petrock85 t1_jef26pd wrote on March 31, 2023 at 3:24 PM

The retirement calculators depend heavily on the exact assumptions going in. Having more money certainly helps, but most people retire with less than you already have.

Your expenses will be less once you've paid off the house. If needed you could later sell the house and move someone cheaper, or get a reverse mortgage on it.

TyperMcTyperson OP t1_jef3eek wrote on March 31, 2023 at 3:32 PM

But retiring with my current balance wouldn't be what I consider at decent retirement lifestyle. That would be like $20k a year at the 4%. How can anyone live on that even if they have no mortgage. Let alone travel or have hobbies.

telionn t1_jefekx6 wrote on March 31, 2023 at 4:45 PM

Your current balance should balloon to over 1.5 million by age 65 if you don't touch it.

alwayslookingout t1_jefspes wrote on March 31, 2023 at 6:17 PM

But you’re nor retiring today with your current balance- you’re retiring in 20 years. Additionally, 60% (~$109K) of your current salary is a lot. If you’re hoping to spend up to that much without a mortgage then you need to save up a lot more.