Pay off your house.Seriously.That was the make /break point for myself and coworkers(similar seniority+age) when my airline offered a retirement package this summer.I know most of them who did not or could not take it regret it tremendously as healthcare was thrown in for the first time in 25 years.You don't want a mortgage payment on a fixed income.

If your employer has a Cobra plan look into that in detail and plan accordingly.You can keep the same insurance/doctors/coverage.It's not cheap.For me and the wife I was looking at a minimum of 16K a year and the max out of pocket could of been 24K if you had issues.I worked a lot of overtime to set aside the $ for that just to get to medicare age.And for those who served in the military and did not retire(we both did 4 years active duty) you can get very affordable VA insurance but you will have to adjust your income down to a cutoff when you apply.Bottom line is you need health insurance or you could end up in dire straits down the line.

Nope.My last paycheck was May 31st.Then severance and vacation payout in June.I received my first pension check and 401k distribution the first week of August.It was quick transition and relatively easy.

P.S. I should point out that if you have been with your employer(and in their 401k) long term the"rule of 55" allows penalty free distributions before 59 1/2.I'm 58.

What was explained to me by Fidelity if I recall was if your were in the same company 401k for 25+ years and were at least 55 years old there would be no early withdrawal penalty.I was in my 401k for 33 years.You setup a specific monthly amount.Federal tax will be applied but no 10% early penalty.Fidelity or whomever runs your 401k can check your eligibility prior to setting it up.

Nothing like being free and clear.In reality I'm my own bank.Only have to convince myself to buy something.