Tuesday, June 19th, 2018
Is retirement a new luxury? (Hint: by the end of this article you'll find out it doesn't have to be.)
According to a new national survey1, running out of money before they die and not being able to pay for long-term care top the list of financial fears of seniors. The national survey was commissioned by the Financial Planning Standards Council (FPSC) and Credit Canada in time for June, which is Seniors' Month.
1 in 5 Canadians are working past age 60, including 6% of those 80 and older. The reasons vary from too much debt, too little savings and helping out their kids. On a positive note, 1 in 3 are still working because they love their job!
More than half of seniors have at least one form of debt (35% of them are 80 and older), and 26% carry two types of debt.
Credit cards, with their high interest rates, and lines of credit, which bring a risk of interest-only payments that never pay off the debt, lead the way in terms of potential debt dangers.
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