We are a family of 6 with my husband closing in on retirement in, hopefully, 3 to 4 years. Two of our children will be in college at that point. We will help them somewhat, but not all, and have already set aside the funds. Our bare bones retirement budget at that point would be around $30,000 for the 4 of us then with a paid off mortgage; however, that does not include health care insurance which would easily drive the budget up to $50,000 as the kids can remain on insurance until age 26.