Many people in Canada are not prepared for the financial costs of retirement. More and more seniors are carrying debt into retirement.
It wasn’t supposed to be this way. You might think, retirement is your chance to sit back, relax and enjoy life the way you want it. You no longer have to go to work and there’s nothing you have to do – only the things that you want to do. Wouldn’t that be amazing? But reality might look cruelly far from expectation.
No cruises to the Italian coast. No easy retirement with plenty of money to do whatever we want.
Most Canadians don’t have enough savings to cover their continuing costs of living. Because income typically declines during the retirement years, seniors often need accumulated assets to finance their consumption, especially if they do not benefit from a private pension plan. A lack of savings can lead to credit card debt when emergencies arise. The problem is that debt repayment can be much more difficult on a reduced income.
There are various reasons why a person may end up with debt. The main categories of seniors’ debt include mortgages, lines of credit, bank loans, car loans, credit cards and retail cards. Fortunately, there are multiple options for debt relief for seniors.
We’ve helped thousands of seniors to get out of debt and to restore financial balance in life.
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