Does this sound all too familiar? You started out with the usual plan for most Canadians — get a job, buy a home and save for retirement. As retirement approached, you expected your mortgage would be paid off and you would have a pension or nest egg.
Enter life.
More and more Canadians are heading into their retirement years with huge debt loads and it’s preventing them from living their best life. Too many Canadians are finding themselves at an age where they should be preparing to retire, but instead they plan to continue working because they cannot get a grip on their credit balances.
“I’m 62, and I will have to retire at 65 — then my income will decrease significantly — and I still have a mortgage that won’t be paid off for 15 years. My car still has seven years to go on the loan. My line of credit is manageable, but the balance keeps creeping up…
“The bigger problem is my credit cards. My limits have been steadily increasing and my debts are now more than $40,000. The interest rates are high, so that’s all my monthly payments are going to.
“There is no way I could manage if my income were to decrease — I can’t even think about retiring!”
You may have decided to retire without fully understanding all the financial implications, or you may have retired due to health reasons or workplace requirements.
While working, your debt payments may have been manageable, but you weren’t making any progress on the principal balance. Now that you’ve retired, you may struggle to meet monthly living expenses and debt payments.
Obtaining additional credit or refinancing can be difficult, and it’s often not an option after retirement — especially if you’re carrying a significant debt load.
If you’re thinking about retiring or have already retired, you may also need to make a plan to retire your debt. A with a Licensed Insolvency Trustee will help you understand your options for dealing with your debt, and could help you reach your retirement goal.
We will help you explore the debt relief options available to you and together we will find the solution that best fits your situation, whether it is a Bankruptcy / Consumer Proposal or another solution.
CIRP, LIT, CPA, CA
Senior Vice President
Servicing: Moncton, Bathurst, Edmundston, Fredericton, Miramichi, Moncton
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