Do I have enough for retirement?

Say 20 years later, your kid graduates from college; and you and your spouse become empty-nesters. What are your income sources and do you have enough to retire?

• Withdraw from retirement account (IRA): Between age 59.5 to 70.5, you could withdraw as much or as little as you wish. Tax law requires individual retirement account holders to begin taking out least minimum amount from IRA once they reach age of 70.5.
• Social security: You can start taking benefits once your reach age 62 but these will be reduced according to when your full retirement age falls.
• Your own savings and investment: other than the house you own and live in, your other assets, savings, and investments should produce return. If you withdraw 4% a year, it should last a long time for you.

With the three sources of income cash flow, and lower living expenses (e.g. house mortgage is paid off, and no child education expense), the goal is to have positive cash flow so that you can enjoy the retirement live.