A skilled arthroscopist could conceivably repair the meniscus, but unlikely
in a 62 year old. Ask about it, though. I would opt for the partial
meniscectomy, since those cartilage fragments  a) are not contributing to
the bearing surface and therefore not delaying the onset of eburnation of
the joint  b) are contributing to local irritation, pain, swelling and are
likely to do so as long as they are there.

HMc

I would investigate doing something other than flat-surface jogging.
There are lots of resources out there on joint health, many of them
originating from the old Eastern Bloc, and lots of these things do work
seeming miracles.

The basic theory is "move it or lose it" and "move it" in this case
means putting your joints through a full range of motion on a regular
basis and for a lot of repetitions.  My favorite book on the subject is
"Super Joints" by Pavel Tsatsouline, see http://www.kbnj.com/sj.htm -
also Steve Maxwell has written a lot on this.  Tai Chi, Qigong, and
similar practices can also be helpful.

You mention being unable to squat - this is a basic movement that lots
of people lose the ability to as they age - and for no good reason.  One
of the safety tricks to squatting is making sure your feet and knees are
pointing in the same direction - if the knee tracks in or out, it can
bother the knee.  Another thing to do to help is to learn to begin
squatting by keeping the shins vertical and pushing the butt back.  Put
your knees 1-2" away from something, e.g., a coffee table, and see if
you can sit down on a chair without having your knees move forward.

I'm not suggesting you give up jogging, just that you add joint health
work to what you consider your daily exercise routine.  In lieu of
squatting, lay on your back and do pretend bicycling, being sure to
fully extending the knee - another simple exercise that, performed for
high repetitions daily, can help your knees.

-S-
http://www.kbnj.com

how would i deal with this?
id realise im 62 and have been running for alot of my life which is a
high impact sport and results in injuries and im just too damn old to
be doing it...
its pretty straight forward. you can only do sh.t for so long before u
start doing damage. and if ur prepared to keep doing it, it doesnt
matter which approach you take, ur gonna get hurt doing it. perhaps you
should try taking up something low impact like swimming. also check
your form and make sure your not a flat foot runner and make sure you
minimise the amount of impact ur having, ofcourse this is something ud
need to have done years ago.
im pretty sure when im 60 i wont be lifting as much as i will be when
im 30, simply because im too freaking old! its not a bad thing, its
just a fact. it seems alot of people cant handle this fact because they
feel ashamed that theyre actually affected by time and dont wanna look
like pussys.
course this bites them in the a.s later when they end up f.cking
themselves up.