Perspective for 52 yo
Federal public servant approved to take Early retirement initiative (leave with immediate start to pension without penalty) . Started public service career late so pension would be 56k a year, indexed.
Married, 2 young adult kids,one done school and another has resp to see them thru remainder.
assets:
~900 k equity in a 1.3M home
~ 1 M in 60/40 index funds and cash/GIC
~500 k in spouses retirement funds (RSP and US 403b).
no other debt (2 cars paid off)
Spouse, same age, makes about 110k and doesn’t want to retire until 60.
I don’t really want to retire either but have had it with my current work. Concerned in job market at my age that i won’t find work that is more rewarding, if less pay.
If worst case, I can’t find work and spouse loses job or health issue prevents work for example, are we good? Financial advisor models say yes, I’m just wondering about real world perspectives.
Monthly spend is estimated at 8k including mortgage/ property tax etc. and we like to travel so another 15-20 k for that a year.