Hubby is 45 and I am 41 and we have 2 children, ages 4 & 7. Hubby works full time and I am home with the kids and handle our rental property. We currently have 300k in retirement assets. We currently have no debt (other than the mortgage that would be paid off when we sell the properties).
If we sell both homes we will have enough equity to purchase a home outright. Our monthly bills would total $2,000 because of increases such as having to purchase health insurance.
Hubby should get $2500 from SSI at age 70, or $2,000 at age 67. I would get another half of either figure as spousal benefits.
We don't plan on, but do anticipate, some inheritance from one or both sets of parents. Not sure when or how much, but it could be significant. (half million or so) I don't want to plan on this money at all though. One or both of us could also work part time if necessary. I worry about unexpected expenses such as needing a new vehicle.
Can we currently retire?
EDIT: When I run the numbers, 300K doesn't work to cover 24K annually until social security kicks in. I was hoping that a MMM contributer might have suggestions, investment choices, or options that I hadn't considered.