2014-07-02
Planning for retirement is more than dreaming of the day when you get to sleep in on Monday morning and not having to commute to work. The idea is to plan for a successful retirement. This means having the financial security to enjoy your new found free time by spoiling the grandchildren, vacations to tropical locations or gardening.
What a lot of people don’t anticipate when they retire is just how much things will change financially. Here are some questions to ask yourself when you plan for life after work:
What we see in our business is an increase in people in their senior years with a debt load too great to manage. If all you can manage is the minimum monthly payments, then you are likely paying only interest and the debt will never go away. Some think the answer to consolidate their debt into a new loan. This ends up being debt being paid by debt.
A licensed trustee in bankruptcy isn’t only about filing a bankruptcy. We are looking at various solutions to fit your situation that may not even require our services. The common solution we see is a Consumer Proposal . This option allows someone to take their debt and legally reduce it down to one monthly payment that is based upon their budget not upon how much debt they have. Any unpaid debt is then eliminated once the proposal is complete. If you are worried about your plan to retire including too much debt, contact a licensed trustee for a free consultation or see our website at www.mnpdebt.ca.
This article was published in the Saturday, June 28, 2014 edition of The Hamilton Spectator.
2025-11-17
November 16-22, 2025 is National Addictions Awareness Week (NAAW) in Canada. Every year, organizations across the country observe this important week and do what they can to help those who may be struggling with addictions, while raising awareness and sharing information as to how family and friends can create support networks.
2025-11-13
Debt Solutions
Many may feel ashamed, embarrassed and completely overwhelmed about their debt. People experiencing debt-related stress often suffer from many associated health issues, such as sleepless nights, headaches, tension and more. And feeling out of control when it comes to managing their debt payments often prevents people from taking control of their financial situation. Not all debt results from overspending, living beyond one’s means, frivolous behavior or money mismanagement. To answer your questions about the stigma of debt, and to learn about the options available to you, tune into our Stigma of Debt VLOG series below with MNP's Licensed Insolvency Trustees.
2025-11-12
Bankruptcy Consumer Proposal
Summer fun doesn’t have to come with a hefty price tag.
