My wife and I are in our 50s with $300,000 in a 401(k) and $700,000 in a pension. I can’t work much longer. Will we be able to ‘live a simple life’ in retirement?

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I’m 53 years old, a registered nurse and planning to retire at 58. I am married, my wife is two years older than I am and she plans to retire at 62. We have a good marriage and friendship. We have three grown up kids. I only have $300,000 in my 401(k), and not on aggressive mode. 

My work at a prestigious hospital will give me more or less a $700,000 pension from 26 years in service. I plan to get Social Security at age 62. When I was younger in my 20s and 40s, I never had planned on retiring, but sickness got in the way (my knee is giving me problems that I’m unable to walk for longer hours. I had two minor surgeries and it didn’t fix it). 

In my situation, I think it’s doable. I plan to live a simple life. I plan to add an extra $1,000-$2,000 yearly to my mortgage. 

Do you think my money will be sufficient? I’m so embarrassed that I did not prepare well enough….

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