With $7 million, does Andrew still need to work part-time to afford to retire at 50?

Alberta-based married couple Andrew*, 55, and Amanda, 40, are parents to two children under the age of 10. With a net worth of about $7.2 million, Andrew wants to know if he can afford to retire.

Ideally, he would like to retire this year from his full-time job so he can spend more time with his young family. Amanda would continue to work full-time and retire when she turns 50.

Andrew earns about $160,000 a year before tax. He has a defined benefit pension indexed to inflation that will pay just over $50,000 a year at age 55 and about $80,000 a year at age 60. If he does retire this year, he plans to work part-time and expects to earn up to $50,000 a year. Amanda’s ann...