I think based on what you've shared so far, I have a sense that you can do it with what you are planning.KlangFool wrote:Folks,
1) 1 million to 1.3 million need major adjustment/adaptation to make it work.
2) 1.3 million to 1.5 million need minor adjustment/adaptation to make it work.
3) 2 million -> retire now.
It's unnecessary to plan for all disasters(worse case scenarios) since you have no control on them(war, stock market crash) but not everyone focuses on their life expectancy.
Average life expectancy in US is 78 years so if you have assets(401k, pension, real estate, SS etc) that will provide you the level of lifestyle you are looking for until 78, that's step #1.
Step #2 - you only need assets that will provide you with necessary(adequate) income that SS may not cover or provide and if you have it, I think you are good to go.
Trying to accumulate more during your productive years while you could do more with your time(other than work), I would give that a priority.
A dear family friend(more of an acquaintance) recently turned 71 and he has symptoms that looks like Parkinson’s. He and his wife both used to make good money(500K+ as Surgeons at a major hospital) and have guarantted pensions and probably have networth around $2M - $5M(my guess based on prior discussions) but now, he will be unable to drive in near future depending on the onsent of the disease and the last time I met, he was concerned that he had to give up his freedom of driving so the millions he has won't do much.
so at 54, if you think you can make-do with the amount you would have by then - go for it.