When should I retire?

I have $1,000,000 in my 401(k) and am 48 years old. My wife and I have a $550,000 house paid off with no debt. We have $200,000 in CD's and cash. I have a pension that assures I will receive $1,200 per month for life. Currently, I maxed out on my 401(k). We save $35,000 per year on top of both of our 401(k)'s. My wife is 50 and she also maxed out her 401(k), but plans to retire at 52. My question is when can I or should I retire?

Retirement, 401(k), Retirement Plans
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6 days ago
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So, it looks like you have done a good job saving thus far, but there are still to many unanswered questions as many have hit on cash burn in retirement is key but what will have a bigger drag on your retirement will be healthcare, what types of insurance do you have. 

It is estimated that an average, healthy 65-year-old couple will need $245,000 to pay for medical expenses for the remainder of their lives.  This does not include long-term care costs*

Healthcare cost will be the 2nd largest expense in retirement**

Medicare only covers about half of healthcare costs in retirement***

*Fidelity Investments retiree health costs estimate, 2015. Healthcare and nursing home costs may vary by state.

** Take Control of Your 6 Biggest Retirement Expenses,” U.S. News & World Report, August 2015

*** U.S. News & World Report, Take control of your 6 biggest retirement expenses, August 2016

  

We have a great planning tool that we use to help understand and meet our client’s goals.  Have a look. https://www.mvmadvisors.com/next-generation-financial-planning

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