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Retirement looks a lot different to baby boomers in Kansas than it did for their parents. The idea of retiring to relax and play golf is unappealing to some and unattainable to others. The reality of the current economy is changing the way boomers and the generations to come after them, will approach retirement.

A Gallup poll reported a huge disparity between those approaching retirement. Those who believe they have enough money to cover their financial needs plan to retire at age 66. For those who do not believe that they have enough money, their retirement age has shifted to 73. Among the major financial concerns that cause retirement delay are: mortgages, health concerns and credit card debt. This sandwich generation is caught between caring for ailing parents while paying for college for their children. The result is a huge drain on their wallets.

The National Foundation for Credit Counseling has seen a rise in advise to those aged 55 or older. In 2013 about 34 percent of consumers counseled were in this age group. Of this 34 percent, 30 percent sought specific advice on bankruptcy. The result of the financial difficulty is that voluntary retirement is now out of reach and has been replaced by the need to work for as long as they can.

Bankruptcy can be a good tool to help rebuild personal finances. Potential filers may want to seek the counsel of a bankruptcy attorney to discuss their options. In some cases filing for Chapter 7 liquidation bankruptcy is a good choice. For others, filing for Chapter 13 bankruptcy is the preferred course of action. A detailed consultation can help the attorney determine the best legal options to obtain debt relief.

Source: The New York Times, “For Some, Retirement Is Out of Reach. For Others, Boring,” Abby Ellin, Jan. 31, 2014.