When evaluating this question from a financial planning perspective, it can be tricky to answer, as you will end up with a significant decrease in available funds when approaching retirement age within your Social Security and possibly within your general savings; due to spending more than you save which could potentially lead to a bankruptcy and result in a mortgage after bankruptcy situation.
Your Social Security benefits are calculated based on the indexed average of your highest earning years. Many Americans earn the most in their last 15-20 years of working. With your situation, all of those zeros calculated within the indexed average will significantly reduce your Social Security benefits.
Due to you no longer contributing to your savings, and not having that potential match from your former employer, you should truly evaluate whether or not the $700,000 you mentioned you had saved will be enough to maintain your desired standard of living over time. The Nest Egg Guru Retirement Savings app and Spending app can help you make a more informed decision when answering that question.
As mentioned earlier, this question is difficult to answer, as it is not purely financial. It’s a question revolving around your family and family comes first, so if you believe it’s the right thing to do, go for it!