Select Page
by John G. Merna

A Lack of Retirement Savings Forces Many to Take Action

With over 75 million baby boomers in or approaching retirement, the disappearance of corporate retirement, failure of 401(k) plans to deliver great returns, and the recent Great Recession have left most unprepared to afford retirement. Baby boomers have acquired more debt while saving less than previous generations, which threatens their hope of maintaining their lifestyle in retirement.

For many, the smart answer is to look at removing the debt they have dragged into or towards retirement to free up cash to help afford a comfortable retirement. According to the Wall Street Journal and the Employee Benefit Research Institute, “People in the U.S. ages 65 to 74 hold more than five time the borrowing obligations Americans their age held two decades ago.” While at the same time the median savings for people nearing retirement has dropped 32 percent, according to the Economic Policy Institute.

The recent “Great Recession” contributed to families losing jobs, facing pay cuts, and seeing much of their wealth in real estate evaporate. Now with potential government changes to both Medicare and private insurance, retirees face looming increase in medical costs.


So what are some solutions? The first and most obvious is to stop the leaking or hemorrhaging of money on debt, primarily unsecured debt. Many baby boomers are mistakenly frightened of the concept of bankruptcy mostly out of ignorance of how it can help. In reality, debt burdened retirees use less or no credit and therefore have little to lose if faced with the temporary effect of having to go through credit recovery.

On the other hand, they stand to gain an enormous amount of income. Freeing up the monthly financial payments used towards unsecured debt can save most thousands of dollars per year and tens of thousands of dollars in retirement, you if not more. Bankruptcy is a great tool to help improve your prospects in retirement. Ask our current president. It is also easy to find out if a Chapter 7 or Chapter 13 bankruptcy will work for you with a simple call to our office at 800-662-8813 to speak for free, confidentially, and without obligation to an attorney to discuss options.

While eliminating your debt in bankruptcy and freeing up the money spent on credit cards, personal loans, payday loans, medical bills, and other obligation can assist in improving your retirement cash flow, many need a little more. The other side of the “”reducing expenses” equation is “increasing income”. Many retiree have embraced a second career, usually part-time, not just to have the additional income to supplement social security benefits but also the added advantage of having the stimulation and socializing that comes as a byproduct of work.

For those of your in retirement or facing the specter of not being able to afford to retire give us a call for a free, confidential, no obligation consultation about how to help relieve the stress and anxiety of your debt by calling tel:800-662-8813. We look forward to helping you be one step closer to a comfortable retirement because you have earned it.


Baby boomers, bankruptcy, social security, chapter 7, chapter 13


 The Merna Law Group, Attorneys At Law, P.C. …overall experience was outstanding!5 Stars! “My husband and I were very happy with The Merna Law Firm. They are well organized, time manageable, and friendly. I was even able to bring my children with me if I needed to. In court, they stayed right there beside us and answered all questions we had. Our overall experience was outstanding and I am glad we were represented by the Merna Law Group.” Reviewed by A.M. of Suffolk on Mar 5 . 
 The Merna Law Group, Attorneys At Law, P.C. …kind and friendly from the start!5 Stars! “Everyone there was kind and friendly from the start and helped us with everything in a timely manner. They were never rude no matter how much we called or asked questions.” Reviewed by B.P. of Virginia Beach on Feb 20 . 
 The Merna Law Group, Attorneys At Law, P.C. …debt free!5 Stars! “A friendly staff and outstanding attorney who helped me through a difficult time in my life. Thanks to everyone at the Merna Law Group who helped me move on to and new chapter in my life debt free!” Reviewed by M.F. of Norfolk on Mar 8 . 
 The Merna Law Group, Attorneys At Law, P.C. …very helpful and friendly!5 Stars! “Everyone at the office was very helpful and friendly. The attorney answered all of our questions and helped us through the entire process. He was also very helpful answering concerns that we had after the process was completed/over. Highly recommended!” Reviewed by M.E. of Virginia Beach on Mar 11 . 
 The Merna Law Group, Attorneys At Law, P.C. Didn’t have to worry about anything!5 Stars! “Just keep providing the type of service you do. You business values are based off reliability and service. Today’s Law Offices just don’t offer that kind of experience. Didn’t have to worry about anything!!! Just being able to go on with my normal life and know that all my issues are well taken care of is a relief in itself.” Reviewed by A.P. of Virginia Beach on Mar 4 .