Just as Baby Boomers shaped the culture of the 1960s, this generation of active lifestyles, risk-taking rebellions, and musical significance is set to yet again make a mark on America—this time, in their 60s. With Boomers now representing one-third of the population of North America, their presence and age alone stands as one of the three “Bs” of the new economy (including “bad timing” and “bad planning”), with the combination having a severe financial impact not only on the needs of our nation’s more mature citizenry but also our overall economy as these millions of men and women prepare to retire in 2011. According to a new report, “Starting in January, more than 10,000 baby boomers a day will turn 65, a pattern that will continue for the next 19 years. ‘The situation is extremely serious because baby boomers have not saved very effectively for retirement and are still retiring too early,’ says Olivia Mitchell, director of the Boettner Center for Pensions and Retirement Research at the University of Pennsylvania.” Add to this lack of lifelong savings, the tell-tale signs of our current tough economic times (off-the-charts unemployment, staggering medical expenses, overwhelming consumer debts and credit card bills, underwater mortgages, and the depletion of retirement funds) and its easy to see the perfect storm of poor planning, devastating economic circumstances and an aging citizenry that’s creating several causes for concern, including: (1) The Incredible Shrinking Pension Plan Gone are the days when dad’s traditional pension plan was enough to get the family by in retirement. “In 1980, some 39 percent of private-sector workers had a pension that guaranteed a steady payout during retirement. Today that number stands closer to 15 percent, according to the Employee Benefit Research Institute in Washington, D.C.” (2) Reliance on Uncertain Markets Despite small returns since the beginning of the Millennium, more and more mature Americans are looking to the stock market to pad their ill-performing retirement accounts. “Forty-two percent of those workers now have 401(k)s.” (3) Home “Deflated” Home Like so many others, retirees depending on their biggest asset to retire by have been set back by a housing market that has slashed most home prices by one-third. “Now 22 percent of homeowners, or nearly 11 million people, owe more on their mortgage than their home is worth. Many are boomers.” Add to these financial concerns mortgage debt (“Nearly two in three people age 55 to 64 had a mortgage in 2007, with a median debt of $85,000”); unemployment (“The average unemployment period for those 55 and older was 45 weeks in November”); and rising medical costs (“A 55-year-old man with typical drug expenses needs to have about $187,000 just to cover future medical costs.”). In light of these new financial requirements for a realistic retirement, if you are a Boomer siphoning from your savings to subsidize a job loss, consumer debt or medical costs, the time to consider other options is NOW. A personal bankruptcy can free up the money you need to avoid being left empty-handed in your all-important later years. So, if you’re an older American who’s been affected by the economy, and are now considering new ways out from underneath ever-increasing debt, and get back on track, knowing a qualified bankruptcy attorney can also help you to conquer your creditors and face your financial fears, yielding the right kinds of support, information and insights—at a low cost. The bankruptcy experts at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Call toll free to 1-888-234-4181 TODAY.