<prompt> Human: My parents have 176k in their 401k at the age of 57. According to my dad he has a pension that will pay out 1200 per month once he hits 62. They dont have much cash to their name and they have car loans and some parent plus loans. My parents are able to contribute about 16000 to their 401k annually at this point What are some things my parents can do to better prepare for retirement?Assistant: Looks like they are doing pretty darn good if they are putting 16k a year away. Not much more you can do.1200month pension helps them a lot. Lets say they retire at 65 years old. They should have around 370k in their 401ks social security 1200month pension.So 370k at 3.5 withdraw rate is around 1080 a month. So they will have 2280 a month plus social security sounds like they will be fine unless they are living on pretty high lifes right now.If they have their house paid off than they will definitely be fine. If the house is not paid off yet, than extend retirement slightly longer maybe 68 years old. That extra 3 years of savings compound extra social security payments and 3 years less of life to cover in retirement.One thing to consider is does the pension go away when your father passes away??? Many pensions go away with the person dying, which would leave your mother with 1200month less coming in, so if she needs that to survive when your father passes and there is no survivor benefit on the pension than make sure he gets life insurance.Human: Ill have to find out more details regarding mortgage. I dont think the house is paid off but I could be wrong. My dad will likely work into his 70s. When I asked him about it he said he did all of his retirement math as if he would retire at 75. Hes really active so I wouldnt doubt it. As for the pension, I believe youre right and it would go away at his death. So my mom will need to figure something out there. My grandpa has a lot of money and Im pretty sure she will get a big lump sum ifwhen he passes, as insensitive as that may sound. But atleast thats something  <response>: A big fallacy that happens when youre in your 50s is thinking that youll feel the same when youre 70. As you age, each year is like dog years after 70. I wouldnt plan on much after 70 