17 Nov Will my retirement income be enough?

By Atty. Chris Caday Lozano

If you are near your retirement age, you must act now or else you will find yourself miserable during your “golden years” or retirement period.  Consider Bankruptcy as a great financial planning tool for those who are within a few years from retirement.  You must prepare a financial plan for a debt free retirement so that you will enjoy your golden years.  Ask yourself these questions:

1.         Will my retirement income be enough to cover my daily expenses and medical bills?

2.         Will I be carrying a mortgage that I cannot pay during my retirement?

3.         Will my long term care cost and medicines be covered by my pension?

4.         Will increases in cost of living and medicines be covered by my pension?

On the average, retirement income for seniors ranges from $800 to $1500 a month.  This income does not increase to cover the ever-increasing cost of living and medicines.  Long term care cost and medicines will not be covered by the monthly pensions of seniors if they do not have any savings or 401K pension plan.  There are seniors who are still carrying a mortgage and putting all their money on it in anticipation of an increase in value of real estate.  This is the worst kind of money management. 

It is unimaginable that you will be depending on your monthly pension and still owing a lot of debts.  The best time to plan for retirement is now.  If you have no way of supporting your daily expenses because of debts, then it is time to consider filing for Chapter 7 Bankruptcy.  You can discharge most of your unsecured debts by filing Chapter 7 Bankruptcy. Many people especially those close to retirement are stressed out because of all their financial obligations.  You do not have to put yourself in this very miserable situation because of debts.  You worked hard for so many years to have a comfortable retirement and you deserved it.  You can retire debt free if you want. There is nothing to be ashamed of in filing bankruptcy.  It is made into law to give people a chance to start fresh and be free from past obligations.  Many millionaires are also filing for bankruptcy for many reasons since bankruptcy law is created. 

Question:        Will the creditors take away my social security pension and retirement accounts if I file bankruptcy?

Answer:          No.  Social security checks and retirement accounts such as IRA and 401K are exempt from creditors up to $1.1 million.  Seniors who file bankruptcy will come with fresh start without seeing a big percentage of their retirement income to be paid to creditors. Any penny saved from paying creditors goes into your retirement.

Note:  This is not a legal advice, and you need to speak to an attorney.  The Law Offices of Crispin C. Lozano has 20 years of experience in bankruptcy cases. 

Success Stories

For the month of October 2021, we received approvals from USCIS five naturalization applications, two Fiancée visa petitions, four removals of If you have immigration problems the Law Offices of Crispin C. Lozano can help you find a solution before your problem gets worse which could lead to deportation and family separation. 

Why China may annex the Philippines

China may annex the Philippines after the May 2022 election because of China’s ambition to control the West Philippine Sea which will enable them to control all and the important sea passage.  When this happens, all of us including our children and grandchildren will become slaves of Communist China.  This is something that we have to fight to the last drop of blood.  We will have no more country because we were sold by our politicians.  The only way we can do is to protest in unity.  This is a right granted in our constitution and a basic human rights nobody can deny. .  We need to unite in order to defeat the current administration and its allies running for President.    Listen to Percy Lapid (or Lapid Fire) and Waldy Carbonell on You Tube and Facebook for details and more corruption in the government.

If you have immigration problems the Law Offices of Crispin C. Lozano can help you find a solution before your problem gets worse which could lead to deportation and family separation. 

Chris Caday Lozano, Esq. is an active member of the State Bar of California, the American Immigration Lawyers Association and San Francisco Trial Lawyers.  He practices immigration law, bankruptcy and income tax preparation since June 1999.  His contact phone is 1-877-456-9266, email: info@CCLlaw.net Website:  www.crispinlozanolaw.com/