I am 64, retired since age 54, raised 2 kids on a modest income, and I believe you are not wrong, you have a sensible goal. Understand that your retirement income requirement depends on how self-sufficient you are. Do you call a professional every time your lawn mower quits, your tap drips, or your car sputters? Then a million $ in savings is not enough at today's rates. Or have you developed skills to deal with life's hiccups and are a competent DIYer? If so, these skills have already saved you a lot of expense and will continue to do so, which means $700k would be a safe goal. Do not retire as long as you still have a mortgage. Once retired buy only what you can afford to pay cash for. A 3 year-old used truck is half of the cost of new and does the same job. And money is not as important as good health, so start practising healthy habits now. I am shocked at how many people I know who believe it's okay to abuse and neglect their bodies and then assume it is the doctor's responsibility to make them well again when organs or joints breakdown. I did not plan my retirement: I was unexpectedly laid off due to outsourcing. But a few years before that I remember reading a report from the Boeing Company showing that for every year an employee continued working after age 55, they lost 2 years off their life expectancy. I have seen many examples proving this holds true. Good luck, stick with your plan.
