Senior debt crisis inspires alternative housing solutions

SENIORS DEBT CRISIS INSPIRESALTERNATIVE HOUSING

SOLUTIONS

With more than 42% of Canadian seniors facing a

debt crisis, downsizing is a realistic and cost-

effective solution.

Moving into a smaller house,

apartment, or condo can be easier tomanage and maintain, and any profits

from the house sale can go intoretirement savings.

But what happens to seniors who don’t have secure

housing or a home to sell?

“The need is getting greater every day for

alternative housing”

~ Gwen Kavanagh, Barrie CARP Chair

"In Barrie, rent is expensive, and there isn’t

much in the way of affordable housing, and

affordable housing has four-to-six year

waiting lists”.

To address this situation, Barrie CARP

members teamed up with Solterra Co-

Housing Ltd. and created an alternative type

of housing.

This alternate housing involves 4 – 6 people

living as tenants in their own units, sharing

the common room and a “house mom”.

With senior bankruptcy on the rise, and 6% of

Canadian seniors living in poverty, the savings

associated with alternative living arrangements can

make a big difference every month.

The FCAC Senior Financial Literacy

Consultation states “5 million Canadians have

no workplace pension” and Canadians owe

$164 for every $100 they earn.

With Canada’s 65 and older population

growing rapidly and retirement savings

efforts falling behind the car lease and credit

card bills, boomers may be on course for

their own financial crisis.

All Canadians should have a secure,

comfortable life in their older years, which is

why strengthening seniors’ financial literacy is

so crucial.

Financial education can help alleviate some

of the financial stress and uncertainty that

comes along with retirement planning.

Prepare for

retirement by

building personal

savings and assets.

Make responsible

decisions about

when and how to

retire.

Choose financial products that make sense

for retirement needs.

Plan for and cope with major financial

decisions related to life transitions.

Navigate and get the most out of public

programs and services.

Recognize and

protect yourself

against financial

abuse.

if you fail to plan then plan to fail

Brush up on your financial literacyskills and keep on top of your financesso you can try to avoid dealing with

debt in retirement.

The earlier you plan the better off you’ll be.

Canadian Retirement Income Calculator can

help you to work out how much you will

need to save and which government pension

and benefits are available to you.

For more senior debt and retirement planning

information, visit retirement, seniors, and debt.

Contact BDO Barrie, Debt Consultants & BankruptcyTrustees at:

 Email: barrie@bdodebthelp.ca

Phone: (249) 888­9147Toll Free: 1­855­510­3328