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Retirement Planning for the Bankrupt Boomer

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    Retirement Planning for the Bankrupt Boomer

    Redefine retirementMake and follow a cash-flow planAim savings at retirement accounts

    Gary Gilgen, Director of Financial Planning for Rehmann Financial in Troy, Michigan, advises his clients to contribute as much as they can to their retirement accounts and take advantage of catch-up contributions.

    If you are unsure about your needs, consult a fee-only financial advisor and read our primer on retirement planning.

    Reexamine your investment strategyDon't hide your situation
    Filed Chapter 7 July 2010
    Attended 341 September 2010
    Discharged November 2010 Closed November 2010

    #2
    Money in an IRA is totally unrelated to a BK since it is totally exempt (for contributions made before a certain time before the filing.) I myself wiped out $140K in unsecured debt, but kept my nice fat $180K IRA.

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      #3
      Boomers filing for bankruptcy face a unique challenge: how to recover quickly and substantially enough to retire on schedule or at all. Older boomers face a particularly tough road back because they have the least time to save.

      "In your 60s, it will be much harder to recover," says Mark Zaifman, a registered investment advisor at Spiritus Financial Planning in Petaluna, Calif. “I can’t sugar coat this. You will probably have to delay retirement for a while.”


      Recover from what? Bankruptcy? I believe that chapter 7 bankruptcy is part of many baby boomer's retirement plan. I suppose that someone who is in his/her fifties might run into issues paying into a retirement account if they are filing a BK 13. But even then, it seems like many trustees allow continued payments into retirement acounts.

      If you dig around on this forum you will find discussions related to baby boomers and bankruptcy that echo what is stated in this article. The BKForum discussions occurred long before anyone started to realize there might be a connection between boomer retirement and bankruptcy.

      And as JBL noted I would argue there are many, many boomers out there prepared to voluntarily file BK and still protect and retire on their several $100K exempt retirement funds.

      I wonder who the intended audience of the author is?

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        #4
        Originally posted by JackBondLove View Post
        Money in an IRA is totally unrelated to a BK since it is totally exempt (for contributions made before a certain time before the filing.) I myself wiped out $140K in unsecured debt, but kept my nice fat $180K IRA.

        Gotta love those exemptions!!!
        The essence of freedom is the proper limitation of Government

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          #5
          Yes, exemptions are great, they really are the reason bankruptcy works as a fresh start.

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