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Seniors Dragging Debt and Bankruptcy into Retirement

Over 40% of seniors in Canada are carrying debt. 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.

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Seniors Dragging Debt and Bankruptcy into Retirement

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  1. SENIORSAREDRAGGING DEBT & BANKRUPTCYINTO RETIREMENT & BEYOND

  2. Imagine, you’re65andreadytoretireafteralifeof hardworkbutatatimewhenyoushouldbeable totakeastepbackandenjoytherestofyourlife, youendupstrugglingfinancially.

  3. Youarenotalone. Over40% ofseniorsinCanadaare carryingdebt.

  4. BasedontheVanier FamilyFinances AnnualReport performedin2014, therehasbeena 1747% increaseinthe rateofinsolvencies amongourCanadian seniorsoverthepast 20years.

  5. Withthecostoflivingrisingeveryyear, and mostseniorslivingonafixedincome, it’s notasurprisethatdebtisaresult.

  6. Strengthening SeniorsFinancial Literacyisanew initiativecreatedby theFinancial ConsumerAgency ofCanada (FCAC).

  7. Thisprogramisdesignedtoassistseniorsto gainabetterfinancialunderstandingand assistinavoidingthedebttrap.

  8. The24thAnnual RBCRRSPPoll reportedthat52% ofCanadiansstated retirementsavings istheirmain financialfocus.

  9. Acompletelydifferentstoryisreportedfrom theStatisticsCanadaFinancialCapability Survey.

  10. 1in3Canadianadults (33.8%) arenot preparingfinanciallyforretirementeitheron theirownorthroughanemployerpension plan.

  11. 6in10 (59.6%) Canadianadults donotknowhowmuchmoneytheywill needtosavetomaintaintheirdesired standardoflivingduringretirement.

  12. Basedonthissurvey, it’snotsurprisingthata largenumberofseniorsareindirefinancial situations.

  13. Howcanyouplanforalloftheadded expensesthatmightbeincurredafteryou retire?

  14. Expensesthatarea resultofillness, medicalcare, or injurycanaddup quickly.

  15. It’salmost impossibletoplan foreverything, but beingpreparedis anotherstory.

  16. Noonewantstoor planstobe strugglingthrough debtorbankruptcy throughouttheir retirement.

  17. Understandingand planningfor retirementrealities isalargepartof financialplanning andliteracy.

  18. Settinggoalsandbudgetingforour retirementsavingsrealistically, can helpreducesomeofthefinancial stresscausedbytheunexpectedlife events.

  19. Learningandplanningearlyteachesus responsibilityandaccountabilityforour financessothatthechoiceswemakewith ourmoneyatthirtydoesn’tbankruptusat seventy.

  20. PleasevisitRetirement, SeniorsandDebtpagefor helpandmoreinformationondealingwithdebt beforeandafterretirement. Contact Us: Call: 1 888 660 6401 Email: princegeorge@bdodebthelp.ca

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