My wife and I are in our mid-50s and we have $1.3m in 401(K) between us but we are so concerned it won't be enough that I recently increased my contribution to the max. Speaking for myself, it wasn't terribly hard to do. Since my mid-20s, I've been contributing at least 7% of my income and getting a company match of 3% - so 10% of my income for 30 years.
I just know that I'm going to have to pay much higher taxes to help those who didn't save.
It depends on when you want to retire.
If you wait until your 67, at 6% or 7% per year growth, your $1.3 million should come in at around $2.5 - $3 million. At 65, Medicare kicks in, and at 67, you get Social Security.
I’m going to assume, based on your retirement savings, that you and your wife will get above average Social Security benefits. Probably around $40,000 per year.
If you take an income stream of 4% from your retirement accounts (a reasonable amount if you want your money to last indefinitely), you’ll have a pretty generous retirement.
If you want to retire earlier, you won’t have the guesstimated $40K per year SS kicker, you’ll have less in your accounts, and you’ll need to pay full freight for health insurance until your 65.