At 59 and 60, Kim and John Keuning are closing in on retirement — but they aren’t quite ready for it.
Six years out from their target date, the Duluth, Minn., duo have roughly $500,000 saved. Selling the small ad agency they own could net them another $150,000, they figure. (None of their five grown children is interested in taking it over.)
The sale of a vacation cabin and office building could add $250,000 to the pot. Even so, they’ll likely come up short.
Saving more — they now put away $12,000 of their $150,000-plus income — will be tough. The Keunings carry hefty loans on their home ($334,000) and office ($156,000).