Is it too soon? Or do I have enough

[Aiming_4_55]

Life Insurance.... consider Term Life vs. Universal.

I'm 41 with good health and only pay about 1.5k per year on a 1M policy with a 20 term. I started the policy this year. YMMV

 

[Bestwifeever]

Malone, I don't think you need to second-guess what decisions you and your spouse have made re insurance or any other expenses--just important that you know what they are today, what you might consider changing to enable ER, what you can't change.

And of course, a $3.5 million nest egg with no mortgage? I'm going to go out on a limb and say you might have to slightly change your lifestyle, but there aren't many universes where that shouldn't be plenty to retire on even with the most expensive health insurance policy, but that's me

 

[amfox1]

I am a 45 year old who is looking to retire next year at 46. I am trying to understand if I have enough money to retire now, or if I need to wait it out a few more years. I am looking for anyones advice, and opinions, please. I have given some details about my savings, etc.. below.

I am currently working in a job that pays me approx $125k per year. I previously owned my own business for 20 years.
My wife works for the school district and makes about $15k per year, plus she has our health insurance.

We own our house, 100% paid in full. Value $345,000
We have no debt, nothing.
We have two kids, one 16, and one 14.
College Savings for both children is $75K each, or $150k total.
Our nest egg is $3,500,000. This is made up of savings and IRA.

Our current living style suggests that we will need about $135k per year, after taxes.

Any thoughts are greatly appreciated.

You and I are somewhat similarly situated, as we are about the same age, with similar assets and family structures.

I think you can fulfill your plan to retire in a year, but as noted by many in this thread you should run the numbers yourself using FIREcalc or another similar program and make sure you have an iron-clad mastery of your expenditures.

On the insurance, my wife and I each have $1.5mm of 20-year term insurance in trust, plus I have universal insurance of $700k with about $50k of cash value. I plan to keep the term insurance, which costs us $2k per year, but probably cash out the universal.

 

[BigNick]

I don't understand why someone with $3.5 million needs $2 million in life insurance. If $3.5 million is enough, give or take a couple of years, for retirement for two people, why would one person need $5.5 million?