According to Statistics Canada, 34 percent of retired people over 55 are still carrying debt, while a 2017 Equifax Canada report found seniors are increasing their debt loads at a much faster pace than other Canadians. With so many retirement-age Canadians carrying increased levels of debt, many will face a choice: accept a reduced standard of living or carry more debt to compensate. This can put a strain on them and their adult children who may need to support them.
Increasing debt levels among seniors can be attributed to such things as the allure of low-interest rates; trying to maintain a pre-retirement lifestyle; wealth transfer to children or grandchildren; market downturns; and the cost of long-term care.
As licensed insolvency trustees, we help people who have worked hard their entire lives but now find it difficult to make ends meet on a fixed income.
If you are in your golden years and experiencing debt problems, together we can figure it out. A consumer proposal or bankruptcy could be a solution. Meet with a Grant Thornton debt professional for a free, confidential consultation to learn more about your options—so you can focus on your retirement, not your finances.