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If they don't continue to work, they could get $50k a year at 70, which should have little to no tax liability. Should be an even higher AIME if they continue to contribute for another 3-5 years. $4000 a month is not a bad standard of living. If they can't make that work then spending is probably the most significant problem. Little things like getting down to one vehicle, switching to a discount phone carrier, getting a cheaper internet service, and switching from cable to streaming services are often the low hanging fruit for people in this predicament. Also make sure they're no longer paying for insurances they don't need anymore. All of this assumes they're receptive to suggestions, but people are generally more open to ones that allow them to spend less money without significantly changing their lifestyle.
They also don't have to worry nearly as much as the average person about health care costs since they're Medicare eligible.
With a $700 mortgage I'm guessing the COL isn't terribly high, but it might be worth it to move to a state with lower housing costs and/or a lower sales tax.
They also don't have to worry nearly as much as the average person about health care costs since they're Medicare eligible.
With a $700 mortgage I'm guessing the COL isn't terribly high, but it might be worth it to move to a state with lower housing costs and/or a lower sales tax.
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