First: Don’t take financial advice from randos on the internet. Second: What you said is not a person who is financially ready to retire. It’s a number, not an age, as they say. You should not be retiring with $1M solely in stocks. That’s bad planning (and too low of a number these days). You need multiple millions spread out over stocks, bonds, your residence, and retirement accounts like 401Ks and IRAs. A million dollars is a number we need to have a conversation about in this country, because everyone wants to hate on millionaires. Want to know what a million dollars is? $430k house that you bought when it was $250k. ~$270k in retirement savings, each, for 2 people. 2 paid off 10 year old cars. How rich does that sound? They’re technically millionaires with their assets. Not so rich when you put it like that.

No, you don’t buy a fancy house when you are retiring, that’s when you downsize so you don’t have a huge tax/utilities overhead, a big yard to take care of, and a huge house to maintain that you may have a hard time getting around in as you age. Your daughter is an adult, she needs to get her shit together. Son needs to pay a share of all utilities and whatever other expenses he’s costing if he’s not disabled. Wife needs to be on board with the finances or everyone in this scenario is a dumbass.

If you have a straight million dollars invested and earning 5% you’ll make $50k a year to cover all your bills. $50K someplace really cheap to live (which probably won’t be desirable or near qualty services like hospitals as you age) will get you by with no frills. 5% is conservative, a lot of optimists choose higher numbers or historic averages, but this is when you hae no job and are getting old, you need to be very conservative with estimates. $1.5M in straight interest bearing accounts at 5% gets you $75k, a much more reasonable number with a paid off house in a decent area. Got house payments still? Might want to grab that WalMart greeter job to keep that expense at bay. $2.0M will let you live a nice lifestyle, fly to visit the grandkids once in a while, have a small bass boat or whatever to go fish in you spare time, and live in a pretty nice place.

These are my numbers. There are boing to be plenty of people with different opinions and targets, but I thing $2.0M+ is a safer number that will still cover you even if the market rolls back on you for a while.

Tell the girl to pay for her own haircut, get her a salon gift card for her birthday. Tell the son to get a job at Starbucks.