I was forced out of work by illness in '92 and we were on very short money until I got disability in '95. I bought a lot of fabric at thrift stores yard sales etc. I find that 20 years later I'm less able to quilt and I've got a ton of fabric everywhere, I'm a little reluctant to dump it quite yet, as I hope to feel better.
But I am noticing that things cost LOTS more now then in '92. When we first quit we could run our condo for $300 a month including utilities, insurance everything. Now our condo fee is that much. Our light bill has more then doubled. I never thought that inflation, which is supposed to be low right now would take out that big a chunk, but it does.
If you can afford a financial adviser I'd recommend one. If not there are some online places you can go to check your finances out.
I agree that the best thing to do is try and set money aside now while keeping an eye on new or used machines that interest you. But you might really want to wait to retire, take some classes, go to some quilt shows...maybe even Paducah, Ky or local ones. You might find you get really interested in a technique you know nothing about right now! I would be careful on buying gift cards, some of them carry charges that they aren't that fond of being upfront about. It sounds like you are doing the right thing in thinking ahead and good luck..