Be careful with your debt before retiring says debt expert
Posted April 22, 2019 9:25 am.
Last Updated April 22, 2019 8:25 am.
This article is more than 5 years old.
CALGARY (660 NEWS) – Would you want to go back to work at age 70 after you’ve already retired?
A debt help expert says many Canadians need to take a hard look at their mortgage and consumer debt before they retire.
Laurie Campbell, CEO of Credit Canada says for many seniors outliving their savings is a real fear.
“The problem lies in the fact that once they retire, it’s very hard to get back into the workforce and so a lot of seniors are struggling and trying to figure out when they should retire or if they already have retired, how can they get back into the workforce.”
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Campbell says a lot has changed financially over the years with savings rates being low and debt income being high. This is leading to many retirees considering going back to work.
She goes on to say that no one should go into retirement with credit card debt and they also need to think about who is still living at home.
“Are they still helping out their adult children? We’re seeing more and more of that. More adult children living at home, more adult children relying on their parents to help them out during a crunch. That has to stop in order for them to have enough funds for our own.”
