My wife and I have $7,000 in pensions, $140,000 cash, plus $3,500 in Social Security. Can we afford to retire?

The Moneyist

‘My wife of 20 years is a Japanese national and lives in the U.S. as a permanent resident’

Last Updated: June 28, 2025 at 7:13 a.m. ET
First Published: June 27, 2025 at 5:30 a.m. ET

Dear Quentin,

I am contemplating retiring at the end of the year. I’m married and will receive two monthly pension payments; $3,600 from military service and $1,500 from civil service. Our total projected monthly cost of living will be covered by these, making our $3,500 in joint Social Security income completely disposable for savings, travel, etc. 

I don’t have much savings, only about $140,000 between cash savings and a Thrift Savings Plan. Our take-home total each month will be just over $7,000 and, after taxes, medical, dental, vision expenses, and life insurance, our total cost of living will be around $4,000. My wife will be 65 in January, and I’ll hit that age 13 months later.