Big question- would you retire or work 5-7 yrs to have a significantly more affluent retirement?
That would depend on my current age, and what I wanted to do in retirement. If I were 58, and wanted to do a lot of travel, and physically demanding activities such as backpacking, hiking, sailing, scuba diving, etc., I'd personally retire sooner than later, forgoing the more affluent retirement (assuming I had enough to maintain the minimum lifestyle I desired).
For example: I've been calculating the number of dive trips my wife and I can do annually, based on different retirement asset amounts. I figured out if I worked from 50 to 53, I could double the number of annual dive trips from two to four. I figured that working 3 more years, not including 12 weeks of vacation, was worth it, as by 53, I should still have a decade of ability to do extensive diving, or so. At 58, the answer would be different.
You're asking whether a more affluent lifestyle is worth working longer, but for you, this is not the right question, IMHO. At your asset level, the question is, "Do I have enough to maintain my current lifestyle?" Most here, don't think you do. If I were you, I'd work longer to add some cushion to your future budgets.
