I am planning on retiring soon and I am making serious plans. I am hoping I can save at least $500k in stocks before retirement in about 6 years. I will also have about $50000/year pension. If I add my social security benefits, I should be fine. However, I have a special needs child who I want to leave my investment to when I pass so he can live off the annual returns.
My plan is to travel a lot between retirement time age 60 to age 70 and cut down significantly on expenses at age 70. I am hoping I will not need more than 5% of my return on investment to supplement my income. I will have a good health plan with my pension and will be paying around $1400 mortgage.
My question is with this plan, can I still leave at least the 500k investment for my special needs son? For those who have retired for a while, which age range is the most expensive during retirement?
Edit:
My mortgage will last another 10 years after retirement at 60. No car payments. My monthly expenses is about $5200 inclusive of mortgage payments. I have no debts. My investment is with Robinhood managed by them. (Currently about $ 225000 95% stocks). I also have about $125000 of which 80k is pretax and 45k Roth 403 b with my employer. I am thinking of spending between $10k to $ 20k a year on extensive trips from age 60 to 70 when I retire and then significantly cut down. I am 54 and currently contribute about 30k between my investments a year. Thanks for any advice or comments.