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Hi Steven, I'm PDtax, and will assist.
I typically ask about your financial goals and other background, but there are a few things to consider:
The investment in the bar is a bad idea. High risk, low returns, no control. But, unless you have a buyout term planned, hard to fix.
Traditional investment returns of 6-8% will turn your portfolio into $400,000 or so in 10 years. Additional 401k funding might add another $100k. If you use that to generate 6% after retirement, at age 70, you are looking at $40,000 in investment income and $40,000 in social security. While it doesn't replace your current income, that's a pretty good retirement in most parts of the country.
Since you don't own property, you will be paying for housing in retirement, but it should be affordable.
You likely do not need to take substantial risk to achieve these results. A mix of quality mutual funds has achieved this rate of returns other time, so you can determine the mix yourself or with the advice of an investment advisor.
We can't give specific advice about an investment, but you seem to be able to approach retirement in good shape, better the longer you wait to retire.
I forecasted your net worth to see if you needed to take more aggressive actions to save for retirement. You do not appear to, as your retirement income will replace much of your current income, and your costs of living will drop, by 30-40% in some measures, in retirement.
Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.
The only reason I invested in the bar is I know the GP and he has 3 highly-successful bars that I walk by everyday here in downtown LA - an Irish Pub, a hugely successful whiskey bar and a rum bar.
When he said he wanted to start a craft beer bar I was all ears since craft beer is hot and people will pay more for interesting, small-batch beer. Still the jury is out, absolutely! (barreldowndtla.com)
I don't doubt the investment might be a good one. The problem is how you are to be paid, and when. Being close to retirement limits the kind of investments one should consider.
Please rate my assistance to close out your inquiry. I'm PDtax.