"Ben" and "Shirley" are 62 years old and married. Shirley retired at the beginning of 2022. Ben is still working, earning $130,000 per year and taking home about $7,000 every month.
If Ben retired right now, he'd be eligible for $24,000 per year in Social Security; Shirley could collect $20,000.
Ben has a 401(k) worth $1.1 million; Shirley's 401(k) is worth $300,000. They have $45,000 in Roth IRA accounts and $50,000 spread across their checking and savings.
Their home is worth $400,000. In 2021, they refinanced the $100,000 balance on their mortgage for 30 years at 2.75%.
They have $500,000 in life insurance coverage on Ben, and they're paying $13,000 a year in annual premiums. In part, they're paying those premiums because they have a special needs son, and Ben recently had a stent put in.
At Keen Wealth, we call these financial details a person or couple's "case facts." And on today's show, we use these facts to help this couple answer the number one question on their minds, and on the minds of many of our listeners: If "Ben" retires this year, will they be able to replace the $7,000 post-tax income they have been living on and ultimately – will they be OK?