Seniors Dragging Debt and Bankruptcy into Retirement

SENIORS ARE DRAGGINGDEBT & BANKRUPTCY INTORETIREMENT & BEYOND

Imagine, you’re 65 and ready to retire after a life of

hard work but at a time when you should be able

to take a step back and enjoy the rest of your life,

you end up struggling financially.

You are not alone.

Over 40% of seniors in Canada arecarrying debt.

Based on the Vanier

Family Finances

Annual Report

performed in 2014,

there has been a

1747% increase in the

rate of insolvencies

among our Canadian

seniors over the past

20 years.

With the cost of living rising every year, and

most seniors living on a fixed income, it’s

not a surprise that debt is a result.

Strengthening

Seniors Financial

Literacy is a new

initiative created by

the Financial

Consumer Agency

of Canada (FCAC).

This program is designed to assist seniors to

gain a better financial understanding and

assist in avoiding the debt trap.

The 24th Annual

RBC RRSP Poll

reported that 52%

of Canadians stated

retirement savings

is their main

financial focus.

A completely different story is reported from

the Statistics Canada Financial Capability

Survey.

1 in 3 Canadian adults (33.8%) are not

preparing financially for retirement either on

their own or through an employer pension

plan.

6 in 10 (59.6%) Canadian adults

do not know how much money they will

need to save to maintain their desired

standard of living during retirement.

Based on this survey, it’s not surprising that a

large number of seniors are in dire financial

situations.

How can you plan for all of the added

expenses that might be incurred after you

retire?

Expenses that are a

result of illness,

medical care, or

injury can add up

quickly.

It’s almost

impossible to plan

for everything, but

being prepared is

another story.

No one wants to or

plans to be

struggling through

debt or bankruptcy

throughout their

retirement.

Understanding and

planning for

retirement realities

is a large part of

financial planning

and literacy.

Setting goals and budgeting for ourretirement savings realistically, canhelp reduce some of the financialstress caused by the unexpected lifeevents.

Learning and planning early teaches us

responsibility and accountability for our

finances so that the choices we make with

our money at thirty doesn’t bankrupt us at

seventy.

Please visit Retirement, Seniors and Debt page for

help and more information on dealing with debt

before and after retirement.

Contact Us:Call: 1 888 660 6401

Email: princegeorge@bdodebthelp.ca