When everything went ker-fluey in 2008, hubby had, had a dream (nightmare) where he was sitting on the edge of the bed and he was realizing that everything he had could be taken away from him. Shortly after that, crash, our 401K became a 201K and he was wondering if he was ever going to be able to retire. He was in his mid-50's by then. Things are a little better now; but, he is still thinking 70s before he can retire with enough savings.
So, when young kids in your office are wondering why that old geezer isn't retiring so people can move up --- well, that crash is why.
I hope he at least is smart enough to get out of debt. I have been amazed at how many people I have known who were past sixty who have said they can never retire because they couldn’t meet their mortgage and car payments. No one at that age should owe money on anything that is not making its own payments. A rental house okay, a new vehicle no, unless you use it to make a lot of money. Anyone who takes a second mortgage on his dwelling and uses the proceeds to buy a new boat is insane but some will do it.