re: Advice needed…

I am 58 and I am doing something similar. I started when I had just turned 56. However, I am working with more assets than you say you have.

One way you might be able to do it is to find out what your Social Security benefit will be at ages 62, 67, and 70. If you are a doom and gloomer, plan on it being 70% of what SS says. You need to go to the SS site to get the number because you will have to put in "0" for all the years you don't work. I suspect your SS projection will be in the same neighborhood of what you say you can get from interest on your $500K.

Then, figure out how much money to spend a year between now and when you can draw SS, but plan on holding back a chunk (like 50%) of your assets for after SS.

At the income level you are projecting, Obamacare will have some free options.

The 4% rule someone else posted is a good number, but you may be able to draw down you assets by 6-7% a year until you can get SS, then maybe plan on withdrawing 2% a year after that.

I did all the math back in 2021 and things looked tight, but I decided I didn't want another job. Thanks to an IRS rule change on 72T withdrawals, higher interest rates, and a good ESOP things look much better now.

My plan is rely on my IRA until I am 67, at which point my SS benefit will be enough to support my current spending levels. If something bad happens, I could draw SS at 62, but if I wait until 67 I will have the advantage of an annual inflation adjustment on a larger part of my monthly income. After SS, I should only need to hit the IRA's for big expenses like a new roof, new car, new HVAC when those things hit.

Now, I am not a world traveler. I have been there and done that and don't want to go back. I don't see picking up any expensive hobby or adding new expenses in retirement. I am not going to buy a boat or a plane, though I may buy a used Corvette next year.

If you are a "gotta have something to do type" you'd better just find another job. Me? I don't intend to ever wake up before sunrise again unless I am going fishing or smoking a big piece of meat.

Good luck.

Edit: Even if you decide to keep working or get another job, do all the math and develop an emergency plan to retire tomorrow, and keep periodically revising it for as long as you are working. The more you think about it and plan, the better it will be.

Oh...about 10 years younger..worked out well for me.

Yes, if you never have an emergency of any sort that throws off your budget.
And dying in your early sixties would probably help.

Great advice, thanks. I need to map out my plan with details. What other jobs provide great healthcare ?