Congratulations on reaching this point in life. I'm 60 years old and was scheduled to depart from Nigeria tomorrow, 30-Dec-19 for the last time and retire to Texas. Been working the oilpatch since I was 18 year old and ms gamboolgal has chased me all over the world. Been working West Africa since 2003 and living here since 2008. We live in places no one ever vacations at.
However, life happens and megaoil asked me to defer retirement - and we have agreed to stay on awhile longer. How long? We will most likely go 31-Dec-20.
Everybody's situation is the same but only different. We all want and need to be able to support a desired lifestyle and spend rate in retirement based on our assets.
Once I do pull the plug and retire - I am not planning to work part time or come back consulting. So our plan is based on living off of our portfolio.
Following is how we have prepared. Might be useful or at least give you something to consider for your planning.
We have reached "our Number". So staying "One More Year" for us is not so much about the money. Having said that, the monies we earn in 2020 will be additional padding and increasing the discretionary monies. Not a bad thing.
We have our Retirement Budget well defined, see screen shot below of our budget line items. We have our portfolio at Vanguard and upon retirement will consolidate our megaoil monies to our Vanguard account. Over the last few years preparing for retirement, we have moved our Asset Allocation to 45/44/11, stocks/bonds/cash. We'll rebalance as necessary to keep the AA in that range. We have no debt, house paid off and heavily remodeled, vehicles all paid for, kids out on there own and doing good so no ongoing support from Bank Of Dad necessary. We have no parents left on either side so no helping out monies to account for. As much as possible all Doctor and health issues addressed, hearing aids bought, toys pretty well bought. We have identified one off big ticket items for retirement, e.g., ms gamboolgal says our almost 40 year old 4 poster is moving to guest room and she has new furniture all scoped out, Las Vegas trip planned so I can play in the WSOP Seniors and Super Seniors tournaments, and other trips costed out and accounted for.
We are fortunate that we will keep megaoil insurance in retirement. Health care is a major one for us all. So good you have yours addressed.
As to your pension - suggest you figure out your options. In our case we can take a Pension or Lump Sum. Our pension is not Cost of Living Adjusted for Inflation. Inflation scares us. So we will take the Lump Sum and invest it in our portfolio.
I am planning to take Social Security at age 67 and ms gamboolgal will claim the 1/2 spousal benefit based on my SS.
If you have not already, a couple of good Calculators to use to model your specific situation are: https://www.firecalc.com and https://www.portfoliovisualizer.com For Portfolio Visualizer we use the Monte Carlo simulation the most, but the others are all good to use.
All the best sir. It is a scary time to go from making a check to living off of savings/investments.
Recommend the following retirement forums: http://www.early-retirement.org https://www.bogleheads.org/forum/index.php
Here is our budget categories.