‘I don’t want to worry about money’: I’m 64 with $400K in savings and $700 in Social Security. Can I retire next year?

Core Insights - The individual is considering retirement at 65 with a total of $400,000 in savings and retirement funds, alongside a monthly rental income of $2,200 and Social Security benefits of $700 [1][2] - The monthly expenses for taxes and insurance on the properties amount to $1,200, leading to a net rental income of $1,000 after expenses [2][5] - Delaying retirement by one year could increase the monthly pension from $3,600 to $4,600, providing a significant boost to retirement income [2][6] Financial Analysis - Selling the rental properties could yield approximately $500,000, which if invested in the S&P 500 with an average return of 7% could provide an annual withdrawal of $20,000, or $1,667 monthly, for over 30 years [5] - The average monthly spending for individuals aged 65 and older is around $4,345, indicating that the current income may not sufficiently cover potential retirement expenses [6] - The decision to continue working, even part-time, is advised if there are concerns about affording desired retirement activities, as it allows for continued contributions to Social Security [7]