Work another year and buy a Kirkham or Retire?

[twobjshelbys]

If you retire at 62 you still have three years on Obamacare before you get Medicare. And your costs are only about 1/2 what we paid in Vegas for it (for the two of us). Work until 65 if you can. Consult or work part time. I did a part-time gig and the pay was essentially to be on their medical policy.

Roll your 401K plans into an IRA. Company 401K investment choices are quite limited and really don't allow for good balancing for someone in or approraching retirement age. In an IRA you can choose your investments. All of my 401K were at Fidelity and Fidelity has rollever accounts but first find a money manager and park the 401K where they have accounts. I was already at Schwab for and our money manager is a Schwab associate. Some of the houses have in-house managers but they are more "advisors", ie, it's up to you to make the trades and watch things. Our advisor is an active manager and they recommend what to do and we have veto power but so far they've never been wrong (except for telling me I should have sold my Shelby stock, which right now is worth less than it will cost me to sell it.)

Then you have to decide when to take Social Security. If you take it before your Full Retirement Age (which may be 66-1/2 now, I don't know for sure, for me it is 66 and I will start in November.) Each year you wait after FRA gets you more money, but similarly, each year before 66 costs you. I know that the later years add 8% and I think the earlier years subtract the same.

Think about where you live. Dollars go a lot further in NV (and other states without income tax) than say New England. Cost of housing here is 1/2 what it was in CO for similar square feet including the new pool. (And with the increases in value in both places, still track to that.)

In your circumstances I don't think you should buy a Kirkham. Why spend close to 200K when you can get a decent Cobra for under 100K from Superformance. Buy used. Kirkham order lead times last I heard were over a year. The alloy car won't drive any different and costs twice as much. Leave the balance earning in your retirement accounts earning more money.

I stopped buying toys when I retired. Trying to sell the FGT is enough for me let alone trying to think about how my wife would deal with it.

Also, think seriously about your driving as your age increases. In order to reduce insurance rates we took the AAPR senior driving class. I was freaked out how much of the stuff they describe was happening. Especially eyes.

[dallas_]

I'd vote for "buy it now".

I know too many people who waited on their dream and it never happened.

It should hold it's value, so you can always sell it if you need the money later.

Besides, driving a cobra is a lot more fun than looking at a 401k statement.