I am turning 60 soon, married with 5 kids. They are almost all out of the nest and we hope to sell the house and downsize next year and really cut our expenses. We are now really thinking about retirement soon. I don't want to work past 65 and would love to retire at 62. Problem is I don't think we have enough saved yet to retire. What is a good target for FIRE? How much do we need to have saved and what is a good expense target in retirement?
I have a good job at a large company. Have worked there 30 years and fully vested in pension. The pension was recently frozen so, staying longer does not help my pension. Our income has been good ($250k combined). I just feel like I need a change and move on from my job to something else. Maybe contract work??
We have about $1.3M in retirement savings, not counting pension and SS income.
We still have a large mortgage and the large house has been a money pit. Raising 5 kids really constrained our savings over the years.
What would be a good target for retirement savings?
I was thinking $2M but, don't know if I can work that long in my job. Beauracracy and office politics are driving me nuts. Part of me thinks "stop complaining and stay put"