No. of Recommendations: 1

What is the debt/equity situation in any home and extent of other debts owed? If it were me and I wanted to retire, I'd plan to live off Social Security and not use my savings for living expenses at all, reserving savings for unexpected problems long term.

If they really want to retire, they should plan on cutting their living expenses to that $30,000/year NOW to decide if they are willing to do that and add further to their savings. If they prefer to keep spending, they should keep working indefinitely.

Wise advice.

Again, as you and I both know, there is no "formula" for retirement. They need to do what works for them and what makes them happy, and that may not be what others would do.

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