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How is the 401 money currently "invested"? If it is in cash/equivalents, then with your income and taxable cash cushion, you could afford to take some risk with it by putting some of it into a total stock market fund and a total international fund, if you have low cost options in the 401(s). Absent good options, you could roll it/them into IRA(s) with a discount broker or fund company where you can buy low cost funds.

You can probably expect to need you money to last another twenty years or so. If you don't mind leaving nothing behind, you can safely spend 5% of your combined million every year - on top of your current income.

yes ..Yes. (maybe a bond fund along with 'total stock'?)

i would add -- if OP is living in the coop, don't count that for the 5%

and *i* ,being a little paranoid, would wonder how secure any pension is.

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