I retired at 42 with a fairly low NW (stash plus paid off house) but knew I'd get a government pension of approx $1400/month plus 3% COLA each year once 50. Easy for me to live on low income because single with no kids or debt and free medical. Low expenses too. $1400/month or less has been very doable for frugal me but will be transitioning from owning a paid off place to renting so will have higher expenses then.
Very similar situation here...
For me, I'm going to retire at 43 with a NW of less than 1/2 mil....
BUT
I get a yearly pension of 45K plus cheap medical (it sure aint free no more...)
PLUS, my wife enjoys her job, she'll add another 38K a year.
Exspenses are 60K a year but that includes 17K in savings and 12K in mortgage payments (Owe 84 on a 200K home, have liquid assets that could be used to pay the home off if we desired).
We could easily lower expenses to 22K or less (Pay off the home, drop all cable and internet, turn off all cell phones, only eat every other day [don't judge, it's actually very doable] etc) but life would not be as full at that point so we'll push forward.
At some point, I will work some part time stuff just to get out of the house and maybe educational benefits, I actually enjoy school now...
One of my biggest regrets in life is not semi-retiring while my kids were still at home for a while. They're all out of the house now (I'm currently 49) and I'll never get another chance to watch them grow up.
Thank you for sharing this. I have found that being home for my 16 year old, making her breakfast and lunch on a daily basis, has really added a lot of value and support to my decision to spend more time at home.