Dow closes above 9,000 and baby boomers cheer

Here's some good news for those of us who will be relying on our 401k investments when we finally retire. The Dow Jones Industrials close above 9,000 today -- the first time that's happened since January. So my retirement account, which I've been calling a 201k, is quietly moving back to being a 401k.

It's been rather depressing the past year as we've watched our accounts lose 40% of their value, but that is changing.

I was talking about retirement to a guy who joined our twosome the other day on a golf course near Pismo Beach. We were all vacationing out of the San Joaquin Valley heat. He works for an oil company in Bakersfield and said he was going to retire this year when he turned 60 in a few months. But the stock market crash delayed his retirement because he's fully invested in his 401k. A lot of us know what he's talking about.

It's not as big a problem for me because I don't plan on retiring until I'm at least 65 so I have five years to make up the ground lost in my 401k account. Not so for those who had an out-plan for this year.

Remember all those people who thought we should privatize Social Security or give the money to workers and let them invest it? You don't hear much from them now. That was one of many dumb ideas proposed by President George W. Bush.

At least I can withdraw from my 401k without penalty

Hitting 59 1/2 has some advantages, although it wouldn't be wise to take money from my 401k right now since most of it is in the stock market. But it's sort of freeing to know that I could, and not face a substantial withdrawal penalty. Those early withdrawal warnings always made me very nervous. So I'm happy to be 59 1/2 -- at least for that reason.

I know. . . It's very easy to please me. But the 401k account is supposed to be a next egg and since I'm still working, this is more of an academic exercise than a serious suggestion of tapping it early. I know I'll need the next egg. I just hope it isn't right away.

But all of us in this age bracket should start thinking about our financial situations, and get some expert advice. Don't rely on your brother-in-law or the Starbucks barista for financial information.

But there are two key ages to keep in mind: 59 1/2 when you can withdraw without penalty and 70 1/2 when you must begin taking withdrawals if you're not working at the company where you have the 401k account.

I you need to know anything else about your 401k, see an expert.

Is 60 the new 40?

Not really. In fact, 60 is the, well, new 60. You can't get away from it so you must manage this age sort of like the way you manage the garden. Weed often, but not so often that it makes you tired.

Good things will come with a little water, a little sun and some luck.

This is the first point in my life in which age actually has meant something, although I'm not quite sure what that is right now. I'll let you know through the posts on this blog as I develop answers. But it is a little startling that age has now become such a big deal in my life.

And it does give you perspective that you didn't have at 30 and 40 and 50. So that must be a good thing. Plus, you get senior discounts at restaurants. You can also see retirement on the horizon. Unfortunately, the economic bust has put that horizon a bit more into the distance.

So with my AARP card I venture forth into a world that has a lot of aging baby boomers trying to figure out the same questions I pose. Let me know if you have some usable answers.