'GMA' At Your House: Chris and Sam Visit Virginia To Talk About Retirement Ashland, Va., may be idyllic, but the bevy of boomers struggle financially.

April 27, 2009 -- The residents of Ashland, Va., see their community as a sort of Mayberry. It's a place where everyone knows your name and people still leave their homes unlocked.

Ashland seems like a fictional town from canceled television shows past; and this area and its 6,000 residents are dealing with very real problems.

The scenic community is full of baby boomers, some of whom have watched their dreams of retirement evaporate with the drop of the stock market.

And these residents aren't alone. More than half of Americans in a recent poll said they expect to delay retirement as a result of the difficult economic climate ahead.

Click here to read about some behind-the-scenes adventures the anchors have had during the "GMA" At Your House series.

Meet the Pauls

Today the Pauls, like so many of their neighbors, are watching their income fall -- drastically. Annette is a 50-year-old pharmacist, and 53-year-old Lee is a loan officer for Countrywide.

The mortgage broker has seen his income drop by two-thirds in the last year. Combine that with the fact the Pauls have lost 45 percent of the money in their 401(k) account, and it makes for a nervous financial situation.

Annette's income, which used to serve as extra money for the household, has become the primary financial source. That means her dream of retiring at 55 is no longer is realistic.

Tackling Financial Troubles

She said the childless couple, should not sit and wait for things to turn around but rather take action now.

Hobson suggested selling the family's vacation home if the Pauls believe there is a decent price to be had. Depending on the amount of equity in the house, it could help shore up their retirement immediately with the cash your take away.

If they are paying a mortgage on the vacation home and sell it, they can redirect those dollars to your monthly retirement savings, Hobson said.

Workplace contributor Tory Johnson had some additional advice.

She said Lee should consider using his mortgage broker skills and look into to a career as a financial adviser. She also suggested a nontraditional job.

Since the family has four dogs, it's clear they love pets, so Johnson said they could offer dog walking and boarding services to Ashland residents.

Johnson also said Annette could get a second pharmacy job if she already weren't already working full-time.

The one thing Johnson said the Pauls shouldn't do is bury their heads and assume things will work out on their own. They don't have to live every day in panic, but it's essential to have a plan B and a strategy to get through this period.

Choosing Between Wedding and Retirement

Like the Pauls, Ashland residents Ted and Sue Peyron has seen their 401(k) take a huge hit. The Peyrons, who live across the street from the Pauls, have one 25-year-old daughter and are currently having trouble paying for her wedding.

Sue has had to take a job as a teacher for additional funds and lumber broker Ted has watched his industry sink by 60 percent as fewer homes are built. His salary also has decreased.

Recently the couple bought their home and put tens of thousands renovating it. Now the Peyrons worry they might not be able to stay, though Ted said he'll do "whatever it takes."

Hobson said given the pair's financial stresses, it is unreasonable for them to consider helping their daughter pay for her wedding.

She said they would be much better off advising her to scale back the wedding or come up with alternative financing that ideally will not put her and her husband-to-be in debt. Any dollars that they planned to contribute to the wedding would be better spent invested in their retirement account.

Johnson agreed.

She suggested Ted use his lumber and construction know-how to work as a part-time or full time associate or manager at Lowe's or Home Depot since more people are turning to do-it-yourself home projects.

She added Sue should think about tutoring to make extra cash.

Meet the Woods

But now they realize she may have to go back to work.

Hobson said if Wood's wife is able to get a job again as an X-ray technician, she might want to think about going back to work — if only part time or for a few years.

To the extent that they can bank her salary, those monthly contributions will go a long way toward helping to shore up their retirement savings, she said.

Johnson said Wood's wife's skills are their single best option right now. She should go back to work because experienced X-ray technicians are in demand.

She added that Wood should take a cue from his co-workers and moonlight too to bring in some entrepreneurial cash.