I’m 59. My wife and I bought a second home for $484,000 at 6.2% interest. Will this be a drain on our retirement?

Financial Overview - The projected monthly pension at age 62 is $3,589 without a survivor benefit and $3,230 with a survivor benefit [1] - The projected monthly Social Security benefit at age 62 is $2,400 [1] - The total 401(k) retirement plan investment is $1.6 million, with a contribution rate of 30% of annual salary [2] - The investment allocation in the 401(k) is 90% in equities and 10% in a time-targeted fund [2] Real Estate Investments - The couple owns homes in both New York City and Pennsylvania, with the New York home generating a monthly rental income of $1,800 [6] - The Pennsylvania home has a mortgage of $484,000 at 6.2%, property taxes of $6,500, and annual homeowners insurance of $1,200 [5] - The basement of the Pennsylvania home generates variable rental income of about $15,000 per year through Airbnb [5] Financial Challenges - There is a lack of liquidity, with no emergency cash reserves equivalent to six to twelve months of expenses [8] - The couple is considering selling the second home in Pennsylvania to improve liquidity [8][9] - The monthly mortgage payment for the Pennsylvania home is approximately $3,600, which includes interest, property taxes, and insurance [10] Retirement Planning - By age 62, the 401(k) could be worth close to $2.1 million, providing an annual income of over $83,800 at a 4% withdrawal rate [15] - Total projected retirement income, including pension, Social Security, and rental income, could reach $176,000 annually [15] - Property prices in Pennsylvania are experiencing annual increases of 5%, which may influence the decision to retain the property [16][17]