If you’re looking to break free of personal debt once and for all, we can help. We provide debt and bankruptcy solutions that are life-changing and permanent, so you can erase debt from your life.
Our Life-Changing Debt Solutions are designed to permanently get you out of debt once and for all – so you can stop worrying and start living again.
Debt can be overwhelming. For that reason, our Licensed Insolvency Trustees are always here for you. let’s discuss the options available to you. Your debt-free future starts now.
The number of Canadians aged 65 and older is increasing rapidly. By 2030, they will make up more than one quarter of the country’s population. As millions of people begin contemplating retirement, they face questions of whether and how they can handle the financial burden of living on a fixed income.
Standing in their way is a less than optimistic outlook on Canadians’ financial situations. Households are carrying more debt than at any other point in history. Not including mortgages, the average person now owes more than $22,000. At the same time, many are living paycheque to paycheque and nearly half are within $200 per month of not being able to pay their monthly bills. As interest rates begin to rise, the added pinch of higher mortgage and credit card payments means many will lack the resources they need to pay down their debts and prepare for the next phase of their lives.
More than paying off all your debts prior to retirement, financial wellness is about personal empowerment and setting yourself up for a prosperous and comfortable post-career life. According to the Conference board of Canada, it requires “long-term planning… taking into account, retirement, investments, insurance, education and estate issues.” It also requires “short-term planning… such as day-to-day cash flow and debt management.” As the key to a smooth retirement transition, every person should be looking at their financial wellness to understand what factors will promote or inhibit a quality life experience in their later years.
Regardless of the combined pension benefits they receive, retirees should expect to earn noticeably less than they did during their working years. Yet, what they do earn still needs to cover their living expenses and ideally provide them with a comfortable quality of life. This causes many to worry whether they will achieve their goal of retiring at a certain age – in some cases, if at all. Adding to their stress is the prospect of carrying debt into retirement and having to repay it with a fixed income.
It’s easy to see why post-retirement debt can be problematic. Managing a mortgage along with line of credit and credit card payments will reduce food and medical budgets. It can also quash retirement dreams – be it traveling, moving to the country or simply living comfortably and without worry. It may even mean rather than bequeathing a nest egg to your loved ones, they ultimately become responsible for your debts when you pass away.
Conversely, retiring debt free reduces your stress and opens a world of opportunity to do, see and achieve everything you ever dreamed of. It will allow you to sleep better, maintain your health for longer and improve the quality of your relationships.
Most Canadians understand they need to save as much as possible for retirement. However, many may not have saved enough to sustain their current living standard once they leave work. Boosting retirement readiness starts with tracking important metrics and by taking the following steps:
Based out of Toronto, Rob Shier is a Licensed Insolvency Trustee and Senior Vice President at MNP LTD. Based out of Toronto and Markham, Mary Plahouras is a Senior Estate Manager at MNP LTD. To learn more about how MNP Debt can help, contact our local office at 416.515.3921 or toll-free at 310.DEBT (310.3328).
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*310-DEBT doesn’t operate in MB, NW ON and QC.
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