What ever you do, you need to correct your pension income for inflation, SS is already inflation adjusted.
If I expected $660 a month I would multiply by 12 and get $7,200.
Using the 4% guideline that is like having $180,000 in your stache.
If that is not inflation adjusted and we use 3% as the yearly inflation rate (we won't know until it has happened)
The purchasing power of $180,000 after 18 years of 3% inflation is $105,731.
So, if you retire at 55 your pension is like have $105,731 in your stache.
One thing I never see addressed on MMM is the effect inflation has on your goal amount.
If one has a goal to retire on $1M in 12 years, you want to be aware that $1M will have the same purchasing power of $1,425,761 if inflation is 3%. It's a hard fact to accept. You may need 42% more than you thought.
I remember when gas was $0.189 and I could buy 10 hamburgers for $1. (they were small though)
In 1968 a McDonald's Hamburger was $0.15. The good old days! Or were they?
I worked for $0.60 an hour in 1969, worked my way up to $1.00 by 1971.
Just a fun note, cleared out my attic and found a 1970 1040 form, I made just over $300 and paid $3 to have my taxes calculated. That's 1%, I got robbed!
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