As you know, I like to share with you articles of interest to you and your loved ones. I came across an article recently, written by Investment Executive which talks about many clients retiring with mortgages and large credit card bills.
According to a survey conducted jointly by HomEquity Bank and Equifax Inc many Canadian seniors are not enjoying the fruits of their hard earned labour, but instead are facing an increasing onerous debt load.
The data showed that mortgages an related housing loans are the predominant form of debt being carried by seniors. This is partly due to booming real estate prices in many parts of Canada.
Even if the family home is debt free, many seniors struggle to make ends meet since their fixed income does not cover the costs of maintaining their home.
Credit card debt is also on the rise, and has become a significant issue for seniors.
With good cash flow, debt is manageable, however, it is especially risky for seniors, since increased longevity may mean they will require specialised care and housing.
As a Elder Planning Counsellor, I have helped clients face these types of issues.
Everyone’s situation is different, so call me today… I can help.