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Mistakes that Baby Boomers are making with what little retirement money that they have saved

  Sometimes I want to screem from the tallest building, "Don't waste what money you have to retire on paying credit cards and leave yourself no retirement money." Ok, I need to shorten the massage a little, but retired and retiring babyboomers are the fastest growing segment of my business as a consumer bankruptcy attorney here in Lexington, KY. It is so sad. There are a lot of reasons for the problem. 1. We were no told how much we needed to save to retire after the almost demise of the old fashioned pension. 2. We were not disciplined enough and thought that there would always be more time. 3. It takes a lot more money to launch your kids from the nest than it used to. 4. We were allowed to borrow money way too freely (also mostly our own fault). 

Anyway, where we are, at or close to retirement and without the funds necessary to make a happy retirement within our reach. On top of that, if someone gets sick or laid off babyboomers are too often using what little retirement money they have paying medical bills and credit cards. My words to you all are "DON'T DO IT". Look at filing a bankruptcy and wiping out the credit cards and medical debt. If you do not have much more that $40,000 equity in your home, the house is not a problem. If you have more equity than that, we can file a Chapter 13 a spread some payments out for 5 years and wipe out the rest. Please! Please! Do not use your retirement money too soon paying off debt!

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