* Debt Ridden

* Severely unprepared for retirement

* Under Funded

* Without a Strategy

This is a very serious problem in a country that we can all remember used to assure most people of a retirement where you are taken care of financially.

We all know that social security alone is not answer to this problem. Many baby boomers are on cusp of retirement without ability to pay their basic living expenses with money they will have coming in after retirement.

This means most will be looking for jobs to compensate, or they will be looking for extensions of their current jobs past time they had hoped to retire and enjoy their lives comfortably.

Out of embarrassment, many people answer their friends by saying they wouldn’t know what to do with themselves in retirement to justify why they are still working to make ends meet past retirement age.

If you are in situation above or can picture that situation in next 10 years, there is something you can do to change that financial prognosis.

First, look at your 401k. Calculate what you could expect at retirement if you could actively manage it up to 8% more in yearly compounded return.

Depending on when retirement is supposed to happen for you, what kind of nest egg does that leave you as opposed to depending on return you are seeing now?

A very simple but powerful 401k strategy that works with any 401k plan involves two things.

The stated income or no doc (no documentation) loan was initially designed for people who are self-employed and have difficulty documenting their income. If you are unable to or do not wish to document either income, employment or assets, then a stated income or no doc loan is way to go.

Here are some types of these loans requiring reduced documentation:

1) Stated Income, Verified Assets (SIVA) – income is stated only, assets are stated and verified