The 60/60 campaign has started, and we're turning for home

I'm into the period that I'm calling my 60/60 campaign -- 60 days until I'm 60 years old. The countdown today is at 58 days. That means my 60th birthday is bearing down on me. It's even closer if you consider that at this age, 58 days seems like not much more than a long weekend.

I mentioned that I was soon turning 60 to a friend yesterday and she was stunned. "You're not that old!" Well, yes, I am that old. She, of course, tried to cover her tracks, but the point was made that 60 is considered "old" by just about anyone who hasn't reached their 60s. And that's OK because I'm comfortable with where I am.

It's funny how 60 is different than the other milestones. Maybe it's because you're almost Social Security age, and closer to the end than the beginning. But aren't we so much wiser and more patience?

Ah, yes, patience. I wish I had the patience of today when I was in my 30s. But sometimes I revert back to my lack of patience -- like the other day when I was trying to get some life insurance information and was put on hold twice for 10 minutes each. When the representative came back on the second time, she accidentally disconnected me. I wasn't very patient. In fact, I was very angry.

But who did it hurt as I huffed around trying to call somebody back at the insurance company to yell at? My entire afternoon was messed up because I let that get to me.

Fortunately, I don't let that happen much anymore. Good thing. That tantrum took 7 days off my life.

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.

Don't count on a raise in Social Security benefits next year

The Congressional Budget Office predicts that Social Security recipients will not get a cost of living increase in 2010. That would be the first time in 35 years that there wouldn't be a COLA, according to the AARP. The COLA is calculated under a formula set by Congress. There may not be one in 2011, depending on inflation.

That will cause hardship for many retirees who rely on their Social Security benefits for their living expenses. More than 50 million people receive Social Security.

These retirees are already reeling from the economy, especially losing value in their homes, which many of them own. Some also could see their Medicare Part B premiums increase.