Hi, and welcome to the ER forum!
I found this part of your post to be especially interesting.
Originally Posted by bd68
The one thing that has my head spinning these days is the question of how long to work and what my target net worth and income should be. I am asking myself...why work 20 more years, have a non-cola pension, SS and assets that would likely provide multiple times the income that I will likely need (I live pretty modestly)?...so I can pay for a first class retirement home? (what fun is that).
Determining your target income is a big step, and sometimes not too easy! Some of us find it easier if we attempt to live on the target income, even before retirement, to see if it works for us.
I started by doing that, and then decided that I might spend more time shopping after ER than I do now, since I will have more time on my hands. For me, adding $500/mo extra for shopping seemed reasonable and gave me a target income in today's dollars.
As always, other events have changed my plans but that was how I defined my initial target income. I'm sure other people will add to this thread with other good ideas on various ways to do this.