contributions + match total (also paying back 401k loan at 1266.00 per month with 17 months left )
- about 250k equity in home(s)/land (3 properties)
- small pension will provide about 400.00 a month
- rental income currently provides 800.00 month
-No car payment but old car will likely need replaced in +/- 3 years.
-Owe 56k on 2.99% mortgage loan. Monthly payment $600.00
-SS predicts $1463 at 62, $2503 at 67. I'll likely claim on my 'wasband' (ex) as we were married 25 years and was much higher earner all along. No clue what that number will be.
Kids are grown and done with college. I'm single and will remain single. I have a good job but my goal is to be retired at 62, stock market willing.
Heath care will be the tripping point if I retire at 62, I know. I live simply but do enjoy travel.
I predict needing 45k + annually. Of course, more will be better but I can live on it.
Can I realistically retire at 62?