How to plan for retirement?
My husband will try to retire April 2009. He'll be 62. He's just tired and ready to stop the insanity of working and ready to rest. What can I do now to prepare us for this different lifestyle? We have a 401K and will probably draw some of it to pay off a big chunk of car and house payments in order to lower them. I'm sure we'll have to pay a penalty for doing this but I don't think there is any way around it. His monthly social security check will only be around $1400 and mine is $379. I'm sure I need to see about some sort of life and hospitalization insurance but have no clue where to start. The company will probably offer to let us keep the current ins. at a high rate for a limited time but would like to be better prepared and not have to depend on this. We are simple folks and probably just buy a small pop-up to do a little traveling and our children are all in the local area so just a little fishing around here and travel somewhat would be all we ask for the last of our days. Can someone help guide me through this process? I've been staying awake at night worrying. Thanks so very much for your time and have a nice evening.