We have 6 months living expenses and will build it up to a year's expenses before
retiring . Healthcare will be covered through my employer until 65 when we shift to
Medicare . I'm estimating 70 percent of our current take home pay as the minimum
needed for retirement. Downsizing the house, eliminating a car, and no work expenses
should be a giant step . Fingers crossed.
O.K., but you still haven't told us how much that is. Once we know that, we can easily compare it to your projected 4,500/mo income. But then you probably already did that, and if that had given you an answer you liked, you wouldn't be asking the forum if it's enough. So I'm going to guess that you're currently spending a good bit more than 4,500/mo. Or perhaps you don't know how much you're spending, and you're speculating that 70% of current income would be enough?
So, yes, Runewell hit the nail on the head: you need to track your spending, and then you need to set a reduction target and practice living off of that amount.