Disk shaped UFO hovering with red and white alternating lights with planes in chase

I had to have been in 2nd or 3rd grade.  As a kid and somewhat as an adult i have always been afraid of aliens and the dark.  I slept int he same bedroom as my older brother who was 5 years older than me and who always put up with my childish fears.  Well it was a warm night and we had the window to our room open to let some air in,  As we were going to bed, (there were two twin beds seprated by a couple feet facing the window) i looked out the window and saw a large orange circle with two blinking lights following it, i assume they were planes.  I asked my brother if it was a ufo and as a typical older brother he told me to shut up and go to bed.  Well about 10 min later my mom started screaming and told everyone to go to the living room and look out the big window which faced the same direction as my bedroom window.  As we all ran to the room to see why my mom was screaming (there were 4 boys and my dad and mom) we heard a humming noise over our house.  When we got to the room we all saw a disked shaped object with alternating red and white lights around it in the distance.  It seemed like and eternity that it just hovered there, as we watched we saw some planes getting closer and eventually it seemed as though it wavered a little bit and proceeded to shoot straight up at an enormous speed.  My family has had many sightings living in Putnam, mostly form the same time frame but many from when i must have 3 or 4 years old and my memories are a little vague and not as clear about those events although i do still have memories of them.  My family has also experienced missing time and other stranger occurences
Date is approximate.  PD