‘Should I go back to some kind of part-time employment?’ Dear MarketWatch, 

I am 61, and recently retired with no current income. My wife is 55 and earns about $150,000 per year. I have approximately $1.5 million in 401(k)s while my wife has approximately $975,000 in her 401(k). Between the two of us, we have $300,000 in Roth IRAs. We also have $300,000 in mutual funds.

We have a child in college with five more years to go in a six-year program, with each year costing $60,000. We have $120,000 in a 529 plan, which will pay for the next two years, leaving us with the three remaining years to pay from other funds.

In addition, we have about $850,000 in cash and CDs. We own our home worth approximately $900,000 with no mortgage. We have no other debt. We are currently covered for medical insurance through my wife’s job, but should for some reason she was to stop working, we would need to get medical insurance in the private market.

She contributes 15% to her 401(k) with a 5% match, and after meeting household expenses with her income, we are not currently adding to our existing savings. Our monthly expenses, including fixed costs, are about $8,000 per month. I can claim Social Security in one year (approximately $2,700 per month) but am not sure if I should wait. 

Based on these figures, do you think I can afford to retire, or should I return to some kind of part-time employment?

Related: I’m 73 and my financial adviser told me to buy $1.5 million in annuities — should I do this? 

Dear Reader, 

You sound like you’re in a very fortunate situation with your savings, your wife’s income and being debt-free. Many would say yes, you absolutely can retire at this point, but here are a few things to consider before you decide for sure.

While your wife is still working, you’re in good shape because you still have money coming in and health insurance. If she were to stop working before you both get to Medicare age, which is 65, yes, you’d have to get insurance another way, and going through the private marketplace can be expensive. That is something you’d have to fold into your estimated expenses in the next 10 years, and could force you to distribute more from your retirement plans than you’d like.