More Canadians retiring with debt, bank survey shows
Posted April 26, 2010 5:53 pm.
This article is more than 5 years old.
A new survey on retirement suggests not everyone will be riding off into the sunset.
Instead, according to the Royal Bank study four out of 10 Canadians will end up retiring in some form of debt. While one in four of those surveyed said they will enter retirement with a mortgage on their primary residence.
Inflation and taxes are among the top concerns for retirees. More than a third said they are worried the cost of living will negatively impact their retirement income.
A whopping six out of ten sweat the taxman.
Lee Ann Davies, RBC’s head of retirement strategies, told 680News expenses people never accounted for may arise. For instance, the poll found that almost one in five retirees spend more than $1,000 a year on prescription medication.
