I’m 57 and ready to retire next year on $7,500 a month, but my wife says no. Who’s right?

Quentin Fottrell

Sat, May 17, 2025, 6:45 AM 5 min read

I am 57 and want to retire next year. I will have two defined-benefit pensions that should bring in close to $7,500 per month. I also have $300,000 in a 401(k). My wife has a 403(b) that currently sits at $650,000. We currently have a mortgage of $1,400 per month and very little debt beyond that. My health-insurance premium through my employer-sponsored plan will be $880 per month, which drops to $567 per month when I hit 60. I say I can retire, my wife says no. She will be 60 as well next year. Thoughts?

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There’s no denying it: $7,500 a month is a lot. But if you retire next year, brace yourself for 30 years on a fixed income.

Your question is multiple questions rolled into one: You say your two defined pension plans will bring in $7,500 a month, but for how long? Are you withdrawing 4% from those plans or less? How long do you expect to live? Are you in good health? Have you factored in private health insurance until your Medicare kicks in, or will your wife continue working and provide you both with employer-sponsored health insurance? Do you dislike your job? Could you work part-time? When will your mortgage be paid off?

This is not a decision that should (a) be taken lightly and (b) be taken without the guidance of a financial adviser who goes through your assets in forensic detail. They will ask you what kind of retirement you envision for yourself: vacations, hobbies, income etc. It’s a tempting and exciting prospect. Sure, everyone deserves some downtime, even if not every American can afford to retire, but your wife is exercising caution for both your sakes. She’s not trying to negate your wishes; she’s trying to make sure you both have a secure and comfortable financial future.

You could possibly retire on $1 million, to pick a round number, but there’s no guarantee that it will last you for the rest of your life. Using the 4% rule — withdrawing 4% of your nest annually over a 30-year period — you would take out $40,000. U.S. adults, on average, say they’ll need $1.46 million to retire comfortably, up 15% over the $1.27 million reported last year, according to a recent study by Northwestern Mutual. People’s “magic number” for retirement savings has risen 53% from the $951,000 target Americans reported in 2020.