Be sure you buy long term health care insurance. Without if, if you end up in a Nursing home, you will run through all your savings, then will have to go on Medicade. After you die, the governement will then come back on your estate and take anything of value to pay for what they paid in Medicade. It's a dirty little secret.
Know a woman whose kids lost a $500,000 house, a $200,000 cottage and her late husbands large gun collection because she had no long term health care insurance.
If you wish to maintain your lifestyle, you will need 2/3s of your pre retirement income and inflation will cut into that every year you live.
Having you house paid off is a terrible choice. It's not earning you a thing. While you are still working refinance it (you can get 100% if your a vet) at about 3.5% after tax interest rate. Invest that money that and decent broker can get you 5-6% on.
Now you have an income stream to pay the mortgage as well as a large lump of money you can get at.
Been retired 20 years and invested every dime we could "back when" in IRAs and 401s and the market. Am self employed (work when I want) maybe 20 hours/week.
Our lifestyle and assets are the same as the year we retired.
Get out as soon as you can ..... so much to see and do.
Long term health insurance s a good idea IF you can afford it. My LTC insurance (pretty good coverage) is about $2,500 and my wife's is about the same or, about $5,000 per year. If you got the money, have it; but many can not afford it and still eat.
