'GMA' At Your House: Chris and Sam Visit Virginia To Talk About Retirement

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.

Annette Paul and her husband, Lee Paul, call idyllic Ashland home. The couple, who met in college in 1977, moved to Ashland from Richmond Va.,13 years ago.

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

But "GMA" financial contributor Mellody Hobson had some advice for the Pauls.

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.