One of your clients is meeting with you to discuss a turn of events affecting the retirement strategy you are putting together for him and his wife.

Your client explains the new events below:

Last week I was unexpectedly offered an early retirement package as part of a corporate downsizing. As you know, I am $63$ years old. The package is fine, but nowhere near enough to carry my wife and myself through the next few years. I do not want to file for Social Security until my late $60$s so I can get the full benefit.

I can turn down the offer, however then I could be let go with a much smaller package if there are future layoffs. As you know, I do not have a pension, but I have a substantial amount in my $401($k$).$ I was counting on having another four or five years to beef up my savings between contributions and appreciation. My wife is not able to work because she is devoting full time to taking care of my mother$-$in$-$law.

What is your advice to your long$-$time client? Include answers to the following questions:

What do I do now?

Who is going to hire me at a salary anywhere near what I am making?

How can I recover from this?